Step 1: Write the equation of chord of contact.
Let the external point be \((x_1,y_1)\).
For the hyperbola
\[
\frac{x^2}{a^2}-\frac{y^2}{b^2}=1,
\]
the chord of contact from \((x_1,y_1)\) is given by
\[
\frac{xx_1}{a^2}-\frac{yy_1}{b^2}=1
\]
Step 2: Find the intercept form of the chord.
Rewrite the equation as
\[
\frac{x}{a^2/x_1}-\frac{y}{b^2/y_1}=1
\]
Thus, the line cuts the coordinate axes at
\[
\left(\frac{a^2}{x_1},0\right)
\]
and
\[
\left(0,-\frac{b^2}{y_1}\right)
\]
These two points form the chord of contact.
Step 3: Use the condition that the chord subtends a right angle at the origin.
If a line segment subtends a right angle at the origin, then the vectors joining the origin to its endpoints are perpendicular.
Hence,
\[
\left(\frac{a^2}{x_1},0\right)\cdot
\left(0,-\frac{b^2}{y_1}\right)=0
\]
is not directly useful because axes intercepts are perpendicular already.
Instead, use the condition for the pair of tangents from the origin to be perpendicular.
For the chord of contact
\[
T=0,
\]
the combined equation of tangents from the origin is obtained by homogenizing:
\[
\left(\frac{xx_1}{a^2}-\frac{yy_1}{b^2}\right)^2
=
\frac{x^2}{a^2}-\frac{y^2}{b^2}
\]
Step 4: Use the condition for perpendicular pair of lines.
For a homogeneous second-degree equation
\[
Ax^2+2Hxy+By^2=0,
\]
the lines are perpendicular if
\[
A+B=0
\]
Expanding, we get
\[
\left(\frac{x_1^2}{a^4}-\frac1{a^2}\right)x^2
-\frac{2x_1y_1}{a^2b^2}xy
+
\left(\frac{y_1^2}{b^4}+\frac1{b^2}\right)y^2
=0
\]
Thus,
\[
A=\frac{x_1^2}{a^4}-\frac1{a^2}
\]
and
\[
B=\frac{y_1^2}{b^4}+\frac1{b^2}
\]
Using \(A+B=0\),
\[
\frac{x_1^2}{a^4}-\frac1{a^2}
+
\frac{y_1^2}{b^4}
+\frac1{b^2}
=0
\]
Rearranging,
\[
\frac{x_1^2}{a^4}
+
\frac{y_1^2}{b^4}
=
\frac1{a^2}-\frac1{b^2}
\]
Step 5: Write the locus.
Replacing \((x_1,y_1)\) by \((x,y)\), the locus is
\[
\boxed{
\frac{x^2}{a^4}+\frac{y^2}{b^4}
=
\frac1{a^2}-\frac1{b^2}
}
\]