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• Once the dominant player in on-chain perpetuals, Hyperliquid is losing ground to rising platforms like Lighter and Aster DEX .

Once the dominant player in on-chain perpetuals, Hyperliquid is losing ground to rising platforms like Lighter and Aster DEX .

2025-09-23 21:00:00   2 days ago   CoinRank

CONTENT

Its market share has fallen from 71% in May to 38%, while Lighter and Aster have surged to 16.8% and 14.9% respectively, per Dune data.

The on-chain perps market is booming: nearly $700B traded in the past 4 weeks, with $42B in just the last 24 hours.

Source：CoinDesk

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