Hyperliquid’s Perpetual Share Collapses to 38% as Aster and Lighter Gain Ground
Hyperliquid, once the uncontested leader in the on-chain perpetuals market, is fast ceding ground to emerging platforms such as Lighter and Aster. At one point in May, Hyperliquid accounted for 71% of the on-chain crypto perpetuals market. That number now stands at 38%, according to pseudonymous Dune Analytics user @uwusanauwu. Meanwhile, competitors such as a16z-backed Lighter and Binance Labs-backed Aster have increased their market share to 16.8% and 14.9%, respectively, from lower single digits in May. These percentages are based on weekly trading volumes and exclude wash trading figures. The on-chain perpetuals market refers to the decentralized trading of perpetual…





