Key Insights:
- Lighter reached $8.6B in daily volume, outperforming Aster and Hyperliquid for three days.
- Despite a high volume, Lighter’s open interest remains at $1.7B, which is lower than that of its competitors.
- Aster and Hyperliquid still lead in open interest, showing more long-term trading activity.
- Lighter’s volume rise suggests a change in trader behavior, although its long-term position sizes remain smaller.
Lighter, a decentralized perpetuals trading protocol, has recorded higher daily trading volumes than Aster and Hyperliquid over the past three days. However, its total open interest still trails behind both platforms, based on new data released on October 26.
Lighter Leads in Daily Trading Volume
According to data provided by Artemis, Lighter saw a daily trading volume of $8.6 billion as of October 26. This volume exceeded that of both Aster and Hyperliquid, two other decentralized perpetuals protocols that have been leading the sector.
According to data from Artemis, on-chain perpetuals protocol Lighter has recorded higher daily trading volume than Aster and Hyperliquid over the past three days, though its open interest remains lower than the two. As of October 26, Lighter’s open interest stood at $1.7 billion,…
— Wu Blockchain (@WuBlockchain) October 28, 2025
The surge in Lighter’s trading activity marks the third consecutive day it has outperformed its competitors in daily volume. Although it topped trading volumes, the protocol’s open interest remains behind the other two platforms. This suggests traders are making more frequent trades on Lighter, but holding fewer long-term positions.
Open Interest on Lighter Still Trails Behind Competitors
While trading volume has increased, Lighter open interest remains lower than Aster and Hyperliquid. On October 26, its open interest stood at $1.7 billion. In contrast, Aster and Hyperliquid maintained higher levels of funds locked in active positions.
Open interest measures the total number of open positions, and a lower figure can point to shorter trade durations or higher turnover. This could reflect a different trading strategy among Lighter users, though no direct cause has been confirmed.
Aster and HYPE Maintain Higher Long-Term Position
Even though Lighter is recording higher volumes, Aster and Hyperliquid still lead in terms of long-term trader engagement. Their higher open interest levels indicate larger or more stable user positions.
This trend could indicate greater trust in their protocols for longer-term trades. The market continues to track how these protocols perform over time. Future data may show if Lighter’s current rise is a trend or a temporary spike.
