Lighter Flips Hyperliquid in 30-Day Perpetuals Volume as On-Chain Derivatives Market Intensifies

Source: Cryptonews Original Title: Lighter flips Hyperliquid in 30-day perps volume as competition heats up Original Link: https://crypto.news/lighter-surpasses-hyperliquid-30-day-perps-volume-2025/ 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
• 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

Market Shift

Lighter has taken the lead over Hyperliquid in 30-day perpetuals trading volume, reshaping the competitive landscape for on-chain derivatives.

Lighter processed close to $198 billion in perpetuals trades over the past month, compared with roughly $166 billion on Hyperliquid. 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.

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. 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.