Coinglass ignites perp DEX data debate over Hyperliquid, Aster, Lighter

An analysis by Coinglass comparing perpetual decentralized exchange data has sparked a fierce debate and highlighted rifts within the crypto derivatives sector. The study exposed marked discrepancies in trading volumes, open interest and liquidations across Hyperliquid, Aster and Lighter, leaving users asking what qualifies as genuine activity on these platforms.

A 24-hour snapshot showed Hyperliquid with roughly $3.76 billion in trading volume, $4.05 billion in open interest and $122.96 million in liquidations; Aster with $2.76 billion, $927 million and $7.2 million respectively; and Lighter with $1.81 billion, $731 million and $3.34 million.

Coinglass suggested that high reported volumes paired with relatively low liquidations could point to incentive-driven trading, market-maker looping or points farming, and said Hyperliquid displayed stronger consistency across metrics. It added that Aster and Lighter’s volume quality requires further validation against funding rates, fees, order-book depth and active trader counts.

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