Looking at this set of market data, the on-chain perpetual trading ecosystem is forming a "tripartite" situation.

Hyperliquid ($HYPE), Aster ($ASTER), and Lighter ($LIT) each hold a market share of around 13% to 15%, with daily trading volumes reaching approximately 3 billion USD. The true differences become apparent in the dimensions of "revenue quality" and "valuation alignment."

Aster's position is particularly interesting.

Hyperliquid has become a blue-chip player in the sector, with its valuation largely priced in by the market. Lighter is still in the subsidy-driven stage, and the platform is exploring its path. Aster, on the other hand, maintains stable revenue growth, yet its market cap is still within a growth valuation range, resulting in an annualized revenue-to-market cap ratio of over 19%, making it the most attractive among the three.

The logic behind this is not complicated. Aster is positioned at the front door of a major exchange ecosystem, with natural customer acquisition advantages, a healthier user structure, and a more stable risk control system. It mainly attracts long-term market makers and genuinely active traders, rather than traffic driven by "scalping" or arbitrage.

When the perpetual DEX market shifts from incremental to stock competition, platforms with stable cash flow models are more likely to sustain continuous increases in valuation and market share.

In simple terms: Hyperliquid has defined this sector, Lighter is experimenting with various approaches, and Aster is steadily strengthening its position as a value hub.

As new players like DCEX continue to emerge, the concentration of leading positions will only intensify. Platforms with ecosystem moats and actual cash flow are likely to become the core beneficiaries of this upcoming wave of structural revaluation.