Overview
- DeFiLlama data shows Lighter processed about $198 billion in 30-day perps trades versus roughly $166 billion on Hyperliquid, with Aster at approximately $174 billion.
- Lighter’s LIT launch included a 25% community airdrop and the platform removed taker fees for most users, helping lift TVL from under $200 million in August to about $1.43 billion.
- Despite the volume flip, Hyperliquid leads on structural metrics with roughly $7.3 billion in open interest, stronger spot activity at $4.8 billion versus Lighter’s $3.59 billion, and an estimated $820 million annualized fee run rate.
- Hyperliquid’s momentum weakened through H2 2025, with perps volume sliding from about $396 billion to $165 billion and average weekly revenue dropping from roughly $20 million to near $7 million, according to DeFiLlama figures cited by AMBCrypto.
- Messari analyst Sam suggested Lighter’s activity was cooling as the initial farming phase ended and projected Hyperliquid could outperform Lighter in the mid term.