Hyperliquid's perpetual contract market share dropped to 38%, while Aster and Lighter saw their shares rise.

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