Lighter Surpasses Hyperliquid in 30-Day Perpetual Volume with $198 Billion

• Lighter’s 30-day perpetual futures volume surpassed Hyperliquid’s with $198 billion, driven by the LIT token launch and removal of taker fees according to KuCoin.
• Hyperliquid retains dominance in open interest, spot volume, and annualized fees despite Lighter’s volume lead as reported by Phemex.
• Lighter introduced Lighter EVM, an Ethereum-equivalent rollup, to unify trading and DeFi applications on a single execution layer according to MEXC.

Lighter has overtaken Hyperliquid in 30-day perpetual futures volume with $198 billion, compared to Hyperliquid’s $166 billion. This growth was fueled by the LIT token launch and the removal of taker fees, which increased TVL and user activity according to KuCoin.

Despite this volume milestone, Hyperliquid continues to lead in several key metrics. Hyperliquid holds $7.3 billion in open interest compared to Lighter’s $1.4 billion. It also dominates in spot trading volume with $4.8 billion versus Lighter’s $3.59 billion. Annualized fees are significantly higher for Hyperliquid at $820 million, compared to Lighter’s $105 million.

Lighter has taken a step forward in infrastructure by launching Lighter EVM, an Ethereum-equivalent rollup. This integration aims to reduce fragmentation between trading and DeFi applications by enabling faster execution and shared collateral use. The move is intended to bridge the gap between advanced DeFi applications and low-latency, order-book-based markets within a single execution environment according to MEXC.

Does Lighter’s Volume Lead Signal a Shift in Perp DEX Market Share?

Lighter’s 30-day volume lead indicates strong user growth and a shift in market dynamics. The LIT token launch and zero taker fees attracted high-frequency traders and liquidity seekers, contributing to the TVL surge from under $200 million in August to $1.43 billion according to KuCoin.

Analysts note the competition is intensifying as both platforms vie for dominance in the on-chain derivatives market. While Lighter has seen a significant rise in trading volume, Hyperliquid’s revenue and open interest metrics remain robust, suggesting a sustained lead in revenue generation and position sizing according to Phemex.

The rise in trading volume among Perp DEX platforms reflects a broader trend in decentralized derivatives. As of February 5, 2026, Hyperliquid led with a 24-hour trading volume of $1.294 billion, while Lighter reported $4.03 billion in 30-day volume according to AInvest.

What Role Will Prediction Markets and EVM Integration Play in Perp DEX Competition?

Hyperliquid’s strategic expansion into prediction markets and bounded options contracts aims to diversify its offerings beyond commodities. This move, part of the HIP-4 proposal, is currently being tested on the testnet and could compete with platforms like Polymarket and Kalshi according to MEXC.

Lighter’s EVM integration is designed to unify trading and DeFi applications within a single execution environment. This includes enabling lending protocols, decentralized exchanges, and structured products to run directly alongside its core markets. The goal is to reduce fragmentation and improve capital efficiency according to MEXC.

Hyperliquid’s HYPE token saw a 19% price increase following the HIP-4 proposal. The surge in retail interest is reflected in the 27% rise in HYPE futures Open Interest to $1.84 billion over the past 24 hours according to MEXC.

How Is the Perp DEX Sector Performing in 2026?

The Perp DEX sector reported weekly trading volumes over $200 billion as of February 3, 2026, highlighting sustained interest in decentralized derivatives according to MEXC.

Hyperliquid’s DeFi TVL stands at $44 billion as of February 3, 2026, indicating continued confidence in the platform according to MEXC.

The market is highly competitive, with platforms like Aster, EdgeX, and Grvt also reporting significant trading volumes. As the sector continues to grow, the race for dominance between Lighter and Hyperliquid remains unresolved, with both platforms strengthening their positions through new features and strategic partnerships according to KuCoin.

Overall, the developments in Hyperliquid’s strategy and the broader DeFi market are shaping up to be key factors for investors and analysts as they assess the future of perpetual trading and derivatives in the crypto space.