@corgil - lower oi with smaller tvl (dn farm)
- way lower revenue + way higher cost of revenue
- same execution
you can just say things
English
el crypto enjoyer
1.1K posts
Variational vs Lighter:
- Higher OI
- Higher revenue
- More markets
- Better execution
- Better UI
- Based team of giga brains, too busy building rather than shitposting like Toly or Vlad
(RWA's + more⏳)
$LIT launched at $3B+ and still trading at ~$900M FDV
Do the math 👇
CorgiI@corgil
OTC is pricing $VAR points at $7-11 But the comps say $25-140 Either the market is asleep, or I'm completely wrong Here's the math, tell me where it breaks 👇 Top perpDEXs by the numbers: ✦ @HyperliquidX: $9B OI, $8B daily vol, $5B TVL → $HYPE at $41B FDV ✦ @Aster_DEX: $2.3B OI, $2B daily vol, $1.5B TVL → $ASTER at $5.2B FDV ✦ @variational_io: $800M OI, $350M daily vol, $90M TVL → $VAR not launched yet ✦ @Lighter_xyz: $750M OI, $1.5B daily vol, $500M TVL → $LIT at $1B FDV And $VAR hasn't even shipped: ✦ 100+ RWA markets (stocks, commodities, indices) ✦ OLP vaults (HLP/LLP equivalent)
English
el crypto enjoyer retweetledi
Some initial stats after ~ 24 hours:
> $135M total volume
> 22K trades
> $13.5K in fees earned
Just build on @lighter_xyz
Insilico Terminal@InsilicoTrading
Ignite your next trade. @Lighter_xyz is now live on Insilico Terminal. Connect your account and start trading.
English
If you had to choose a place to trade, would you go for cheaper fees and a founder shilling a perpdex in replies or a founder locked in 24/7/365 building a pretty good house for all finance?
Hyperliquid tho.
HYPEconomist | Theo Arc@HYPEconomist
solana got perps 6x cheaper than hyperliquid and still nobody wants to touch them 😂
English
Just realize the massive gap.
A Solana co-founder is literally crawling through comments begging traders to use Phoenix – yet another garbage project that raised $44.3M and will most likely deliver nothing.
Imagine if Jeff was doing door-to-door sales like this. His reputation would be finished in a day.
Meanwhile, paid tourists are crying that Hyperliquid has higher fees than Phoenix, but can’t even explain what Hyperliquid actually is when asked.
Bro, we already have Drift and Backpack. I’m fully done with Solana.
You’re welcome to trade elsewhere.
celon@notcelon
they got the big boss out here doing door to door sales now hyperliquid
English
el crypto enjoyer retweetledi
English
@JustDeauIt @vnovakovski it is not perps on ethereum
it is an L2 appchain on ethereum with an offchain orderbook and matching engine
@dYdX did this in 2021
English
Lighter might be the most important project in the Ethereum ecosystem today.
Why?
1. It sits within the "Perps DEX" sector -- one of the hottest and most clear use cases for finance on crypto rails.
2. Prior to Lighter, the view was that you could not build a performant trading app on Ethereum.
You need low latency. Tight spreads. Deep liquidity. And reliable liquidations.
Hyperliquid solved this by building its own purpose-built L1 (secured by its own validator set).
But now Lighter has solved the problem by staying *close to Ethereum.*
Therefore, Lighter offers everything a trader might look for on a CEX in terms of performance.
But on Lighter, users:
- Don't have to trust the Lighter team, a bridge, a small validator set, or an exchange with their capital (it sits on Ethereum)
- Don't have to trust Lighter, a CEX, or small validator set with the accounting/audit trail of "what happened" with their capital (every trade, risk check, liquidation, and order matched is cryptographically proven on Ethereum)
---
Therefore, if Lighter is successful, it can serve to *prove* that Ethereum's security, decentralization, and settlement assurances *matter to users.*
It's a big deal.
Because this then provides a signal to other builders and entrepreneurs on *where to build* moving forward.
We covered @Lighter_xyz today in The Watch List. If you'd like to access the latest (free) report, see the link below 👇
English
el crypto enjoyer retweetledi
@cyberxtremog thats a month old post which is now outdated. youre free to glance over the orderbooks and compare yourself. extended only has 2 rwa perps that are not listed on lighter, plus lighter has like 15 more rwa listings in total
English
@elcryptoenjoyer Here ser. and I am doing DN with ORCL which is not even supported in Lighter.
