Perpetual contract trading volume surpasses $1 trillion; new platforms challenge Hyperliquid's market share

[Crypto World] The perpetual contracts sector has already surpassed $1 trillion in trading volume this year, and the competition in the entire market is visibly intensifying. Although Hyperliquid still holds a basic user base of over half, the HYPE token couldn’t hold up last week and dropped by about 13%. However, on-chain open interest has remained stable, hovering in the $1.28 to $1.29 billion range.

It’s worth noting that two rising stars, Lighter and Aster, are gaining strong momentum, capturing about 28% and 19% of the trading volume share, respectively. The decentralized derivatives pie is being sliced thinner, and the moats of leading platforms are facing a real test.