Hyperliquid News Today: DeFi Derivatives Evolve from Speculation to Infrastructure with Lighter's Rise

The DeFi derivatives market is undergoing a seismic shift as Lighter, a high-throughput Ethereum Layer 2 protocol, surges past rivals like Aster and Hyperliquid in trading volume, signaling a new era of competition in on-chain derivatives. On November 11, Lighter's 24-hour trading volume hit $10.69 billion, eclipsing Aster's $5.7 billion and outpacing Hyperliquid's $8.71 billion, according to DefiLama data. This marks a dramatic reversal for Aster, whose volume nearly halved from $11.94 billion the previous day. Lighter's ascent is driven by its 650,000 TPS throughput and low fees, positioning it as a formidable challenger in the race for decentralized trading dominance.

The momentum has translated into significant capital inflows. Lighter recently secured $68 million in funding at a $1.5 billion valuation, led by Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood. This round underscores a broader trend of venture capital firms pivoting toward perp DEX infrastructure, betting that decentralized platforms are evolving from speculative experiments to core market infrastructure. The Block notes that perpetual contracts now account for 56% of DEX trading volume in 2025, up from 50% the prior year, with onchain perpetuals hitting a record $1.2 trillion in October.

Lighter's growth is part of a larger industry shift. Perpetual derivatives-contracts without expiration dates-have become the lifeblood of crypto trading, dominating both centralized and decentralized ecosystems. On centralized exchanges, perpetuals accounted for 75% of CEX volume in October, generating $49 trillion in notional value, far exceeding spot and options trading. Decentralized platforms like Lighter, Hyperliquid, and EdgeX are capitalizing on this demand by offering CEX-like performance with onchain transparency. Lighter's TVL of $1.152 billion and Hyperliquid's $4.799 billion TVL highlight the liquidity arms race unfolding in the space.

Despite its success, Lighter faces sustainability challenges. Its open interest of roughly $500 million lags behind Hyperliquid's and Aster's figures, raising questions about its ability to maintain volume once incentive programs wane. However, the project is preparing for long-term growth, with plans to expand into spot trading and staking while launching a token airdrop in Q4. Token warrants distributed in the recent funding round hint at governance and incentive mechanisms, though a launch date remains unannounced.

The market's broader trajectory remains bullish. The Block's Yogita Khatri notes that perp DEXs are now competing less on airdrops and more on execution, liquidity design, and risk management. As institutional liquidity migrates to decentralized platforms-mirroring Hyperliquid's success-Lighter and peers are redefining onchain trading's potential. With total onchain perpetual volumes surging and VC backing intensifying, the next phase of DeFi's evolution may hinge on which protocols can sustain performance amid cooling incentives.