- Coinglass highlights inconsistencies between Perpetual DEXs, including Hyperliquid, Aster, and Lighter.
- The analysis shows gaps between volume, open interest, and liquidations, raising questions about trading quality on perp DEXs and debate over Coinglass analysis
The latest Coinglass analysis of perpetual decentralized exchanges, which includes Hyperliquid, Aster, and Lighter, compared the user activities in trading volume, open interest, and liquidation numbers, raising debates in the comments section.
Coinglass Breaks Down Perp DEX Differences
On February 9, Coinglass shared a post, which reveals that high reported trading volumes do not always reflect real market activity, through the comparison from a 24 hours data. Hyperliquid posted $3.76 billion in volume, $4.05B in open interest, and $122.96M in liquidations
On the contrary, Aster and Lighter posted $2.76 billion and $1.81 billion in volume, but with lower OI around $927 million and $731million, and liquidations posted around $7.2 million and $3.34 million
With that, Coinglass stated that in healthy perpetual markets, high volume usually comes from meaningful OI changes, larger liquidations, and stronger long or short stress during price moves.
As the disparity seen on Aster and Lighter, high volume but minimal liquidations, may point to airdrop or points farming, self-trading by market makers, or volume inflation from different reporting methodologies
On a concluding note, Coinglass said, “Hyperliquid shows much stronger consistency between volume, OI, and liquidations — a better signal of real activity. Meanwhile, Aster/Lighter’s volume quality needs further validation (vs fees, funding, orderbook depth, and active traders).”
Coinglass Analysis Sparks Debate
After the post, the comments section was filled with debate and questions from the crypto community. One person asked, “Is a platform actually superior if its main effect is to efficiently liquidate traders rather than facilitate stable institutional positioning?”
Coinglass responded by clarifying that real trading volume often comes with real pain, and platforms showing huge volume but minimal liquidations may be inflating activity artificially, raising questions about the true quality of their markets. It says that Hyperliquid’s activity reflects real traders taking real risk, with volume, open interest, and liquidations aligning consistently
Some have accused Coinglass of unfairly speculating on Aster and Lighter, arguing that Hyperliquid’s increased liquidations may not be the result of actual market activity but rather of things like rigid algorithms, illiquid trading pairs, or massive one-off whale trades
In response, Coinglass said that their analysis was grounded in cross-metric disparities and that the findings were unbiased and supported by data
This Coinglass analysis comes after Arthur Hayes publicly challenged with a $100,000 price bet on the future performance of Hyperliquid’s HYPE token, following Kyle Samani’s public criticism of Hyperliquid’s fundamentals, which highlights the growing attention on Hyperliquid.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Over 40,000 Bitcoin Swept Up in a Week, Strategy Plays Fixed Income Game with STRC Loans
Bitcoin rebounded during Middle East conflict, with MicroStrategy successfully attracting capital through its preferred stock STRC, cumulatively increasing its holdings by over 40,000 bitcoins. STRC, serving as a stable yield instrument, has become a new financing channel for MicroStrategy, driving its market performance and liquidity. While this model faces high dividend pressure and requires continuous yield improvements to maintain appeal, STRC has effectively connected traditional capital with bitcoin demand, opening up a new financing model.
PANews3m ago
Baidu Intelligent Cloud Announces Price Adjustments for AI Computing Power and Storage Products, with Increases of 5% to 30%
Gate News: On March 18, Baidu Intelligent Cloud released a price adjustment announcement for AI computing power, storage, and other products. Among them, AI computing power-related product service prices will increase by approximately 5%-30%; parallel file storage prices will increase by approximately 30%. The above price adjustments will officially take effect starting from April 18, 2026 at 00:00 (Beijing Time).
GateNews2h ago
Solana's Six-Year Review: Survived Multiple Outages and Hacker Attacks, SOL Price Surged from $8 to $96
Solana celebrated the sixth anniversary of its mainnet launch on March 18th after six years of challenging development. Although the blockchain has experienced multiple outages and security incidents, it has continued to operate. The market remains cautious about its stability, and its future performance will depend on network reliability and ecosystem recovery capabilities.
GateNews3h ago
Australia's Cryptocurrency Payment Usage Doubles to 12%, But Bank Restrictions Escalate as Major Obstacle
Independent Reserve's survey shows that Australia's cryptocurrency payment user percentage is projected to grow from 6% to 12% by 2026. Despite increases in online shopping and digital goods purchases, users still face issues such as banking delays and rejections, with banks being cautious about crypto transactions. Technical complexity and insufficient user education also constrain the development of crypto payments. Clearer regulatory frameworks could potentially enhance market acceptance.
GateNews3h ago
Alibaba Cloud applies to register two HiClaw trademarks, involving website services and scientific instrument categories
Hangzhou Alibaba Cloud Apsara Information Technology Co., Ltd. recently applied to register the "HICLAW" trademark, involving website services and scientific instruments. The current status is pending review. HiClaw is an open-source multi-agent collaboration system developed by Alibaba Cloud that enables AI Agents to work together to complete complex tasks.
GateNews3h ago
Vietnam's First Batch of Crypto Licenses: Five Leading Players Competing, Overseas Trading Ban Forcing Market Localization
Vietnam currently has five companies vying for the first batch of compliant cryptocurrency exchange licenses, including major banks and large enterprises. Regulatory authorities plan to ban citizens from using overseas exchanges and are beginning to draft tax schemes that treat crypto trading as formally regulated assets. Vietnam is concerned about capital outflows, and crypto startups that fail to meet standards are excluded, with regulators favoring traditional financial institutions.
MarketWhisper3h ago
