Hyperliquid, once a leading player in the on-chain perpetual swap market, is gradually being overtaken by emerging platforms like Lighter and Aster, leading to a decline in market share. According to Dune data, Hyperliquid's market share of the on-chain cryptocurrency perpetual swap market peaked at 71% in May, but has now fallen to 38%. Meanwhile, Lighter and Aster's market shares have grown from low single-digit percentages in May to 16.8% and 14.9%, respectively.

The on-chain perpetual swap market is experiencing rapid growth. Over the past four weeks, cumulative trading volume across all platforms has approached $700 billion, with $42 billion traded in the last 24 hours alone. (CoinDesk)