There might be a group of dark mages or cultists who believe that Percy's reincarnation will bring about a change that they don't want. So they become the main antagonists, constantly trying to eliminate Percy before he can grow strong enough to oppose them. They could use dark magic and various underhanded tactics to try and achieve their goal.
Perhaps a powerful deity or sorcerer in the new world where Percy is reincarnated. This antagonist sees Percy as a threat to their power or plans, even though Percy doesn't fully understand his own role yet. They could try to stop Percy from uncovering his past and realizing his true potential.
It could be an old enemy from Percy's past life who has also found a way to be reincarnated. This enemy might hold a grudge against Percy for something that happened in their previous encounter and is now seeking revenge in this new life.
Perhaps a powerful and corrupted demigod could be the main antagonist. This demigod might be jealous of Artemis' power and popularity among the other demigods. He devises a plan to harm her, and Percy, being loyal to Artemis, has to give his life to save her from this rogue demigod.
A powerful Titan who has escaped from Tartarus. This Titan blames Percy for his previous imprisonment and wants to make Artemis suffer as well for her role in keeping the Titans locked away. He uses Percy's death as a way to manipulate the situation and turn the demigods against Artemis, or he might try to steal Percy's powers that were left behind after his death for his own evil purposes.
It could be an ancient and powerful Titan that has risen again. This Titan might have a vendetta against Poseidon and targets Percy as a way to hurt him. Since Percy is Poseidon's son, his death in Poseidon's arms would be a great blow to the sea god.
It could be a powerful Titan who has escaped from Tartarus and blames Artemis for something in the past. So he's out to get her, and Percy has to stop him at all costs, even if it means his death.
It could be a new, powerful Titan that was previously unknown. This Titan might have a vendetta against Percy specifically, seeing him as a major threat to their plans. Maybe they manage to kill Percy, but his rebirth sets in motion a series of events that will lead to their ultimate downfall.
It could be a new Titan that has been awakened from an ancient slumber. This Titan might be angry at the gods for imprisoning them long ago and wants revenge. Percy's death could be part of the Titan's initial plan to strike fear into the hearts of the gods and demigods, but Percy's rebirth becomes a major obstacle for the Titan.
Hawkmoth could be the main antagonist. In the original story, he's always causing trouble. In a 'marinette dies' fanfic, he could finally succeed in his evil plan, maybe by getting his hands on the Ladybug and Cat Miraculouses and using their combined power against Marinette.
It could be an ancient and powerful god or goddess who has a grudge against Percy. Maybe they see Percy as a threat to their power or plans, so they plot his death. For example, a forgotten deity who wants to regain their former glory by getting rid of Percy, who is often seen as a hero in the Percy Jackson universe.
It could be a local Siberian warlord who sees Tony as a threat to his power. Maybe Tony's presence in Siberia disrupts the warlord's plans for the region, so he decides to eliminate him.
A new and powerful ghost that Danny has never faced before could be the main antagonist. This ghost could have unique powers that Danny isn't prepared for, and in their first encounter, it manages to defeat and kill Danny. This would set the stage for a story of revenge or trying to bring Danny back.