Imagine waking up on the last day of 2025 and seeing the leaderboard flip overnight. That’s exactly what happened in the world of on-chain perpetual futures trading. A platform that was playing catch-up for months suddenly surged ahead, leaving the former king in its wake. It’s the kind of moment that reminds you how fast things move in crypto—nothing stays on top forever.
The shift we’re talking about involves Lighter overtaking Hyperliquid in one of the most watched metrics: 30-day perpetuals volume. Numbers don’t lie, and the latest figures show Lighter processing close to $198 billion in perps trades over the past month, while Hyperliquid clocked in at around $166 billion. That’s not a small gap. It’s a statement.
A New Leader Emerges in On-Chain Derivatives
On-chain perpetuals have become the battleground for decentralized exchanges focused on derivatives. These platforms allow traders to bet on price movements without expiration dates, all while staying fully on blockchain rails. No custodians, no intermediaries—just pure, transparent trading.
For much of 2025, Hyperliquid held the crown comfortably. It built a reputation for blazing-fast execution, deep liquidity, and innovative order book designs. Traders loved it, and the volume followed. But competition doesn’t sleep. Lighter, with its Ethereum-native approach and aggressive growth tactics, has been chipping away steadily.
Now, as we close out the year, Lighter has claimed the top spot for monthly perps volume. It’s not just a one-day fluke either. Throughout the fall, we’ve seen Lighter dominate 24-hour volume charts multiple times. September, October, November—each month brought fresh flips. This 30-day lead feels different, though. It suggests the momentum might be sustainable.
What Drove Lighter’s Massive Volume Surge?
Several factors aligned perfectly for Lighter in the closing months of 2025. First and foremost was the launch of its native token, LIT. When a project drops a token with a generous community allocation—25% airdropped straight to users—activity explodes. Traders rushed in, farming points, positioning for rewards, and genuinely trading more.
I’ve seen this pattern before. Token launches act like rocket fuel for on-chain activity. Suddenly, every trade earns potential future value. Speculation on Polymarket-style prediction markets around the token added even more volume, with related contracts attracting tens of millions in bets.
Beyond the airdrop hype, Lighter made smart structural moves. They eliminated taker fees for most users, making it incredibly cheap to trade aggressively. High-frequency traders, the lifeblood of perps volume, flocked to the platform. Liquidity providers followed, drawn by better economics.
The results speak for themselves. Total value locked shot up from under $200 million in the summer to $1.43 billion by year’s end. That’s explosive growth in anyone’s book. Annualized fees, while still trailing leaders, are climbing toward $105 million. Not bad for a platform that was relatively quiet just months ago.
- 25% community airdrop sparked massive user influx
- Zero taker fees attracted high-frequency trading bots
- Point farming systems encouraged sustained activity
- Ethereum composability enabled unique strategies
- Rapid TVL growth reflected rising confidence
Hyperliquid Isn’t Going Down Without a Fight
Let’s be clear—Hyperliquid remains a powerhouse. Losing the monthly volume crown stings, but it still dominates in several critical areas that matter just as much, if not more, in the long run.
Open interest tells a different story. Hyperliquid holds around $7.3 billion in outstanding positions, dwarfing Lighter’s $1.4 billion. That means traders trust it more for larger, longer-term bets. When markets get volatile, open interest often predicts who handles stress better.
Spot trading volume also favors Hyperliquid significantly—$4.8 billion versus Lighter’s $3.59 billion over the same period. Being strong in both spot and derivatives creates powerful network effects. Users stay within one ecosystem, reducing friction.
Perhaps most importantly, revenue generation is no contest. Hyperliquid’s annualized fees approach $820 million. That’s real money flowing to the protocol and, eventually, token holders. Lighter has ground to make up here, and sustainable revenue often separates short-term hype from long-term winners.
In derivatives markets, volume is flashy, but open interest and revenue are what pay the bills in the long run.
Hyperliquid also benefits from first-mover advantages. Its custom blockchain layer provides speed that many argue still edges out Ethereum-based competitors, even with recent scaling improvements. Execution quality matters enormously when milliseconds count.
The Broader On-Chain Perps Landscape
While the Lighter-Hyperliquid rivalry grabs headlines, the overall market is booming. Just these platforms, along with Aster, combined for nearly $1 trillion in monthly perpetuals volume. That’s staggering growth heading into 2026.
Aster itself flipped Hyperliquid briefly, posting $174 billion in volume. We’re seeing a tight race among three serious contenders rather than one dominant player. This competition benefits traders through better pricing, more innovation, and tighter spreads.
Other platforms lurk further back, waiting for their moment. The space feels reminiscent of decentralized spot exchanges a few years ago—consolidation seemed inevitable, yet multiple strong players emerged. Perhaps on-chain perps will follow a similar path.
What stands out is how quickly capital flows to perceived opportunity. A good incentive program, combined with solid product, can shift hundreds of billions in trading activity almost overnight. It’s both exciting and a little terrifying how efficient these markets have become.
| Metric (30-Day) | Lighter | Hyperliquid | Aster |
| Perps Volume | ~$198B | ~$166B | ~$174B |
| Open Interest | $1.4B | $7.3B | N/A |
| Spot Volume | $3.59B | $4.8B | N/A |
| TVL | $1.43B | High (leading) | Growing |
| Annualized Fees | ~$105M | ~$820M | Competitive |
Looking Ahead: Sustainability vs. Momentum
The big question now is whether Lighter can maintain this lead. Volume driven heavily by airdrop farming often fades once rewards dry up. We’ve seen it countless times—projects surge, distribute tokens, then activity normalizes lower.
That said, Lighter appears to be building real product advantages. Plans around real-world asset integration could open entirely new trading pairs. Deeper Ethereum ecosystem composability offers strategies impossible elsewhere. If they keep shipping features that traders actually want, the volume might stick.
Hyperliquid, meanwhile, doesn’t seem panicked. Their focus on core execution, revenue efficiency, and open interest suggests confidence in the fundamentals. Sometimes the tortoise beats the hare, especially in markets where reliability trumps short-term excitement.
In my view, the healthiest outcome is continued competition. When multiple platforms push each other, innovation accelerates. Traders win with better tools, lower costs, and more choice. A winner-take-all scenario would likely slow progress.
Why This Matters for the Wider Crypto Market
On-chain derivatives aren’t just a niche anymore. They’re becoming central infrastructure. Trillions in notional volume flow through these platforms annually now. That rivals traditional finance venues in scale, albeit with different risk profiles.
Success here validates blockchain’s ability to handle sophisticated financial products. Every billion in volume proves skeptics wrong about scalability, speed, and user experience. It brings more institutional interest, better tooling, and ultimately wider adoption.
We’re also seeing maturation. Early perpetuals platforms suffered frequent outages, poor liquidity, and exploitable mechanics. Today’s leaders run smoothly even during extreme volatility. That’s progress worth celebrating.
Finally, these battles shape token economics for years. Revenue sharing, governance rights, staking yields—all depend on capturing and retaining trading activity. The platforms winning today are building economic moats that could last a decade.
As we step into 2026, the on-chain perps race feels wide open. Lighter has the momentum, Hyperliquid the foundation, and others nipping at their heels. One thing feels certain: trading volumes will keep climbing, innovation won’t stop, and the best platforms will be those that consistently deliver value to users.
Whether you’re a casual observer or an active trader, moments like this remind us why crypto remains so compelling. The landscape evolves rapidly, rewards bold moves, and never stops surprising. Here’s to another year of intense competition and groundbreaking progress.
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