HYPE vs LIT
Hyperliquid and Lighter are the two biggest places to trade perps onchain. Here are their tokens and their exchanges, side by side.
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The race
- HYPE
- LIT
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Each token's change since the start of the rangePrices by Indeix
@fullportshowThe exchanges, live
| Measure | Hyperliquid | Lighter |
|---|---|---|
| Traded in the last 24 hours | ||
| Open interest | ||
| Bitcoin traded in 24 hours | ||
| Live markets | ||
| Fee to trade, regular user | 0.045% taker, 0.015% maker | Zero |
| Token value at full supply | ||
| Token value for each $1 traded in a day |
Volume and open interest are as each exchange reports them through its public API, refreshed every minute. Hyperliquid includes the markets builders deploy on it (HIP-3). Token value at full supply is the price times the 1 billion token maximum for each.
How they differ
Hyperliquid
- Runs on its own blockchain, with the whole order book onchain.
- The leader: 42% of all onchain perps volume in a day in mid October, per Castle Labs.
- Charges fees (0.045% to take, 0.015% to make at the base tier). Fees go back to the community, and the Assistance Fund turns its share into HYPE and burns it.
- HIP-3 lets builders list their own markets on Hyperliquid, from stocks to indexes: over 140 pairs and over $275 billion traded by June.
- HYPE launched in November 2024, with 31% of the supply airdropped to users.
Lighter
- A custom zero knowledge rollup on Ethereum: every trade, funding payment and liquidation is proven and checked on Ethereum.
- Number two by daily volume, about 14% of onchain perps in mid October.
- Zero trading fees for regular users. Fee revenue buys back LIT, and since June 30 the bought back LIT is burned.
- Its perps run inside the Robinhood Wallet (outside the US and UK) since July 1, and Robinhood is an investor.
- LIT launched December 30, 2025, with 25% airdropped. Team and investor tokens, half the supply, start unlocking December 27, 2026.
Sources: Hyperliquid Docs: Fees, Arkham Research: The HYPE flywheel (June 2026), Tokenomist: Lighter LIT tokenomics (July 2026), Castle Labs: Perp DEX rankings (October 2026). Not investment advice.