Same Volume, Different Game: Inside Hyperliquid, Lighter, and Aster

A side-by-side metrics comparison dated December 25, 2025 highlights how three onchain perpetual platforms, Lighter, Hyperliquid, and Aster, are scaling in sharply different ways, despite operating in the same fast-growing perp market. The data, sorted over a seven-day period, shows that headline volume alone doesn’t tell the full story. source: https://www.ethnews.com/same-volume-different-game-inside-hyperliquid-lighter-and-aster/