A Coinglass analysis comparing Perpetual Decentralized Exchange (PERP DEX) data has sparked a heated debate, exposing fissures within the crypto derivatives sector in the process.
The study revealed significant discrepancies in trading volume, open interest, and liquidations for Hyperliquid, Aster, and Lighter. Users are wondering what is considered genuine trading activity on these platforms.
Coinglass data sparks debate over genuine trades on perpetual DEXs
Coinglass has faced backlash for publishing PERP DEX comparisons, with some questioning whether reported volumes across the sector reflect genuine market activity.
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A 24-hour snapshot comparing Hyperliquid, Aster, and Lighter reveals:
Hyper Liquid recorded trading volume of approximately $3.76 billion, open interest of $4.05 billion, and liquidation amount of $122.96 million. Aster posted trading volume of $2.76 billion, open interest of $927 million, and liquidations of $7.2 million. The writer reported volume of $1.81 billion, open interest of $731 million, and liquidations of $3.34 million.
According to Coinglass, such discrepancies can be significant. In the perpetual futures market, high trading volumes driven by leveraged positions typically correlate with open interest dynamics and liquidation activity during price movements.
The firm suggested that the combination of high reported trading volumes and relatively low liquidation values, rather than organic hedging demand, may indicate that:
Incentive-driven trading market maker loops, or point farming.
Based on this, Coinglass concludes that Hyperliquid demonstrated stronger internal consistency across key metrics.
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On the other hand, the quality of some competitors’ trading volumes warrants further validation using metrics such as funding rates, commissions, order book depth, and number of active traders.
“Conclusion…Hyperliquid shows very strong consistency between volume, OI, and liquidations, which is a better signal of real activity. Meanwhile, the quality of Aster/Writer’s volume (vs. fees, funding, order book depth, and active traders) requires further examination,” the analytics platform indicated.
Critics backlash, but Coinglass stands its ground
But critics argue that conclusions drawn from a single day’s snapshot can be misleading. Specifically, they propose alternative explanations for the data, including the location of whales, algorithmic differences between platforms, and fluctuations in market structure that can affect liquidation patterns without implying volume inflation.
Others questioned whether total liquidations alone were a reliable indicator of market health, noting that increased liquidations could reflect aggressive leverage or volatile trading conditions.
Meanwhile, Coinglass denies accusations that its analysis amounts to speculation, fear, uncertainty, and doubt (FUD), stressing that its conclusions are based on publicly available data.
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“Coinglass merely highlighted some discrepancies based on publicly available data. We did not expect our data-based, neutral observations to provoke such a hostile response,” the company wrote, adding that open discussion and tolerance for criticism are essential to improving the industry.
In a separate response, Coingras stressed that disagreements should be addressed with stronger evidence rather than accusations.
The company also argued that the high leverage limits on some platforms could make them structurally more prone to forced liquidations. This outlook moves the discussion from raw numbers to exchange design and risk management.
Patterns of pullbacks in the Perp DEX sector: What counts as “real” activity?
The controversy comes amid a broader wave of controversy surrounding hyperliquid and the perpetual DEX market.
Previously, Multicoin Capital co-founder Kyle Samani publicly criticized Hyperliquid, raising concerns about transparency, governance, and its closed-source elements.
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His remarks prompted strong reactions from traders and platform supporters, many of whom dismissed the criticism and questioned his motives.
BitMEX co-founder Arthur Hayes further escalated the feud by offering a $100,000 charity bet and demanding Samani choose a major altcoin with a market cap of more than $1 billion to compete in performance with HyperLiquid’s HYPE token for months.
The controversy highlights a serious problem facing the crypto derivatives market: the lack of standardized metrics to assess activity across DEXs.
Trading volume has long served as a key indicator of success. However, the rise of incentive programs, airdrop campaigns, and liquidity mining strategies complicates the interpretation of these numbers.
As new PERP DEX platforms are launched and competition intensifies, metrics such as open interest, liquidation patterns, leverage levels, and order book depth are becoming central to assessing market integrity.
The Coinglass incident reflects how data itself has become a battleground in a sector driven by both numbers and narrative. Therefore, as the perpetual futures market continues to grow, the debate over what these numbers actually mean is likely to intensify further.
