CoinDesk
Sep 23, 2025
12 4

Hyperliquid’s Market Share Drops to 38% Amid Rising Competitors

Hyperliquid, previously dominant in the on-chain perpetuals market, has seen its market share drop from 71% in May to 38%. Emerging platforms like Lighter and Aster have increased their shares to 16.8% and 14.9%, respectively, as reported by Dune Analytics.

  • The on-chain perpetuals market involves decentralized trading of perpetual futures contracts directly on a blockchain.
  • Perpetuals allow speculation on asset price movements without expiration dates, using a funding rate mechanism.

List of top 10 on-chain perpetuals protocols by market share. (@uwusanauwu/Dune)

  • The market has grown rapidly, with a cumulative trading volume of nearly $700 billion over four weeks and $42 billion in the last 24 hours.
  • The number of protocols has expanded from two in 2022 to over 80 today.
  • The crypto market's lack of traditional barriers allows new entrants, increasing competition.

A rivalry is developing between Hyperliquid and Aster. Hyperliquid listed Aster's token ASTR with 3x leverage, while Aster countered by offering Hyperliquid's HYPE perpetuals with 300x leverage.