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

• Lighter overtook Hyperliquid in 30-day perpetual futures trading volume, reaching $198 billion compared to Hyperliquid’s $166 billion, driven by the LIT token launch and zero taker fees according to KuCoin.
• The LIT token launch and elimination of taker fees significantly boosted Lighter’s TVL, which rose from under $200 million in August 2025 to $1.43 billion according to KuCoin.
• Lighter’s TVL growth and user activity reflect a broader market trend of increasing on-chain derivatives trading as the sector expands.

Lighter’s 30-day volume lead signals a shift in the on-chain derivatives space. The LIT token’s airdrop and zero taker fees have attracted a wave of new users and liquidity seekers according to KuCoin. This strategic move has increased user engagement and speculation, especially on platforms like Polymarket where LIT-related markets saw over $74 million in volume according to KuCoin.

Despite Lighter’s 30-day volume lead, Hyperliquid maintains dominance in key metrics such as open interest and revenue. Hyperliquid’s open interest stands at $7.3 billion, compared to Lighter’s $1.4 billion, and its annualized fees are estimated at $820 million, significantly higher than Lighter’s $105 million according to KuCoin.

On February 8, 2026, Lighter launched new fee tiers based on staking participation, aiming to incentivize users to stake LIT tokens and improve execution speeds according to CoinGabbar. These tiers offer varying levels of latency and trading costs depending on how much a user stakes. Standard trading remains free, ensuring retail users can continue to participate without upfront costs according to CoinGabbar.

The new fee model is part of Lighter’s strategy to create a more professional-grade trading environment. By offering faster execution and better liquidity access to stakers, the platform aims to attract both retail and institutional traders according to Hokanews.

In addition to the fee model, Lighter has expanded its DeFi ecosystem with the Lighter EVM, a new Ethereum Virtual Machine integration that enables atomic operations and shared liquidity pools according to EGW News. This integration supports complex and efficient DeFi interactions while maintaining low fees and high throughput.

The broader on-chain derivatives market is experiencing rapid growth. Perpetual DEXs, including Lighter, Hyperliquid, and Aster, have recorded combined perpetual volume of $972 billion according to KuCoin. This growth is driven by improved liquidity, investor confidence, and evolving DeFi infrastructure.

Does Lighter’s TVL Growth Signal Long-Term Market Share Gains?

Lighter’s TVL increased from under $200 million to $1.43 billion as a result of the LIT token launch and zero taker fees according to KuCoin. This surge suggests a strong initial appeal among traders and liquidity providers. However, Hyperliquid continues to lead in revenue and open interest according to KuCoin.

The TVL growth highlights the competitive dynamics within the on-chain derivatives sector. While Lighter has gained ground in 30-day perpetual volume, Hyperliquid’s dominance in other key areas like revenue and spot trading volume remains a challenge according to KuCoin.

Analysts suggest that the intense competition between Lighter and Hyperliquid will likely continue, with both platforms investing in strategies to attract and retain users. This includes incentives like airdrops, zero fees, and new product features according to KuCoin.

How Do Lighter’s Fee Tiers Affect Market Liquidity and Execution Speed?

Lighter introduced staking-based fee tiers on February 8, 2026, to encourage users to stake LIT tokens and unlock faster execution speeds according to CoinGabbar. This model incentivizes long-term participation and contributes to network security by tying user rewards to staking activity according to CoinGabbar.

Standard trading remains free, ensuring that retail users can continue to access the platform without upfront costs according to CoinGabbar. This dual approach—free trading for retail users and tiered execution for stakers—aims to balance market accessibility and professional-grade trading capabilities according to CoinGabbar.

The impact of these fee tiers is expected to improve market liquidity and execution efficiency. By offering faster latency and better access to liquidity for stakers, Lighter is positioning itself to attract a broader range of traders according to CoinGabbar.

What Does the Lighter EVM Mean for Ethereum-Based DeFi?

Lighter’s new EVM integration allows developers to build and deploy applications beyond trading, facilitating shared liquidity and atomic operations according to EGW News. This expansion into Ethereum-based DeFi services supports more complex interactions and improves the efficiency of DeFi protocols.

The integration emphasizes low fees and high throughput, making it more accessible for both users and developers to engage with Ethereum-based services according to EGW News. This aligns with the broader trend of DeFi platforms expanding beyond traditional trading to more sophisticated financial tools.

By expanding into Ethereum-based DeFi, Lighter is not only enhancing its product offerings but also contributing to the broader DeFi ecosystem. This move could attract developers and users looking for scalable and cost-effective DeFi solutions according to EGW News.