Lighter, a decentralized exchange specializing in perpetual futures trading, surpassed Hyperliquid with approximately $9 billion in 24-hour DEX volume today.

The milestone marks a significant shift in the perpetual DEX landscape, where Lighter has emerged as the frontrunner in recent trading volumes. Hyperliquid, a decentralized perpetual futures exchange built on its own layer 1 blockchain, had previously maintained leadership in trading activity.

Perpetual DEX rivalry has intensified among platforms like Lighter, Hyperliquid, and Aster, with competition focusing on sustainable infrastructure over short-term incentives. Lighter has consistently outperformed Hyperliquid across various timeframes in recent weeks.

The platform’s efficient infrastructure supports high-speed on-chain transactions, positioning it to compete effectively in the DEX market against established competitors.