Coinglass Report Highlights Discrepancies Across Perp DEXs, Raising Debate

TheNewsCryptoPublicado em 2026-02-09Última atualização em 2026-02-09

Resumo

Coinglass's recent analysis of perpetual decentralized exchanges (DEXs) like Hyperliquid, Aster, and Lighter has sparked debate due to significant discrepancies in reported metrics. Hyperliquid showed $3.76B in trading volume, $4.05B in open interest (OI), and $122.96M in liquidations, indicating consistent and real market activity. In contrast, Aster and Lighter reported high volumes ($2.76B and $1.81B) but significantly lower OI ($927M and $731M) and minimal liquidations ($7.2M and $3.34M). Coinglass suggests these disparities may indicate artificial volume inflation from airdrop farming, self-trading, or reporting issues, rather than genuine trading. The report concludes that Hyperliquid’s metrics align more closely with healthy market behavior, while Aster and Lighter’s volume quality requires further validation. The analysis prompted community debate, with some accusing Coinglass of bias, though the firm maintains its findings are data-driven and unbiased.

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.

TagsCryptocurrencyDEX

Perguntas relacionadas

QWhat are the key metrics compared in the Coinglass analysis of perpetual decentralized exchanges?

AThe Coinglass analysis compared trading volume, open interest (OI), and liquidation numbers across Hyperliquid, Aster, and Lighter.

QAccording to Coinglass, what does a high trading volume with minimal liquidations potentially indicate?

AIt may indicate airdrop or points farming, self-trading by market makers, or volume inflation from different reporting methodologies, rather than real market activity.

QWhich exchange did Coinglass state showed the strongest consistency between volume, OI, and liquidations?

ACoinglass stated that Hyperliquid showed much stronger consistency between volume, open interest, and liquidations, which is a better signal of real activity.

QWhat was one criticism from the community regarding Coinglass's analysis of Hyperliquid's high liquidation numbers?

ASome argued that Hyperliquid's increased liquidations might not be from actual market activity but rather from rigid algorithms, illiquid trading pairs, or massive one-off whale trades.

QWhat event prior to this analysis brought increased attention to Hyperliquid?

AIncreased attention came after Arthur Hayes publicly made a $100,000 price bet on the future performance of Hyperliquid's HYPE token, following Kyle Samani's criticism of its fundamentals.

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