Size and Money Locked

Hyperliquid locks roughly $8.2 billion in total value, far exceeding Lighter’s approximately $780 million. This makes Hyperliquid one of the biggest derivatives platforms by TVL. Lighter’s smaller TVL reflects a more modest pool of locked assets.

Activity and Fees

In the last 24 hours Hyperliquid processed about $213 million in volume, generating roughly $4.9 million in fees. Lighter’s 24‑hour volume is around $10 million, with fees near $0.3 million. The higher volume and fees on Hyperliquid indicate a much more active trading environment.

Networks and Reach

Hyperliquid runs on two chains, its own Layer 1 and Arbitrum. Lighter spans four networks including Ethereum, Arbitrum, Robinhood Chain and zkLighter, giving it broader cross‑chain accessibility. The extra chains may appeal to users seeking diverse deployment options.

Who Each Platform Suits

Hyperliquid is suited for traders and liquidity providers who need deep pools and high activity, especially those comfortable with its Layer 1 and Arbitrum ecosystem. Lighter appeals to users who value multi‑chain access and a platform focused on security and exchange‑grade performance, even with smaller liquidity.