Lighter Surpasses Hyperliquid in 30-Day Perpetuals Volume as Rivalry Intensifies

The on-chain perpetuals market is witnessing a competitive shift as Lighter has recently surpassed Hyperliquid in 30-day trading volume, reflecting significant changes in the landscape of decentralized finance (DeFi). Key data reveals that Lighter processed approximately $198 billion in trades, showing its growing prominence in the industry.

Key Takeaways

Competitors Rearranged: Lighter now leads in 30-day perpetual trading volume over Hyperliquid and Aster.
Volume Growth: Total on-chain perpetuals volume among the top three platforms reached $972 billion.
Strategic Advantages: Lighter's introduction of the LIT token and removal of taker fees contributed to its rise.
Hyperliquid's Strengths: Although Lighter leads in volume, Hyperliquid maintains advantages in open interest and revenue generation.

Lighter takes monthly volume crown as perp DEX rivalry intensifies

A Competitive Shift in Perpetuals Trading

In the evolving on-chain perpetuals market, we see a strong rivalry developing among a select few rapidly expanding platforms. Recently, Lighter has outperformed Hyperliquid in 30-day perpetuals trading volume, reshaping the environment for on-chain derivatives. According to data from DeFiLlama, Lighter executed nearly $198 billion in perpetual trades over the past month, surpassing Hyperliquid, which registered about $166 billion. Aster has also made a notable advance, reporting $174 billion in perps volume during the same timeframe. Collectively, these three platforms achieved a staggering $972 billion in on-chain perpetuals trading volume, illustrating the rapid growth of the market as we approach 2026.

Incentives and Speed Drive Volume Gains

Throughout 2025, Lighter consistently outperformed Hyperliquid over shorter periods, frequently changing the lead in 24-hour trading volume across September, October, November, and December. Its current 30-day lead suggests that its upward trajectory is not just a series of short-lived spikes. The introduction of Lighter’s LIT token, which featured a 25% community airdrop, has been a significant driver behind this growth. Many users have engaged in trading focused on point-based rewards and future token allocations, substantially increasing trading activity. Markets on Polymarket associated with LIT attracted over $74 million in volume in a short span, demonstrating strong speculation interest.

By eliminating taker fees for the majority of users, Lighter has attracted high-frequency traders and liquidity seekers. This strategic move saw its total value locked surge from under $200 million in August to an impressive $1.43 billion at the time of this publication. However, annualized protocol fees are around $105 million, which, while modest compared to competitors, is steadily climbing.

Hyperliquid Maintains Structural Advantages

Even though Lighter has claimed the 30-day trading volume lead, Hyperliquid retains a dominant position in several critical aspects. It leads by a large margin in open interest with $7.3 billion, contrasting with Lighter’s $1.4 billion. Additionally, Hyperliquid excels in spot trading, handling $4.8 billion compared to Lighter’s $3.59 billion during the same period.

Revenue generation leans heavily in favor of Hyperliquid, where annualized fees are estimated at approximately $820 million, significantly overshadowing Lighter’s earnings. Analysts emphasize Lighter's Ethereum-native composability, its entry into spot markets, and future plans regarding real-world assets (RWAs) as potential long-term strengths. Nonetheless, concerns linger about the inherent risks of a market often described as winner-take-most.