Hyperliquid vs Lighter: Perp DEX Open Interest and Volume

Hyperliquid vs Lighter

Two perp DEXs head to head: live open interest, 24h volume, markets listed, turnover and their shared markets, from each exchange's public API. See the full perp DEX ranking.

Lighter data is still loading, so this comparison is incomplete; it fills in automatically. Hyperliquid has $17.05B of open interest and $4.32B of 24h volume across 327 markets.

Hyperliquid: liveLighter: loadingSources: exchange public APIs

Hyperliquid open interest#1 of 1

$17.05B

100.0% of perp DEX OI

Hyperliquid volume24h

$4.32B

100.0% of perp DEX volume

Lighter open interest

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Lighter volume24h

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Hyperliquid vs Lighter side by side

DEX	Open interest	OI split	OI share, all DEXs	Volume 24h	Vol share, all DEXs	Vol / OI	Markets
Hyperliquid	$17.05B	—	100.0%	$4.32B	100.0%	0.25x	327
Lighter loading	loading

Shared markets

among each DEX's 10 largest by OI

Shared markets appear once both DEXs have data.

How it's counted. Open interest is the USD value of open perpetual positions (one side) at each market's current price; 24h volume is quote notional traded in the last 24 hours. Shares "all DEXs" are of every perp DEX with data on the ranking; the split is of these two alone. Shared markets are matched by ticker and price among each DEX's 10 largest markets. Aster and Lighter refresh every 5 minutes; Hyperliquid is live.

Hyperliquid vs Lighter FAQ

Which is bigger, Hyperliquid or Lighter?

This page compares their live open interest (the USD value of open perpetual positions) and 24h volume, read from each exchange's public API. The perp DEX ranking puts every tracked DEX in one table.

What does volume / OI (turnover) mean?

24h volume divided by open interest: how many times a day the open positions trade over. A high ratio points to short-lived, active trading; a low one to positions held longer.

Which markets do they share?

The shared-markets table lists the assets that appear among both DEXs' 10 largest markets by open interest, matched by ticker and price, with each side's open interest and 24h volume.