Hyperliquid and tradeperps are dominating the on-chain US equities market, facilitating $35M in 24hr volume compared to $5M combined for competitors like OstiumLabs, Aster_DEX, and VestExchange. This strong performance is attributed to Hyperliquid's CLOB design, distribution, and reputation, suggesting significant growth potential in on-chain equities. Expect a slow ramp-up followed by substantial volume increases.