Hyperliquid's dominance in the on-chain perpetual swap market has significantly declined, with its market share dropping from 71% in May to 38%, according to recent data. Emerging platforms Lighter and Aster have capitalized on this shift, increasing their market shares to 16.8% and 14.9%, respectively.
The on-chain perpetual swap market is experiencing rapid expansion, with cumulative trading volumes nearing $700 billion over the past month and $42 billion traded in the last 24 hours. The number of protocols has surged from two in 2022 to over 80, highlighting the market's dynamic growth and increasing competition.
Hyperliquid's Market Share in Perpetual Contracts Drops to 38%
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