Hyperliquid perpetual contract market share drops to 38%, Aster and Lighter shares rise

On September 23, it was reported that Hyperliquid, which once held a leading position in the on-chain perpetual contract market, is gradually being overtaken by emerging platforms such as Lighter and Aster, resulting in a decline in its market share. According to Dune data, in May this year, Hyperliquid's share of the on-chain crypto perpetual contract market once reached 71%, but it has now dropped to 38%. Meanwhile, the market shares of Lighter and Aster have grown from low single digits in May to 16.8% and 14.9%, respectively. The on-chain perpetual contract market is experiencing rapid growth. Over the past four weeks, the cumulative trading volume across all platforms has approached 700 billions USD, with trading volume in the last 24 hours alone reaching 42 billions USD. The number of on-chain perpetual contract protocols has rapidly increased from just 2 in 2022 to more than 80 today. This growth fully demonstrates the vitality of the market: a booming market attracts many new participants, intensifying competition and thus challenging the market share and profitability of early entrants.