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.