Hyperliquid, once the uncontested leader in the on-chain perpetuals market, is fast ceding ground to emerging platforms such as Lighter and Aster. At one point in May, Hyperliquid accounted for 71% of the on-chain crypto perpetuals market. The on-chain perpetuals market refers to the decentralized trading of perpetual futures contracts (with no expiration) that occurs directly on a blockchain, ensuring transparency and immutability. (@uwusanauwu/Dune)The on-chain perpetual market has experienced rapid growth. The absence of traditional barriers to entry or exit, a key feature of the crypto market, allows anyone with the technical know-how to launch new protocols and compete.