2026-01-19 07:20:32

The recent perpetual DEX market has experienced interesting ranking changes. After completing the airdrop distribution, Lighter's trading activity significantly declined, with weekly trading volume dropping nearly 70% from its previous peak. This has given Hyperliquid a chance to move back to the top.

According to on-chain data, over the past week, Hyperliquid reclaimed the leading position with approximately $40.7 billion in trading volume, surpassing the second-place Aster ($31.7 billion) by nearly $10 billion. Lighter fell to third place with $25.3 billion. This shift reflects the ongoing market demand for trading depth and liquidity—investors still vote with their feet, choosing platforms that can provide a stable trading experience.

From the 24-hour open interest data, this trend is further validated. After the hype of airdrops subsided, traders' choices gradually returned to rationality, placing more emphasis on underlying liquidity and risk management capabilities.

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GhostInTheChain

· 3h ago

Airdrop and then run, I'm too familiar with this trick. Lighter's performance this time is really disappointing.

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SignatureDenied

· 8h ago

Airdrop hype, and the buzz just fizzles out. This round, Lighter really underperformed. Hyperliquid is still the same, depth is king. Lighter's 70% drop—tch, that's pretty intense. Real trading volume speaks for itself; no matter how much hype you generate, it's all pointless. Wait, how did Aster shoot up so quickly? Didn't notice. Alright, we're back to the era where liquidity is king.

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AirdropSkeptic

· 8h ago

Airdrop hype fades quickly, Lighter's performance this time is a bit unfortunate --- Honestly, it still comes down to liquidity; you can't fool people for too long --- Hyperliquid has stabilized, this is what a genuine contender looks like --- A 70% drop... LOL, airdrop economics are just like that --- Wait, how did Aster suddenly jump to second place? When did that happen? --- True traders have long known who to choose; voting with their feet is spot on --- Contract data doesn't lie; the ecosystem depth still has a gap --- This wave has revealed the true nature of many projects

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MEVHunter_9000

· 8h ago

Airdrop 1 ended and then ran away, as expected, still the same old trick. Lighter's wave was just a flash in the pan; I’ve always said it depends on real trading depth. Hyperliquid is just outrageous; the liquidity is indeed unmatched, no wonder it can reclaim the top spot. Where are those who were hyping the airdrop now? Haha. Honestly, it still depends on who can hold steady; the ranking changes as quickly as I lose money.

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GasFeeCryer

· 8h ago

Lighter this wave of plunge I knew it, after the airdrop, no one will be left --- Hyperliquid is stable now, depth is king --- It's always the same, those chasing hot topics are always the ones getting cut --- Voting with your feet, about time to eliminate trash like this --- A 70% drop... how many people got liquidated --- Liquidity is king, everyone understands this principle but few do it well --- Aster can still be second? Didn't expect that --- The airdrop tide has revealed everything haha --- Lighter cooled off, Hyperliquid makes a comeback, just cycle repeats --- The real DEX still depends on fundamentals, don’t be fooled by hype

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