OpenChainBench

Hyperliquid vs Lighter

Hyperliquid leads on 4 of 8 shared benchmarks, Lighter on 4. Hyperliquid wins on Perp DEX volume share, live 24h notional ranked ($1.89B vs $690.91M), Best DEX for a $BOT market order, live slippage ranked (0.28% vs 2.87%), Perp DEX cost invariance: all-in bps at $1M vs $1k, live slope ranked (1.080x vs 6.45x), Perp DEX mark price fidelity: deviation from CEX spot reference, live (0.040% vs 0.049%). Lighter wins on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL (0.0034% vs 0.046%), Perp DEX funding stability, 24h stddev of ETH funding ranked (0.011% vs 0.012%), Most tradable markets on a perp DEX, live count across 14 venues (205 vs 177), Perp DEX security track record: days without a recorded exploit, live (1,137 vs 1,014).

Read methodology Last measured Window: rolling 24h9 shared benchmarks
Hyperliquid logo
Hyperliquid

Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.

Lighter logo
Lighter

Onchain perp DEX with a fully onchain orderbook on a zkSync rollup. ZK proofs verify matching, no off-chain sequencer for trade execution.

Side by side measurements

Frequently asked questions

Hyperliquid vs Lighter: which one is better?

Hyperliquid and Lighter are compared on 9 shared OpenChainBench benchmarks. Hyperliquid leads on Perp DEX volume share, live 24h notional ranked. Lighter leads on Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL. See the live table on this page for every metric.

Which is faster on perp dex volume share, live 24h notional ranked, Hyperliquid or Lighter?

On the Perp DEX volume share, live 24h notional ranked benchmark, Hyperliquid leads at $1.89B versus Lighter at $690.91M. Live measurement is updated continuously by the OpenChainBench harness.

Which is faster on cheapest perp dex, live all-in cost from $1k to $1m on eth, btc and sol, Hyperliquid or Lighter?

On the Cheapest perp DEX, live all-in cost from $1k to $1M on ETH, BTC and SOL benchmark, Lighter leads at 0.0034% versus Hyperliquid at 0.046%. Live measurement is updated continuously by the OpenChainBench harness.

How is the Hyperliquid vs Lighter comparison measured?

Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.

How this pair was selected

A pair is published when all four conditions hold. Both providers run in the same OpenChainBench benchmark for at least seven consecutive days. Each provider has at least 1000 samples in the measurement window. The head to head query has observable third party search demand. Both providers have a public /products/[slug] page on OCB. The full pair ledger is versioned in the public repo so the methodology is externally verifiable.

Live data refreshes via ISR within 60 seconds of a new run. Sources are the same Prometheus queries surfaced on the parent benchmark pages.