And this is before the incoming partnership with a major TradFi probably making Extended the most liquid in the whole DeFi
x.com/lyubo_p/status…
Gladen@lyubo_p
State of liquidity and execution on @extendedapp v5 - TradFi Edition By popular demand, we're taking our liquidity analysis beyond crypto for the first time, this time covering TradFi markets: US equities (NVDA, MSTR, INTC, CRCL), precious metals (XAU, XAG), and the Nasdaq Index (NDX), across @extendedapp, @HyperliquidX (via @tradexyz), and @Lighter_xyz. Methodology 1. We measured slippage (buy/sell) on the above assets for $10k and $100k market orders across the three exchanges every 30 seconds from Mar 24, 07:11 UTC to Mar 31, 11:44 UTC (20,657 snapshots) 2. We ranked each exchange by market and clip size for both slippage and total cost of execution (slippage + exchange fee), where 1 = best and 3 = worst 3. Fees applied: Extended 2.5 bps, Hyperliquid base rate 4.5 bps, Lighter 0 bps 4. The dataset also includes charts showing how slippage evolved over the tracked period 5. NDX is listed as XYZ100 on Hyperliquid and QQQ on Lighter Results: Slippage - On equities and metals, Extended leads at $10k clip sizes, while Hyperliquid is better at $100k - On indices (NDX), Hyperliquid leads at both clip sizes Total cost of execution - where it gets interesting - Equities at $10k: Extended is the cheapest across all 4 - Equities at $100k: Hyperliquid leads across all 4 - Metals: Lighter's zero-fee model gives it the edge on both XAU and XAG at $10k, and on XAU at $100k - Indices (NDX): Hyperliquid leads at both clip sizes What this means 1. For equity trading at smaller sizes, Extended liquidity and fee structure make it the most efficient option overall 2. For larger orders, Hyperliquid has deeper liquidity and wins on total cost 3. Lighter's zero-fee model gives it a real edge in metals, though less so in equities It’s still early days for on-chain TradFi liquidity. There’s room for all exchanges to improve, and we'll keep tracking it. Full dataset: docs.google.com/spreadsheets/d…
English
Saylor is already taking care of the market
Larry Fink of tokenizing trilions of RWA assets
And Extended of becoming the most liquid perp dex to trade it at the perfect timing
cyber@cyberxtremog
Stocks tokenization is already the top narrative, imo superior to prediction markets gambling Extended is positioned perfectly as market leader once eToro is confirmed and offers stocks at scale If markets keep healing we can have the best airdrop of 2025 & 2026, expecting more
English
@cyberxtremog just checked manually and it has less liquidity and worse ex cost on every pair compared to xyz and lighter, rwa & crypto. not sure where you got that from
English
@elcryptoenjoyer Last time I checked it had better execution cost than HL on most RWA and I am using it daily to arb HIP3 and Extended and there is great, then imagine in few days when the major TradFi partnership offering liquidity at scale ser
English
@Bechtold77 @JamjodSnaj how much did lighter airdrop you son? oh right you missed the bag
English
Someone's been building a long position in $lit all day today.
Haven't seen this before. Front running something maybe?
English
Projects with zero haters:
- Pumpfun
- Monad
- Plasma
- OpenSea
- Solana
- Kalshi
- Axiom
- Starknet
- Aster
- Metamask
- Eclipse
- Starknet
- Ink
- Lighter
- ZKsync
- Infinex
Miss anything?
English
stalks lighter's api updates in discord (lmfao) to post a factually wrong opinion of a change that affects internal pricing, which both lighter & xyz have but with different formulas. insane how rent-free lighter is for retards like him that missed out on the airdrop
MLM@mlmabc
lol @Lighter_xyz definitely uses TradeXYZ as the oracle price for its RWA markets
English
el crypto enjoyer retweetledi
This trader made an initial deposit of $3.0K, has an all-time PnL of $37.7K, and a 5.36 Sharpe
For the same amount of volume on other exchanges, he would have paid ~ $1.0M in fees
Just use @lighter_xyz
English
@WhiteWhaleLabs wow so does that mean michael saylor only owns 55 btc now because thats the entire binance spot book liquidity? unbelievably retarded opinion
English
Can we quit saying they burned $370m? Something is only as valuable as someone is willing to pay for it. And that many tokens dumped at once would only have a value of $6.5 million - not $370m. A fact Pump should be all too well aware of.
English
English
@KookCapitalLLC it is absolutely retarded integrating hyperliquid over lighter, especially considering the amount of hip3 deployers. nobody needs a 5th NVDA or TSLA pair, nobody will trade that on hl frontend. with lighter, you can get more revenue and dont have to give away 50% of it either
English
If you think about it:
- Polymarket's main product is prediction markets, they want to keep the share and got scared after seeing Jeff working on HIP-4, especially that Jeff already has experience in PM.
- Polymarket has since inception 0 fee policy
- Lighter has 0 fees
- What if Polymarket decided to team up with Lighter
- Lighter adds PM from Polymarket, PolyMarket adds perps from Lighter
I believe they had no time to build infra themselves from 0. If they want to act quickly they had to partner with someone.
I think there is a decent chance they've partnered with Lighter or someone else, but as HL is currently seen by them as a huge competitor they'll most prolly team up with other competitor of HL.
Just random thoughts
English