DEX comparison
HyperliquidvsLighter
The dominant on-chain order book against the fast-rising zk-rollup challenger — proven depth and liquidity versus rock-bottom fees and a live points program.
At a glance
Higher 24h volume
Hyperliquid
$7.20B
Lower taker fee
Lighter
0.02%
Deeper liquidity (TVL)
Hyperliquid
$4.40B
Longer track record
Hyperliquid
since 2024
dexwatch score
Hyperliquid
92/100
Full comparison
Every figure is an approximate snapshot from public trackers. “Best” marks the stronger value in a row — higher volume or liquidity, lower fees, longer track record. Max leverage is shown as information, not a positive.
| Exchange | $HYPE ★★★★★★★★★★92/100Excellent | ★★★★★★★★★★82/100Solid |
|---|---|---|
| Type | Perp DEX | Perp DEX |
| Chains | Hyperliquid L1 | Lighter zkL2 |
| 24h volume | $7.20BBest | $3.10B |
| 7d volume | $40.70BBest | $17.00B |
| Total value lockedLiquidity depth | $4.40BBest | $873.0M |
| Token price | $43.80 | Pre-token |
| 24h change | 3.20% | — |
| Market cap | $14.60B | n/a |
| Maker feeNegative = rebate | −0.02%Best | 0% |
| Taker feeLower is cheaper | 0.035% | 0.02%Best |
| Max leverageHigher = riskier | 50× | 50× |
| Trading pairs | 210Best | 64 |
| LaunchedLonger track record | 2024Best | 2026 |
| Security scoredexwatch estimate | 88/100Best | 76/100 |
| Audits | ZellicInternal | InternalIn progress |
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Hyperliquid vs Lighter FAQ
Which has higher trading volume, Hyperliquid or Lighter?
Hyperliquid — about $7.20B in the last 24 hours versus $3.10B on Lighter. Figures are an approximate snapshot and move constantly.
Is Hyperliquid or Lighter cheaper to trade?
Lighter has the lower headline taker fee at 0.02%, versus 0.035% on Hyperliquid. Network gas and price impact still apply on top.
Which has deeper liquidity, Hyperliquid or Lighter?
Hyperliquid holds more total value locked ($4.40B versus $873.0M), a rough proxy for how much size a market can absorb.
What's the main difference between Hyperliquid and Lighter?
Hyperliquid is a perp dex on Hyperliquid L1, while Lighter is a perp dex on Lighter zkL2. Match the venue to the chain and assets you actually use.
What are perpetuals & perp DEXes?Leverage risk & liquidationDEX trading fees: maker/taker & pool feeperpetualleveragefunding rate
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