On September 23rd, Hyperliquid, which once held the leading position in the on-chain perpetual contract market, is gradually being overtaken by emerging platforms such as Lighter and Aster, and its market share has declined. According to Dune data, in May this year, Hyperliquid's share in the on-chain cryptocurrency perpetual contract market once reached 71%, but now this proportion has dropped to 38%. At the same time, the market share of Lighter and Aster has increased from the low single digits in May to 16.8% and 14.9% respectively.
The on-chain perpetual contract market is showing rapid growth. Over the past four weeks, the cumulative trading volume of all platforms has approached 700 billion US dollars, and the trading volume in the last 24 hours alone has reached 42 billion US dollars. The number of on-chain perpetual contract agreements has rapidly increased from only 2 in 2022 to more than 80 currently. This growth fully demonstrates the vitality of the market: the thriving market attracts many new players, intensifying market competition, which in turn challenges the market share and profitability of early entrants.
Hyperliquid Perpetual Contract Market Share Drops to 38%, Aster and Lighter Rise
2025-09-23 09:31:39
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