Perp DEX track reshuffling accelerates: Lighter's 30-day trading volume surpasses Hyperliquid in 30 days

As competition in the on-chain derivatives sector continues to intensify, the decentralized perpetual contracts market is experiencing new shifts in the landscape. Recent on-chain data indicates that Lighter has officially surpassed the long-standing leader Hyperliquid in perpetual contract trading volume over the past 30 days, becoming one of the top platforms in on-chain perpetual contract trading volume.

According to DeFiLlama data, Lighter’s perpetual contract trading volume in the last 30 days approached $198 billion, compared to approximately $166 billion for Hyperliquid during the same period. Meanwhile, Aster’s 30-day perpetual contract trading volume also reached about $174 billion, also surpassing Hyperliquid. The combined trading volume of these three major platforms amounts to approximately $972 billion, reflecting high activity and rapid expansion in the on-chain derivatives market early in 2026.

From a temporal perspective, Lighter’s growth is not a short-term surge. Throughout 2025, the platform led Hyperliquid in 24-hour perpetual contract trading volume at multiple stages, especially from September to December, when it topped the charts several times. The recent 30-day overtaking indicates that its trading volume growth is shifting from event-driven to structural enhancement.

Analysts believe that Lighter’s core catalyst stems from its LIT token issuance strategy, which includes a 25% community airdrop design that significantly stimulates user trading and wash trading behaviors. The token-based incentive system and future distribution expectations have driven substantial capital inflows. Additionally, trading volume in Polymarket, a prediction market related to LIT, has exceeded $74 million, further amplifying speculative and hedging demands.

On the product level, Lighter is competing for liquidity by reducing trading costs, canceling maker fees for most users, and attracting high-frequency traders and market-making funds. Its TVL has grown from less than $200 million in August to approximately $1.43 billion currently, with annualized protocol fees around $105 million, still in the growth phase.

Nevertheless, Hyperliquid still maintains significant structural advantages. Its open interest contracts amount to about $7.3 billion, far higher than Lighter’s $1.4 billion; in spot trading, Hyperliquid’s trading volume during the same period is approximately $4.8 billion, also leading Lighter’s $3.59 billion. In terms of revenue, Hyperliquid’s annualized fees are around $820 million, remaining the dominant leader in the on-chain derivatives space.

Overall, Lighter is rapidly gaining market share in on-chain perpetual contracts through its incentive mechanisms, low fees, and Ethereum-native composability. However, in a potential “winner-takes-all” sector, whether leading in trading volume can ultimately translate into a long-term competitive moat remains to be further validated by the market.