A notable shift is underway in the on-chain perpetuals market. According to DeFiLlama data, Lighter has surpassed Hyperliquid in 30-day perpetual volume, recording $198 billion compared to Hyperliquid's $166 billion. This milestone underscores Lighter's rapid ascent in the decentralized derivatives space, directly challenging Hyperliquid's former dominance.
LIT Token Launch and Zero Taker Fees Drive Growth
Lighter's surge is largely attributed to two key moves. First, the launch of its native token LIT, accompanied by a 25% community airdrop, sparked heavy user engagement and speculative activity. Polymarket markets related to LIT saw over $74 million in cumulative volume. Second, Lighter eliminated taker fees for most users, attracting high-frequency traders and liquidity providers. TVL skyrocketed from under $200 million in August 2025 to $1.43 billion, reflecting massive capital inflows.
Hyperliquid Holds Lead in Open Interest and Revenue
Despite Lighter's volume lead over the 30-day window, Hyperliquid maintains advantages in several critical metrics. It holds $7.3 billion in open interest, far above Lighter's $1.4 billion. In spot trading, Hyperliquid recorded $4.8 billion in volume versus Lighter's $3.59 billion. The revenue gap is even wider: Hyperliquid's annualized fees are estimated at $820 million, dwarfing Lighter's $105 million.
Lighter's sustained momentum throughout 2025, particularly its ability to outpace Hyperliquid in shorter timeframes, suggests its growth is not a flash in the pan. However, Hyperliquid's resilience in core areas like revenue and open interest keeps the competition fierce. Analysts note that both platforms are aggressively strengthening their positions as the market expands.
Market Surpasses $970B in On-Chain Perpetual Volume
Together with Aster, which posted $174 billion in perpetual volume, the top three platforms processed a combined $972 billion in on-chain perpetual trades. This highlights the rapid expansion of the sector heading into 2026. The rivalry between Lighter and Hyperliquid remains unresolved, with each firm doubling down on its strengths.