Hyperliquid has recently exceeded dYdX's trading volume, rising to $1.5 trillion, despite being a newer platform. Unlike dYdX, Hyperliquid's stability is maintained through token buybacks and the absence of cash incentives. The platform faced controversy when it delisted JELLYJELLY during a short squeeze. Despite this, Hyperliquid is gaining a positive reputation and generating high trading volumes. The platform's success can also be attributed to their focus on buybacks and product quality over cash incentives like dYdX.