2026-01-19 13:52:45

At the start of 2025, the trading volume rankings in the derivatives track have been released. Hyperliquid leads by a wide margin with $2.93 trillion, leaving other platforms far behind. Lighter and Aster follow closely, but the gap has significantly widened.

Interestingly, the ranking by trading volume is actually opposite to the ranking by web traffic. Although Aster doesn't rank at the top in trading volume, it attracts the most visits—13.23 million page views. Lighter also has a substantial number, exceeding 10 million. In contrast, Hyperliquid, which has the highest trading volume, only has around 6.2 million web visits.

What does this indicate? High trading volume does not necessarily mean a large user base. It could be that trading volume is concentrated among large traders, or there are differences in user activity and stickiness on the platforms. The market's choice of derivatives exchanges clearly considers more than just trading volume.

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MetaNeighbor

· 01-20 00:35

Wow, Hyperliquid is so powerful? 2.93 trillion directly crushes everything, but the traffic is only over six million... This is awkward haha Big players are definitely there snatching up the wool, retail investors are just here to join the fun What's going on with Aster? It has the highest traffic but the lowest trading volume, that logic is incredible It seems that now exchanges are just competing to trap whales, retail investors' trading volume doesn't really matter much

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OnchainGossiper

· 01-19 14:21

Haha, Hyperliquid traffic is being crushed by Aster. It seems that big players are quietly harvesting profits.

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HorizonHunter

· 01-19 14:07

Hyperliquid's 2.93 trillion really blew me away, but the traffic is only over 6 million? How many whales would it take to pile that up? It's a paradise for big players to cut leeks, trading volume looks great, but user experience may not be. Aster's traffic data is a bit impressive, has it been manipulated in reverse? High trading volume ≠ a good platform, this principle should have been understood long ago. It seems I need to consider multiple dimensions; looking at transaction volume alone can easily be deceived.

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SignatureAnxiety

· 01-19 14:04

Damn, Hyperliquid's numbers are outrageous, but only six million in traffic? Are big players疯狂堆量 or what? Aster is reverse crushing, with such strong traffic but the trading volume is at the bottom, indicating there’s something there but it hasn't fully broken out yet. High trading volume doesn't mean much; the key is whether there are genuine user stickiness, otherwise it's just a numbers game. This time I really get it—when it comes to derivatives, it's still about overall experience rather than just competing in trading volume. Lighter feels a bit awkward being caught in the middle; the traffic is good but the influence isn't quite top-tier yet.

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Anon4461