Hyperliquid vs Lighter: volume, fees and points compared
Live comparison · updated 2026-10-28 07:17 UTC
Hyperliquid is the bigger exchange right now, with $6.86B of 24h volume against $1.60B on Lighter (about 4.3x). Lighter has the lower base taker fee (0% vs 0.045%). Lighter runs a live points program.
| Hyperliquid | Lighter | |
|---|---|---|
| Rank by 24h volume | #1 | #3 |
| 24h volume | $6.86B | $1.60B |
| Open interest | $15.60B | $1.08B |
| Market share | 44.4% | 10.3% |
| 7-day volume change | -14.4% | -5.3% |
| 30-day volume | $225.76B | $47.85B |
| Markets listed | 349 | 199 |
| Chain | Hyperliquid L1 | Ethereum (ZK rollup) |
| Base trading fee | Taker 0.045% · Maker 0.015% | Taker 0% · Maker 0% |
| Fees on a $10,000 round trip, market orders | $9 | $0 |
| Fees on a $10,000 round trip, limit orders | $3 | $0 |
| How trades fill | Order book | Order book |
| Notable technology | Own Layer-1 blockchain (HyperCore + HyperEVM) with a fully on-chain order book | Every trade batch proven with ZK proofs and verified on Ethereum; escape hatch for withdrawals |
| Points program | No | Yes · Lighter on Robinhood Chain points (live and weekly) |
| Token | HYPE | LIT |
| DEX Review referral link | No | No |
Fee rows use each exchange's base rates (open plus close a $10,000 position, no volume discounts). Spread, funding, slippage and price impact are extra.
Hyperliquid daily volume, 30 days
Lighter daily volume, 30 days
FAQ
Is Hyperliquid bigger than Lighter?
By 24h volume, Hyperliquid is bigger: $6.86B vs $1.60B. Open interest is $15.60B on Hyperliquid and $1.08B on Lighter. These numbers update about every 15 minutes.
Which has lower fees, Hyperliquid or Lighter?
Hyperliquid: Taker 0.045% · Maker 0.015%. Lighter: Taker 0% · Maker 0%. These are base rates from each exchange's docs; spreads, funding and volume tiers change the real cost.
Do Hyperliquid and Lighter have points programs?
Hyperliquid: no active program. Lighter: yes, Lighter on Robinhood Chain points (live and weekly).
Sources
- Hyperliquid fees
- Lighter fees
- Hyperliquid docs
- Lighter docs
- Volume and open interest: CoinGecko derivatives API
More detail: Hyperliquid page · Lighter page · all perp DEXs.
Information only, not financial advice. Perpetual futures use leverage and are high risk.