PANews reported on September 23rd that according to CoinDesk, Hyperliquid, once a leading player in the on-chain perpetual swap market, is gradually being overtaken by emerging platforms such as Lighter and Aster, resulting in a decline in market share. 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. 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. The number of on-chain perpetual swap protocols has rapidly increased from just two in 2022 to over 80 today. This growth demonstrates the vitality of the market: a thriving market attracts numerous new participants, intensifying competition and challenging the market share and profitability of early entrants.PANews reported on September 23rd that according to CoinDesk, Hyperliquid, once a leading player in the on-chain perpetual swap market, is gradually being overtaken by emerging platforms such as Lighter and Aster, resulting in a decline in market share. 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. 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. The number of on-chain perpetual swap protocols has rapidly increased from just two in 2022 to over 80 today. This growth demonstrates the vitality of the market: a thriving market attracts numerous new participants, intensifying competition and challenging the market share and profitability of early entrants.
Hyperliquid's perpetual contract market share dropped to 38%, while Aster and Lighter saw their shares rise.
2025/09/23 17:24
PANews reported on September 23rd that according to CoinDesk, Hyperliquid, once a leading player in the on-chain perpetual swap market, is gradually being overtaken by emerging platforms such as Lighter and Aster, resulting in a decline in market share. 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.
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. The number of on-chain perpetual swap protocols has rapidly increased from just two in 2022 to over 80 today. This growth demonstrates the vitality of the market: a thriving market attracts numerous new participants, intensifying competition and challenging the market share and profitability of early entrants.
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
Share Insights
You May Also Like
DBS, Franklin Templeton, and Ripple partner to launch trading and lending solutions powered by tokenized money market funds and more
PANews reported on September 18 that according to Cointelegraph, DBS Bank, Franklin Templeton and Ripple have partnered to launch trading and lending solutions supported by tokenized money market funds and RLUSD stablecoins.
Share
PANews2025/09/18 10:04
Share
Solmate Launches $300M SOL Treasury in UAE
Detail: https://coincu.com/news/solmate-300m-sol-treasury-uae/
Share
Coinstats2025/09/19 02:40
Share
Blockchain payments company Fnality completes $136 million Series C funding round, led by WisdomTree
PANews reported on September 23rd that London-based blockchain payments company Fnality has completed a $136 million Series C funding round, led by WisdomTree, with participation from Bank of America, Citigroup, KBC Group, Temasek, and Tradeweb. Existing investors include Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street, and UBS. Fnality is committed to using distributed ledger technology to build a regulated payment system based on central bank digital currencies to address the slow, expensive, and long settlement times of traditional wholesale payment systems for cross-border transactions. The company plans to use this round of funding to expand its pound sterling system to the US dollar and euro markets, targeting the cross-border payments market, which is valued at over $120 billion.
Share
PANews2025/09/23 18:19
Share