diff --git a/app/controllers/perps/providers/HyperLiquidProvider.ts b/app/controllers/perps/providers/HyperLiquidProvider.ts
index 764f4e42ea1..480ac72df40 100644
--- a/app/controllers/perps/providers/HyperLiquidProvider.ts
+++ b/app/controllers/perps/providers/HyperLiquidProvider.ts
@@ -2119,16 +2119,13 @@ export class HyperLiquidProvider implements PerpsProvider {
         '[buildAssetMapping] getValidatedDexs failed, falling back to main DEX',
         { error: String(dexError) },
       );
-      this.#cachedAllPerpDexs = this.#cachedAllPerpDexs ?? [null];
       dexsToMap = [null];
     }
 
-    // Use cached perpDexs array (populated by getValidatedDexs)
-    // Defensive: ensure non-null even if getValidatedDexs had an unexpected issue
-    if (!this.#cachedAllPerpDexs) {
-      this.#cachedAllPerpDexs = [null];
-    }
-    const allPerpDexs = this.#cachedAllPerpDexs;
+    // Local fallback only — never write [null] into #cachedAllPerpDexs here.
+    // That cache is owned exclusively by #fetchValidatedDexsInternal; writing a
+    // fallback here would prevent subsequent callers from retrying perpDexs().
+    const allPerpDexs = this.#cachedAllPerpDexs ?? [null];
 
     this.#deps.debugLogger.log(
       'HyperLiquidProvider: Starting asset mapping rebuild',
@@ -4772,6 +4769,12 @@ export class HyperLiquidProvider implements PerpsProvider {
       return [null];
     }
 
+    // Populate #cachedAllPerpDexs so buildAssetMapping can compute perpDexIndex.
+    // Without this, getValidatedDexs returns from #cachedValidatedDexs (string names)
+    // but #cachedAllPerpDexs (raw objects for index computation) stays null,
+    // causing "Could not find perpDexIndex for DEX xyz" failures.
+    this.#cachedAllPerpDexs = allDexs;
+
     // Extract HIP-3 DEX names (filter out null which represents main DEX)
     const availableHip3Dexs: string[] = [];
     allDexs.forEach((dex) => {