What Is Lighter's Surge to the Top of 24-Hour Perp DEX Volumes and Why It Surpassed Hyperliquid in December 2025

Lighter—a decentralized perpetual futures exchange built on Ethereum’s zk-rollup technology—has claimed the throne in the competitive Perp DEX arena, clocking a staggering $8.83 billion in 24-hour trading volume and edging out rival Hyperliquid’s $8.52 billion.

This narrow but symbolic victory marks Lighter’s continued dominance after topping charts for 10 consecutive days, underscoring the intensifying “Perp DEX wars” where innovation, incentives, and liquidity are reshaping DeFi derivatives. Amid a broader market rebound—Ethereum up 7% to $3,300 on Fed cut tailwinds—Lighter’s ascent highlights the shift toward zk-proof efficiency and zero-fee models, potentially signaling the next phase of on-chain trading maturation with volumes exceeding $1 trillion monthly across the sector.

What Is Lighter and How It Overtook Hyperliquid

Lighter, launched in private beta January 2025 and mainnet October 2, is a zk-rollup-based Perp DEX specializing in high-leverage futures with a bold zero-fee structure for retail traders, attracting volume-hungry degens and institutions alike. Its edge lies in zk-proofs for verifiable execution, enabling sub-second settlements and up to 50x leverage without the congestion plaguing Ethereum L1. The platform’s TVL stands at $1.37 billion, with open interest (OI) at $1.65 billion—impressive for its age, though critics note high volume-to-OI ratios hint at incentive-driven activity ahead of its $LITER token airdrop.

Hyperliquid, the incumbent leader since November 2024, boasts deeper liquidity ($4.41 billion TVL, $5.96 billion OI) but saw a 30% volume dip recently, yielding ground to Lighter’s aggressive growth. DefiLlama data confirms Lighter’s lead: $8.83B vs. $8.52B in the latest 24 hours, a flip from early December when Hyperliquid held 70% market share. This isn’t isolated—Lighter’s monthly volumes hit $292.5 billion in November, rivaling Aster’s $259 billion and Hyperliquid’s $308.5 billion in October.

• Lighter’s 24h volume: $8.83B (up 7% daily), TVL $1.37B, OI $1.65B
• Hyperliquid: $8.52B (down 2%), TVL $4.41B, OI $5.96B
• Milestone: Lighter tops for 10 straight days; first zk-DEX to lead
• Tech edge: Zero fees, zk-rollup for 10x faster execution
• Funding: $68M Series A (Founders Fund, Ribbit) at $1.5B valuation

Why Lighter’s Lead Signals a Shift in Perp DEX Dynamics

The Perp DEX sector exploded in 2025, with daily volumes topping $100 billion by October—driven by zk-tech, incentives, and post-election liquidity. Lighter’s zero-fee model (revenue from maker rebates and institutional tiers) lured traders from centralized giants like Binance (whose monthly perps dwarf DEXs at $3 trillion), while its invite-only beta built hype for airdrops. Compared to Hyperliquid’s sustainable but slower growth (HYPE token staking yields) and Aster’s incentive-fueled surges (up 2,000% post-merger), Lighter’s zk-efficiency addresses scalability pains, processing $170 billion in 30-day prep volumes by October.

This flip reflects maturing competition: Hyperliquid’s OI dominance (70% share) provides stability, but Lighter’s volume momentum—fueled by retail FOMO and $272.5 billion October trades—captures the “degen” crowd. Analysts like Patrick Scott note Hyperliquid’s lead in revenue ($161 billion cumulative), but Lighter’s trajectory (from $3B daily mid-September) points to zk-rollups as the future, especially with Ethereum’s Fusaka upgrade slashing fees 50%.

• Sector boom: $1.2T October volumes (record); $100B+ daily norm
• Lighter catalysts: Zero fees, zk-proofs, $LITER airdrop hype
• Hyperliquid edge: Deeper liquidity, sustainable model
• Broader trends: DeFi derivatives +300% YTD; zk-tech adoption
• Risks: Incentive wash trading; OI/volume ratios under scrutiny

Implications for the Perp DEX Wars and 2026 Outlook

Lighter’s crowning as volume king intensifies the three-way battle with Hyperliquid and Aster, where innovation trumps incumbency. For traders, it means tighter spreads and higher leverage on zk-chains, boosting DeFi TVL ($120B+ Ethereum ecosystem). Institutions eye these for hedging, with tokenized RWAs and stablecoin settlements (e.g., PYUSD pilots) amplifying utility. 2026 forecasts: Perp DEX volumes to $2 trillion monthly if regs like GENIUS Act clear paths, with Lighter targeting $500B OI via multi-chain expansion.

As Bitcoin stabilizes at $92.5K post-Fed cut, this DEX surge underscores altcoin rotation—Ethereum’s 7% rally spilling into layer-2 plays like Lighter.

Lighter’s $8.83B volume triumph over Hyperliquid’s $8.52B cements its Perp DEX lead, blending zk-innovation with degen appeal in 2025’s DeFi evolution.

For perp traders, monitor DefiLlama for real-time shifts and secure wallets to navigate high-leverage volatility.