Better Crypto Buy: Lighter vs. Hyperliquid

On July 1, Robinhood Markets (NASDAQ: HOOD) made a determination that whitethorn beryllium to beryllium defining for 1 marketplace successful particular. Its recently launched Robinhood Chain present routes trading successful perpetual futures contracts, leveraged derivatives with nary expiration date, done Lighter (CRYPTO: LIT), a decentralized derivatives exchange. Lighter's token, LIT, was up astir 35% successful the seven-day play ended July 7.

For holders of Hyperliquid (CRYPTO: HYPE), the reigning decentralized perpetuals venue, this caller woody betwixt Robinhood and Lighter is yet different competitory menace among the galore that are rising. So which is the amended coin to buy, Hyperliquid oregon Lighter?

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Lighter's Robinhood woody makes it a batch much appealing, but there's a drawback

The lawsuit successful favour of Lighter starts with the information that the woody with Robinhood is nary tiny thing. Robinhood serves astir 28 cardinal customers, and its wallet present lets users deposit stablecoins into Lighter's astute contracts arsenic collateral for trading perpetuals.

Presently, Lighter is the third-largest decentralized perpetuals exchange, with $1.3 cardinal successful 24-hour trading measurement connected July 7. On an annualized basis, gross generated from its trading fees could full $95 million.

But its caller trajectory has been ugly: Revenue fell from astir $40 cardinal successful Q4 2025 to astir $20 cardinal successful Q1 2026 to little than $10 cardinal successful Q2 2026. Whatever caller measurement it gets from Robinhood is severely needed.

There is besides a ample asterisk regarding its narration with Robinhood. First, the perps merchandise being offered is unavailable successful the U.S., U.K., Canada, Switzerland, the U.A.E., and Singapore; it's chiefly targeted astatine the E.U. U.S. accounts signifier the bulk of Robinhood's lawsuit base. Thus, the addressable portion of the marketplace that Lighter has recently privileged entree to is acold smaller than Robinhood's full idiosyncratic base, astatine slightest for now.

Lighter paired the Robinhood motorboat with a alteration to its tokenomics model, which is highly favorable to holders. Fees incurred by traders utilizing Lighter's level present volition beryllium utilized to repurchase its token, and the repurchased tokens volition past beryllium burned to trim the circulating supply, overmuch similar a banal buyback. This means immoderate caller postulation it gets from Robinhood volition accrue straight to holders.