Two perp DEXs head to head: live open interest, 24h volume, markets listed, turnover and their shared markets, from each exchange's public API. See the full perp DEX ranking.
Hyperliquid has 27x the open interest of Lighter: $17.02B against $628.80M, 89.9% and 3.3% of the $18.93B across the 3 DEXs tracked. It also trades 5.5x the 24h volume: $4.44B against $814.22M. Volume turns over open interest 1.3x a day on Lighter and 0.3x on Hyperliquid, so positions on Lighter are shorter-lived. 6 of their 10 largest markets are the same asset; the biggest, BTC, has $3.09B of open interest on Hyperliquid and $173.16M on Lighter.
Hyperliquid: liveLighter: liveSources: exchange public APIsAs of 22:37 UTC
How it's counted. Open interest is the USD value of open perpetual positions (one side) at each market's current price; 24h volume is quote notional traded in the last 24 hours. Shares "all DEXs" are of every perp DEX with data on the ranking; the split is of these two alone. Shared markets are matched by ticker and price among each DEX's 10 largest markets. Aster and Lighter refresh every 5 minutes; Hyperliquid is live.
Hyperliquid vs Lighter FAQ
Which is bigger, Hyperliquid or Lighter?
This page compares their live open interest (the USD value of open perpetual positions) and 24h volume, read from each exchange's public API. The perp DEX ranking puts every tracked DEX in one table.
What does volume / OI (turnover) mean?
24h volume divided by open interest: how many times a day the open positions trade over. A high ratio points to short-lived, active trading; a low one to positions held longer.
Which markets do they share?
The shared-markets table lists the assets that appear among both DEXs' 10 largest markets by open interest, matched by ticker and price, with each side's open interest and 24h volume.