2025-12-24 22:23:48

Recently, I’ve been looking at the native tokens of several leading leverage trading platforms and found their data differences quite interesting.

Hyperliquid is the largest project. Its circulating market cap is around $6-7 billion (circulating supply of 240-270 million tokens, price between $23.9-$25), with a total market cap reaching $24-$25 billion. The platform’s open interest reaches $7-$7.2 billion, accounting for 63% of the entire industry’s leverage positions, which is indeed impressive.

Aster is relatively smaller. Its circulating market cap is $1.7-$1.8 billion, with a circulating supply of 238-250 million tokens, priced at $0.69-$0.72. The total supply is 8 billion tokens, so the overall market cap is $5.6-$5.8 billion. The platform’s open interest is $2.4-$2.6 billion, making up about 19-21% of the industry.

Lighter has not officially issued tokens yet, with a TGE expected in Q1 2026, but there are already pre-market prices trading. The overall market cap is estimated at $3.4 billion (based on a total supply of 1 billion tokens and a pre-market price of $3.4). The platform’s open interest is $1.6-$1.7 billion, accounting for 10-15% of the industry. The airdrop portion is set at 250 million tokens (25% of the total supply), which was transferred on-chain on December 20.

My thought is that the platform’s open interest data actually better reflects real demand. Since Lighter and Aster are both running trading incentive policies, there’s some inflation in the numbers. From this perspective, Lighter’s pre-market price of $3.4 seems more reasonable, but how it will perform once officially launched still needs to be observed.

HYPE0.5%

ASTER-0.48%

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New_Ser_Ngmi

· 22m ago

Hyperliquid's 63% holding share is really outrageous, it feels like they're just eating up the entire industry's cake. Wait, Lighter airdropped 25%? They've been pumping the pre-sale price even before TGE, this routine feels a bit familiar. The dimension of holding volume is indeed solid, but there's definitely a lot of hype in the trading incentives. Aster's current price might be a bit undervalued, maybe consider buying the dip. Will Lighter crash after launch? Just looking at the pre-sale price doesn't feel very reassuring.

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CryptoFortuneTeller

· 23h ago

Hyperliquid's 63% holding share is really outrageous, it feels like monopolizing.

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Gm_Gn_Merchant

· 23h ago

Hyperliquid's 63% holding share is really impressive, giving a dominant feeling, but the risk is also quite high.

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NoodlesOrTokens

· 23h ago

Hyperliquid's 63% position share is outrageous, it's heading towards a monopoly --- Lighter's pre-market price indeed looks solid, let's see if it gets hammered after TGE --- Honestly, the position volume is a more accurate indicator than the token price; under incentive policies, the data is all fake --- Wait, Aster's only 2.4 billion in holdings? That size feels quite awkward --- TGE is not until Q1 2026, and there's already pre-market trading—these people are really daring --- How is Lighter's airdrop distributed? Is there any reliable information --- It still feels like Hyperliquid is the most stable, with its monopolistic advantage evident --- The analysis of position volume share is pretty good; finally, someone is serious about looking at the data --- Is a pre-market price of $3.4 reasonable? We'll know once it officially launches; these are usually just face-slapping scenarios

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NonFungibleDegen

· 23h ago

hyperliquid monopolizing 63% is actually insane ngl... that's not bullish that's just a red flag waiting to happen ser

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Lonely_Validator