Hyperliquid ranks first in 24h perp volume at $6.184B
Lighter secures second with $5.809B traded
Market shows rising interest in perpetuals
The crypto derivatives market saw impressive activity over the past 24 hours, led by Hyperliquid Perp Volume reaching a dominant position with $6.184 billion traded. This places Hyperliquid at the top of the perpetual (perp) volume rankings, highlighting robust trader engagement and liquidity on the platform.
Perpetual contracts are a cornerstone of crypto derivatives trading due to their flexibility and ability to offer high leverage without expiry dates. The surge in perp volume reflects a broader uptick in speculative and hedging activity across the market.
Lighter Follows Closely Behind
Trailing closely behind Hyperliquid, Lighter reported a significant $5.809 billion in perp volume during the same period. While slightly lower than Hyperliquid, this figure still underscores strong participation and competitive dynamics between major derivatives venues.
Lighter’s position in the rankings illustrates that traders are exploring multiple platforms for execution quality, leverage options, and liquidity depth. The tight race between these two platforms may influence future market share as traders seek optimal trading conditions.
NOW: Hyperliquid tops 24h perp volume rankings with $6.184B, followed by Lighter with $5.809B. pic.twitter.com/PC6KOW1fHF
— Cointelegraph (@Cointelegraph) December 23, 2025
What This Means for Traders
The leading Hyperliquid Perp Volume signals healthy interest in perpetual futures, suggesting traders remain highly active in managing positions on price volatility, hedging exposure, and leveraging directional bets. This environment can benefit platforms with deep order books and responsive matching engines.
For traders, monitoring perp volume trends helps assess where liquidity concentrates, which can affect slippage, fee costs, and execution efficiency. As Hyperliquid and Lighter dominate the landscape this cycle, they may attract further attention from high-frequency and institutional participants.
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