A reshaping of the on-chain perpetuals market is underway as a small group of fast-growing platforms intensify competition, with recent data showing shifts in trading dominance.
According to DeFiLlama, Lighter processed approximately $198 billion in perpetuals trading volume over the past 30 days, overtaking Hyperliquid’s $166 billion. Aster also surpassed Hyperliquid during the same period, recording $174 billion in volume. Combined, the three platforms generated nearly $972 billion in on-chain perpetuals volume, underscoring the rapid growth of decentralized derivatives heading into 2026.
Lighter’s rise has been fueled by incentive-driven activity, particularly following the launch of its LIT token, which included a 25% community airdrop. Trading volumes surged as users positioned for rewards, while speculation around the token drove more than $74 million in related Polymarket activity. The platform has also attracted high-frequency traders by eliminating taker fees for most users, helping total value locked climb from under $200 million in August to $1.43 billion.
While Lighter has taken the lead in short- and medium-term volume, Hyperliquid continues to dominate key structural metrics. It remains well ahead in open interest, holding $7.3 billion compared with Lighter’s $1.4 billion, and leads in spot trading volume and revenue. Annualized protocol fees for Hyperliquid are estimated at $820 million, far exceeding Lighter’s roughly $105 million.
Market observers note that Lighter’s Ethereum-native composability, expansion into spot markets, and potential real-world asset integrations could support longer-term growth. However, analysts caution that the on-chain derivatives sector may evolve into a winner-take-most environment, leaving the rivalry far from settled.
