Lighter Surpasses Hyperliquid in 30-Day Perpetual Volume with $198 Billion

• Lighter surpassed Hyperliquid in 30-day perpetual volume with $198 billion versus $166 billion, reflecting significant growth.
• The LIT token launch and elimination of taker fees played a pivotal role in driving Lighter’s trading activity and TVL growth.
• Despite Lighter’s rise, Hyperliquid retains leadership in open interest, spot trading, and revenue, keeping the competition intense.

A shift is occurring in the on-chain perpetuals market as Lighter has overtaken Hyperliquid in 30-day perpetuals volume. Lighter recorded $198 billion in perpetual trades, surpassing Hyperliquid’s $166 billion, according to DeFiLlama data. This marks a significant milestone for Lighter, which has gained momentum, reshaping the competitive landscape of on-chain derivatives.

Lighter’s rise is largely attributed to the successful launch of its LIT token, accompanied by a 25% community airdrop. This move spurred increased user engagement and speculation, particularly through Polymarket, where LIT-related markets saw over $74 million in volume. Additionally, Lighter eliminated taker fees for most users, which attracted high-frequency traders and liquidity seekers, further boosting its market position. As a result, Lighter’s total value locked (TVL) surged from under $200 million in August to $1.43 billion, reflecting substantial growth.

Despite Lighter’s 30-day volume lead, Hyperliquid retains dominance in several critical areas. The platform continues to lead in open interest, with $7.3 billion, compared to Lighter’s $1.4 billion. It also maintains an edge in spot trading, handling $4.8 billion in volume versus Lighter’s $3.59 billion. Hyperliquid’s revenue generation is significantly higher, with annualized fees estimated at $820 million, far exceeding Lighter’s $105 million.

Lighter’s continued growth throughout 2025, particularly its ability to outpace Hyperliquid over shorter timeframes, suggests that its momentum is becoming more sustained. However, Hyperliquid remains resilient, holding a strong lead in key metrics such as revenue and open interest. Analysts have noted that the competition between these two platforms is intensifying, with both firms vying for dominance in a rapidly expanding market.

Together with other platforms like Aster, which posted $174 billion in perpetual volume, the three leading players have processed a combined $972 billion in on-chain perpetual volume. This signifies the rapid expansion of the market as it heads into 2026. The rivalry between Lighter and Hyperliquid remains unresolved, with each platform continuing to strengthen its position.