A shifting steadiness is rising within the on-chain perpetuals market as buying and selling exercise metrics present stiff competitors amongst a small group of fast-growing platforms.
Abstract
- Lighter recorded ~$198B in 30-day perpetuals quantity, surpassing Hyperliquid’s ~$166B, in keeping with DeFiLlama
- The LIT token launch and 25% neighborhood airdrop helped drive exercise and speedy TVL development to $1.43B
- Hyperliquid nonetheless leads in open curiosity, spot quantity, and income, holding the rivalry unresolved
Lighter has taken the lead over Hyperliquid in 30-day perpetuals buying and selling quantity, reshaping the aggressive panorama for on-chain derivatives.
DeFiLlama knowledge reveals Lighter processed near $198 billion in perpetuals trades over the previous month, in contrast with roughly $166 billion on Hyperliquid (HYPE). Aster (ASTER) additionally moved forward of Hyperliquid throughout the identical interval, posting $174 billion in perps quantity.
Collectively, the three platforms recorded $972 billion in on-chain perpetuals quantity, reflecting how rapidly the market has grown heading into 2026.
A quantity flip pushed by incentives and velocity
All through 2025, Lighter recurrently outpaced Hyperliquid over shorter home windows, flipping the lead in 24-hour buying and selling quantity a number of occasions throughout September, October, November, and December. The platform’s present 30-day lead signifies that its momentum is now not confined to quick bursts.
The launch of Lighter’s LIT token, which included a 25% neighborhood airdrop, has been a serious catalyst. As customers positioned themselves round point-based rewards and future allocations, buying and selling exercise elevated sharply. Polymarket markets related to LIT attracted greater than $74 million in quantity as hypothesis rapidly adopted.
Lighter has drawn high-frequency merchants and liquidity seekers by eliminating taker charges for almost all of customers, rising its whole worth locked from lower than $200 million in August to $1.43 billion on the time of publication. Annualized protocol charges are estimated at $105 million, modest in comparison with opponents however steadily rising.
Hyperliquid nonetheless holds key structural benefits
Regardless of dropping the 30-day quantity lead, Hyperliquid stays dominant in a number of areas. It continues to steer in open curiosity, with $7.3 billion in comparison with Lighter’s $1.4 billion, and retains a transparent edge in spot buying and selling, dealing with $4.8 billion in quantity over the identical interval versus Lighter’s $3.59 billion.
Income technology can also be firmly in Hyperliquid’s favor. Annualized charges are estimated at roughly $820 million, far exceeding Lighter’s present figures.
Analysts level to Lighter’s Ethereum-native composability, growth into spot markets, and plans round RWAs as long-term strengths. Nonetheless, dangers stay in what many describe as a winner-take-most market.
