Hyperliquid Market Share Plummets as Lighter and Aster Surge
The on-chain perpetuals market is seeing a major shake-up as Hyperliquid loses dominance to new entrants. Once controlling 71% of the market in May, Hyperliquid’s share has dropped to 38%, according to Dune Analytics user @uwusanauwu.
Competitors Lighter and Aster have grown rapidly, capturing 16.8% and 14.9% of the market, respectively. The figures are based on weekly trading volumes and exclude wash trading.
The market for decentralized perpetual futures—derivatives without expiration dates—has expanded significantly, with cumulative trading volumes reaching nearly $700 billion over the past four weeks. The number of protocols has surged from two in 2022 to over 80 today, demonstrating how new entrants erode the market share of early leaders.
Recent moves highlight a rivalry between Hyperliquid and Aster. Hyperliquid listed Aster’s ASTR token with 3x leverage last week, and Aster countered by offering Hyperliquid’s HYPE perpetuals with 300x leverage on Monday.
