Volume Monitor
Live crypto data · 10 exchanges

Hyperliquid vs Lighter

Hyperliquid and Lighter side by side from their public APIs: open interest, 24h perp volume, number of markets, the coins both list and funding on those coins, with the spread between the two. Each exchange also has its own page with its largest markets.

Hyperliquid has more perpetual open interest: $8.09B, 16.2× Lighter's $500.81M. The two list 98 coins in common, out of 178 on Hyperliquid and 112 on Lighter. Funding on the shared coins averages 0.0129% per 8h on Hyperliquid and 0.0101% on Lighter; of 98 coins, Hyperliquid's rate is higher on 91, Lighter's on 7. The widest funding gap is on APEX: 0.1344% per 8h higher on Hyperliquid (≈147% APR).

98 shared coins439 perpsAs of 08:52 UTC

Hyperliquid open interest#3 of 10
$8.09B
94.2% of the pair
Lighter open interest#10 of 10
$500.81M
5.8% of the pair
Shared coins
98
80 only on Hyperliquid · 14 only on Lighter

Hyperliquid vs Lighter head to head

MetricHyperliquidLighter
Open interest$8.09B$500.81M
Share of all exchanges tracked10.9%0.7%
Perp volume, 24h$10.15B$1.43B
Perpetual markets327112
OI on the 98 shared coins$6.12B$499.43M
Avg funding on shared coins / 8h0.0129%0.0101%
Higher funding on91 coins7 coins
OI-weighted funding, all perps / 8h0.0079%0.0054%
Liquidations, 24h—$16K

Liquidations are compared only when both exchanges publish a liquidation feed this site reads.

Funding and open interest on shared coins

top 20 of 98 by combined OI
# Coin Hyperliquid funding Lighter funding Spread / 8h Hyperliquid OI Lighter OI
1ETH0.0100%0.0096%0.0004%$1.55B$114.07M
2BTC0.0033%-0.0016%0.0049%$1.41B$181.58M
3HYPE0.0100%0.0008%0.0092%$899.95M$13.06M
4ZEC0.0100%0.0096%0.0004%$351.06M$19.38M
5SOL0.0100%0.0064%0.0036%$331.61M$13.79M
6NEAR0.0100%0.0096%0.0004%$155.36M$22.27M
7LIT0.0485%0.0096%0.0389%$108.17M$49.17M
8XRP0.0100%0.0096%0.0004%$144.23M$2.05M
9PUMP0.0226%0.0096%0.0130%$112.35M$2.56M
10ENA0.0100%0.0096%0.0004%$70.01M$4.54M
11DOGE0.0100%0.0096%0.0004%$54.67M$624K
12XPL0.0100%-0.0120%0.0220%$48.21M$6.31M
13LINK0.0100%0.0096%0.0004%$51.71M$2.32M
14AAVE0.0100%0.0096%0.0004%$43.61M$4.93M
15UNI0.0100%0.0096%0.0004%$43.89M$3.73M
16WLD0.0100%0.0096%0.0004%$38.01M$6.14M
17TAO0.0100%0.0096%0.0004%$42.73M$1.11M
18SUI0.0100%0.0096%0.0004%$40.90M$1.09M
19XMR0.0100%0.0096%0.0004%$34.73M$2.31M
20ONDO0.0100%0.0096%0.0004%$34.20M$1.19M

Coverage. Hyperliquid: No liquidations: Hyperliquid has no public all-market liquidation stream. Lighter: Every liquidation on crypto perps (liquidation fills on the public trade stream); OI, volume and funding polled every 60s; added 2026-09-28.

How it's counted. Open interest is the USD value of open perpetual positions (one side) at the mark price, summed over the markets this site tracks; stablecoin pairs are left out. Shared coins are coins with a perpetual on both exchanges (Hyperliquid HIP-3 markets excluded); where an exchange lists several perps for a coin, the one with the most open interest is used. Funding is the 8-hour equivalent; the spread is Hyperliquid minus Lighter.

Hyperliquid vs Lighter FAQ

Which has more open interest, Hyperliquid or Lighter?

The open interest cards at the top compare the USD value of open perpetual futures positions on each exchange, summed over every market this site tracks there and valued at the mark price. They update with every page load.

Is funding higher on Hyperliquid or Lighter?

The average funding figures cover only the coins both exchanges list, as 8-hour equivalents, so venues with 1-hour and 8-hour funding compare directly. The table shows each coin's rate on both and the spread; a wide spread is what a funding arbitrage trade collects.

How many coins do Hyperliquid and Lighter both list?

The shared coins count is the number of coins with a perpetual future on both exchanges right now. Stablecoin pairs and Hyperliquid HIP-3 markets are left out.

Where does the data come from?

Each exchange's public market-data API, read live by this site. Nothing here comes from paid data vendors.