Hyperliquid Losing Ground as Lighter and Aster Expand in Perpetuals Market
Investors are watching Hyperliquid’s market share in on-chain perpetuals decline sharply. The platform, which once commanded 71% of the market, now accounts for 38%, while Lighter and Aster have increased to 16.8% and 14.9%, respectively.
The on-chain perpetuals sector allows decentralized trading of derivatives without expiration dates and has seen total trading volumes near $700 billion in the past month. The number of protocols has jumped from two in 2022 to over 80, creating a highly competitive landscape.
Hyperliquid and Aster have recently escalated their rivalry. Hyperliquid listed Aster’s ASTR token with 3x leverage, and Aster responded by offering Hyperliquid’s HYPE perpetuals with 300x leverage, demonstrating aggressive efforts to capture market share.
