Lighter Surpasses Hyperliquid in 30-Day Trading Volume Amid LIT Token Launch

The on-chain derivatives market is undergoing a seismic shift as Lighter, a ZK-rollup-based perpetual exchange, reported a 30-day trading volume of $200 billion in December 2025, surpassing Hyperliquid's $165 billion in the same period. This milestone, coupled with the launch of Lighter's native token LIT, has ignited debates about the structural advantages of its tokenomics and infrastructure in reshaping decentralized trading. While Hyperliquid retains dominance in 24-hour perpetual futures trading ($68.8 billion vs. Lighter's $2.7 billion), the broader narrative highlights how Lighter's Ethereum-native architecture and incentive design are redefining scalability, security, and user alignment in DeFi.

Structural Advantages: ZK-Rollup vs. Monolithic L1

Lighter's adoption of a custom-built ZK-rollup anchored on Ethereum offers a compelling edge over Hyperliquid's monolithic L1 blockchain. By leveraging zero-knowledge proofs, Lighter achieves sub-10ms latency and processes up to 20,000 orders per block, with matching latency under 5 milliseconds. This modular approach offloads order matching and proof generation to off-chain sequencers while finalizing state updates on Ethereum, reducing costs and enhancing security through Ethereum's composability and robust infrastructure. In contrast, Hyperliquid's dual-layer architecture-HyperCore for trading and HyperEVM for DeFi-prioritizes data consistency but incurs higher on-chain execution costs due to its need to maintain a standalone consensus layer.

The ZK-rollup model also enables Lighter to avoid the complexities of securing a new L1 network, a critical factor in an era where user trust in decentralized infrastructure remains paramount. As stated by Lighter's founder in a recent Bankless interview, the platform's design "combines centralized exchange-level performance" with on-chain transparency, addressing the core pain points of both retail and institutional traders. This hybrid approach may attract users seeking the speed of centralized exchanges without sacrificing the verifiability of decentralized systems.

LIT Tokenomics: Incentive Alignment and Value Capture

Lighter's LIT token, launched in late 2025, is designed to align incentives across its ecosystem. Half of the token supply is allocated to the community, with 25% airdropped to users who participated in Lighter's points programs in Q1 and Q2 2025. The remaining 25% is reserved for future incentives, partnerships, and growth initiatives according to the tokenomics report. This distribution model contrasts with Hyperliquid's current tokenless structure, which relies on native order-book execution and HyperEVM composability to drive adoption.

The LIT token's utility extends beyond governance, as it captures protocol-generated value through staking and liquidity provision. Token holders can stake LIT to gain enhanced access to trading features and liquidity pools, creating a flywheel effect where increased usage drives token demand. Additionally, Lighter's revenue from trading fees and infrastructure services is earmarked for ecosystem development and token buybacks, reinforcing a deflationary dynamic. Critics, however, debate whether the token's $2B–$3B fully diluted valuation (FDV) is justified given its current trading volume metrics.

Market Implications and Future Outlook

While Hyperliquid's 24-hour volume remains significantly higher, Lighter's 30-day and weekly figures ($29 billion) suggest a growing preference for its Ethereum-native model among traders prioritizing long-term security and cross-chain interoperability. The ZK-rollup's ability to process high-throughput trades at lower costs-without compromising Ethereum's censorship resistance-positions Lighter to capture a larger share of the derivatives market as on-chain activity matures.

However, challenges persist. Hyperliquid's monolithic architecture allows for tighter integration of trading and DeFi functions, which could appeal to users seeking seamless composability. Meanwhile, Lighter's reliance on Ethereum's L2 ecosystem may face scalability limits if Layer 1 gas costs spike during periods of high network congestion.

Conclusion

Lighter's surpassing of Hyperliquid in 30-day trading volume underscores the growing appeal of ZK-rollup-based derivatives platforms that prioritize performance, security, and Ethereum's composability. The LIT token's incentive structure further strengthens this narrative by aligning user and protocol interests, creating a self-sustaining ecosystem. While Hyperliquid's daily volume leadership highlights the importance of real-time execution in derivatives trading, Lighter's structural advantages-particularly its modular design and tokenomics-position it as a formidable contender in the race to reshape on-chain derivatives. As the market evolves, investors will need to weigh these competing architectures against shifting user preferences and regulatory developments.