The end of incentive programs on Hyperliquid could lead to a shift in trading volume to other decentralized exchanges like Lighter.xyz or Extended.app, which offer comparable liquidity and potentially lower execution costs for trades under $500k. While centralized exchanges (CEXs) still see significant volume, the lack of incentives on Hyperliquid might make it less attractive for new traders seeking cost-effective alternatives. Investors should monitor volume shifts and consider the competitive landscape of perp DEXs for potential opportunities.