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Hyperliquid vs Lighter

How Hyperliquid and Lighter differ on chain, volume, fees and model.

HyperliquidLighter
TypePerp L1 (own chain)zk perp DEX
ChainHyperliquid L1zk rollup
How it worksA purpose-built Layer 1 (HyperBFT consensus) running a fully transparent on-chain CLOB with sub-second matching. 180+ perp markets plus spot HIP-1 tokens; taker 0.035% with maker rebates.A zero-knowledge-proven order-book DEX that charges retail zero trading fees, earning revenue from its liquidity pool plus mandatory 1:10 LIT staking. ~248k active addresses, TVL ~$1B.
Scale*~$248B/mo · #1~$25B/wk · zero-fee
Max leverageup to 40xhigh
Best forThe deepest, fastest on-chain perpsFee-free retail perps

Hyperliquid

  • #1 by volume & liquidity
  • Fully on-chain transparent order book
  • ~200k orders/sec, sub-second matching
  • Share compressing from ~80% peak
  • Own L1 (bridge to enter/exit)

Lighter

  • Zero fees for retail traders
  • zk-proven order book (verifiable)
  • Fast-growing volume & users
  • Mandatory LIT staking to access
  • Younger venue

Bottom line

Pick Hyperliquid for the deepest, fastest on-chain perps; pick Lighter for fee-free retail perps.

* Volume/TVL = dated snapshot (DefiLlama + venue reports, 2026).