A shifting balance is emerging in the on-chain perpetuals market as trading activity metrics show stiff competition among a small group of fast-growing platforms.
Summary
- Lighter recorded ~$198B in 30-day perpetuals volume, surpassing Hyperliquid’s ~$166B, according to DeFiLlama
- The LIT token launch and 25% community airdrop helped drive activity and rapid TVL growth to $1.43B
- Hyperliquid still leads in open interest, spot volume, and revenue, keeping the rivalry unresolved
Lighter has taken the lead over Hyperliquid in 30-day perpetuals trading volume, reshaping the competitive landscape for on-chain derivatives.
DeFiLlama data shows Lighter processed close to $198 billion in perpetuals trades over the past month, compared with roughly $166 billion on Hyperliquid (HYPE). Aster (ASTER) also moved ahead of Hyperliquid during the same period, posting $174 billion in perps volume.
Together, the three platforms recorded $972 billion in on-chain perpetuals volume, reflecting how quickly the market has grown heading into 2026.
A volume flip driven by incentives and speed
Throughout 2025, Lighter regularly outpaced Hyperliquid over shorter windows, flipping the lead in 24-hour trading volume several times across September, October, November, and December. The platform’s current 30-day lead indicates that its momentum is no longer confined to short bursts.
The launch of Lighter’s LIT token, which included a 25% community airdrop, has been a major catalyst. As users positioned themselves around point-based rewards and future allocations, trading activity increased sharply. Polymarket markets connected to LIT attracted more than $74 million in volume as speculation quickly followed.
Lighter has drawn high-frequency traders and liquidity seekers by eliminating taker fees for the majority of users, increasing its total value locked from less than $200 million in August to $1.43 billion at the time of publication. Annualized protocol fees are estimated at $105 million, modest compared to competitors but steadily rising.
Hyperliquid still holds key structural advantages
Despite losing the 30-day volume lead, Hyperliquid remains dominant in several areas. It continues to lead in open interest, with $7.3 billion compared to Lighter’s $1.4 billion, and retains a clear edge in spot trading, handling $4.8 billion in volume over the same period versus Lighter’s $3.59 billion.
Revenue generation is also firmly in Hyperliquid’s favor. Annualized fees are estimated at roughly $820 million, far exceeding Lighter’s current figures.
Analysts point to Lighter’s Ethereum-native composability, expansion into spot markets, and plans around RWAs as long-term strengths. Still, risks remain in what many describe as a winner-take-most market.
