Coinglass Ignites Perp DEX Data War Amid Hyperliquid Volume Debate

An analysis by Coinglass comparing perpetual decentralized exchange (perp DEX) data has sparked fierce debate and, in the process, highlighted rifts within the crypto derivatives sector. The study exposed marked discrepancies in trading volumes, open interest, and liquidations across Hyperliquid, Aster, and Lighter. Users are left asking what qualifies as genuine trading activity on these platforms. Coinglass Data Sparks Debate Over Authentic Trading on Perpetual DEXs Coinglass is facing backlash after publishing a comparison of perp DEXs, questioning whether reported trading volumes across parts of the sector reflect genuine market activity. A 24-hour snapshot comparing Hyperliquid, Aster, and Lighter shows that: Hyperliquid recorded approximately $3.76 billion in trading volume, $4.05 billion in open interest, and $122.96 million in liquidations. Aster posted $2.76 billion in volume, $927 million in open interest, and $7.2 million in liquidations Lighter reported $1.81 billion in volume, $731 million in open interest, and $3.34 million in liquidations. Top crypto decentralized derivatives exchanges ranked. Source: Coinglass on X According to Coinglass, such discrepancies can matter. In perpetual futures markets, high trading volume driven by leveraged positions typically correlates with open-interest dynamics and liquidation activity during price moves. Exchange Liquidations. Source: Coinglass on X The firm suggested that, rather than organic hedging demand, the combination of high reported volume and relatively low liquidations may indicate: Incentive-driven trading Market-maker looping, or Points farming. Based on this, Coinglass concludes that Hyperliquid showed stronger internal consistency across key metrics. Meanwhile, the volume quality of some competitors warrants further validation using indicators such as funding rates, fees, order-book depth, and active trader counts. “Conclusion…Hyperliquid shows much stronger consistency between volume, OI, and liq...