Aster and Lighter Gain Traction as Hyperliquid’s Perpetual Share Slumps to 38%

Hyperliquid’s Perpetual Share Slides as Market Diversifies

Hyperliquid is ceding ground in the on-chain perpetuals market as emerging platforms Lighter and Aster gain traction. From 71% in May, Hyperliquid’s market share now stands at 38%, while Lighter and Aster hold 16.8% and 14.9%, respectively, according to Dune Analytics data.

Perpetual futures, which allow traders to speculate on asset prices without an expiration date, have seen explosive growth. Combined trading volumes across protocols total nearly $700 billion over the last four weeks. The market has grown from just two protocols in 2022 to over 80 today, highlighting how increased competition erodes dominance.

The competitive tension between Hyperliquid and Aster has intensified, with each platform offering leveraged trading of the other’s native tokens, signaling a growing battle for market share.