Lighter and Aster Surpass Hyperliquid in Crypto Trading Volume

2 mins mins

Key Points:

Lighter and Aster surpass Hyperliquid in trading volume.
Driven by memecoin liquidity rotations.
Significant market structure changes in 2025.

In 2025, the on-chain perpetual contract market experienced a dramatic shift, with Lighter and Aster surpassing Hyperliquid as industry leaders, fueled by memecoin liquidity.

This shift indicates a competitive and evolving marketplace, driven by the substantial increase in perpetual trading volumes, reshaping the landscape of decentralized finance.

Decentralized Market Fragmentation Sparks Tech Innovation

The DeFi landscape is now marked by higher diversity and competitiveness. With former leaders like Jupiter, dYdX, and GMX exiting the top ranks, the market dynamics have shifted. Market participants seem to favor exchanges offering incentive-heavy and memecoin-focused trading programs, as evidenced by the notable rise of Lighter and Aster.

Market participants and analysts are observing a notably fragmented perpetual contract market. Experts indicate that while Hyperliquid once held a 70% market share, liquidity has become more distributed. This reflects not only changes in trading platforms but also behavioral shifts among crypto investors.

Did you know? The 2025 shift in DeFi market shares resembles the 2023–2024 phase when Hyperliquid surpassed dYdX and GMX due to similar liquidity adjustments and incentive programs.

Market Data and Insights

Did you know? The 2025 shift in DeFi market shares resembles the 2023–2024 phase when Hyperliquid surpassed dYdX and GMX due to similar liquidity adjustments and incentive programs.

Bitcoin, as of January 10, 2026, is valued at $90,476.79, reflecting a market cap of $1.81 trillion, according to CoinMarketCap. Despite recent 90-day declines of 18.95%, BTC maintains a market dominance of 58.56%, showing enduring investor interest.

bitcoin-daily-chart-5537 — Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 05:41 UTC on January 10, 2026. *Source: CoinMarketCap*

“The significant rise in perpetual futures volume in 2025 is largely attributed to the rotation of memecoin liquidity among top DEX competitors.” – CryptoRank Insights

Insights from the Coincu research team indicate that the fragmentation within the DeFi market could lead to enhanced technological development and market adaptability. This trend might encourage more innovative trading solutions, fostering a dynamic trading environment. DApp revenue could potentially play a significant role in this evolution.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.