Published Dec 28, 2025, 2:50 PM ET · Updated a year ago · 1 source

Lighter's fair valuation is 20% of Hyperliquid's FDV

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Original Report

Lighter, a decentralized perpetual exchange, has a fair valuation of approximately 20% of Hyperliquid's Fully Diluted Valuation (FDV), which is estimated to be between $5 billion and $7 billion, despite its significantly lower trading volume, based on revenue metrics.