Hyperliquid HYPE is expected to outperform Lighter LIT in the perp DEX market, per Messari analyst Sam. Lighter's perpetual volume has declined sharply post-farming, while Hyperliquid maintains leadership with resilient revenue potential and no immediate fee compression threats. Hyperliquid's perp volume fell 60% to $165 billion in H2 2025 amid competition. Lighter gained traction via [...]