Perpetual Share of Hyperliquid Drops to 38%, While Aster and Lighter Advance

Emerging Competitors Eat Into Hyperliquid’s On-Chain Perpetuals Lead

Hyperliquid, once the dominant player in on-chain perpetuals, is losing market share to a new wave of competitors. The firm’s share has fallen from 71% in May to 38%, while Lighter and Aster now command 16.8% and 14.9% respectively, according to data from Dune Analytics.

The on-chain perpetuals market, which allows decentralized trading of perpetual futures directly on the blockchain, has grown rapidly. Weekly trading volumes across all platforms approach $700 billion, and the number of protocols has expanded from two in 2022 to more than 80 today.

The market’s open nature enables any technically capable developer to launch new platforms, intensifying competition. The rivalry between Hyperliquid and Aster has become pronounced, with both platforms listing each other’s tokens with leveraged trading to capture market attention.