HL managed to maintain good liquidity without value leakage. HL does it by protocol owned market making via HLP, which democratizes liquidity provisioning without token based subsidies for MMs. For most other DEX, they incentivize market makers with their tokens, a mistake that will take several months to surface. Perp DEX is a brutal business. If you have no liquidity, no one trades there. It’s pretty much the most important difference as to why HL succeeds and most other perp DEXes fail.