According to @OnchainLens, a whale deposited 10M USDC into Lighter and opened a 5x leveraged LIT short as a hedge tied to the referenced account; source: @OnchainLens; app.lighter.xyz/explorer/accounts/0x2261207edc313bBFe96ddb98618b87919b9F1AeF. The same account spent 2.2M USDC to buy 1.059M LIT at 2.08 on spot and still holds 2.788M USDC; the author states the account is likely to buy more; source: @OnchainLens; app.lighter.xyz/explorer/accounts/0x2261207edc313bBFe96ddb98618b87919b9F1AeF. Traders can monitor this hedge by tracking position changes and spot fills on the provided Lighter explorer address to gauge flow and liquidity from this account; source: @OnchainLens; app.lighter.xyz/explorer/accounts/0x2261207edc313bBFe96ddb98618b87919b9F1AeF.

According to @OnchainLens, a 7-day-old wallet deposited 2 million USDC into Lighter to scale its LIT position after depositing a total of 4 million USDC over the past week, purchasing 1,285,010 LIT for 3.8 million dollars at an average execution price of 2.96, and still holding 193,717 USDC available, with the address shown at app.lighter.xyz/explorer/accounts/0x0b4a2c0757cDfDF88039baa6bE9A4677560105B1, source: Onchain Lens; Lighter Explorer. The executed size of 1,285,010 LIT at a 2.96 dollar average provides a clear on-chain cost basis to track this address’s unrealized PnL and potential liquidity footprint on Lighter, source: Onchain Lens; Lighter Explorer. Traders can monitor follow-on deposits, bids, or distribution from this wallet via the Lighter Explorer link and Lighter order flow for near-term market impact tracking in LIT, source: Lighter Explorer; Onchain Lens.

According to @OnchainLens, a newly created wallet deposited $2.89M USDC into Lighter and purchased 991,458 LIT at an average price of $2.92 on Jan 5, 2026; address: 0x51bec3e10335c687eedf2db7d532c2d9769df201. This sets an on-chain cost basis near $2.92 per LIT for that address, providing a clear reference level for trade planning and risk management, source: @OnchainLens. Traders can monitor subsequent flows from 0x51bec3e10335c687eedf2db7d532c2d9769df201 on Lighter to track potential liquidity and positioning changes in LIT, source: @OnchainLens.

According to Onchain Lens, Jez (izebel_eth) deposited $908,412 USDC into Lighter to buy more LIT, with related activity tied to wallets 0xf78310Ed6641e6c4E221E9d676440aC8645d3afE and 0xaa7577a7A27aa7FcF6d0eC481B87Df3aD0F6a88E. Source: Onchain Lens on X; Lighter explorer. Jez’s two wallets collectively hold 1,109,196 LIT valued at approximately $2.8 million, providing concrete address-level data for tracking further token flows. Source: Onchain Lens on X; Lighter explorer. Traders monitoring LIT order flow can track these addresses on Lighter for subsequent buys or sells to gauge liquidity and activity. Source: Lighter explorer; Onchain Lens on X.

According to @OnchainLens, a tracked wallet deposited 2 million USDC into Lighter to increase its LIT position, source: Onchain Lens on X https://x.com/OnchainLens/status/2006891827358495146; on-chain address https://app.lighter.xyz/explorer/accounts/0xFb94D3404c1d3D9D6F08f79e58041d5EA95AccfA. The wallet now holds 2.45 million LIT acquired for 6.03 million dollars at an average price of 2.46 over the past two days, source: Onchain Lens on X https://x.com/OnchainLens/status/2006891827358495146; Lighter explorer https://app.lighter.xyz/explorer/accounts/0xFb94D3404c1d3D9D6F08f79e58041d5EA95AccfA. Earlier activity shows a 4.03 million USDC deposit used to buy 1.63 million LIT at 2.33, indicating cost anchors near 2.33 and 2.46 based on executed transactions, source: Onchain Lens on X https://x.com/OnchainLens/status/2006183303637000315; Lighter explorer https://app.lighter.xyz/explorer/accounts/0xFb94D3404c1d3D9D6F08f79e58041d5EA95AccfA.

According to @lookonchain, three whale wallets deposited 9.98M USDC into Lighter and have executed 8.67M USDC to acquire 3.44M LIT, with 1.35M USDC remaining unspent. Source: Lookonchain on X, Dec 31, 2025. Based on the figures reported by @lookonchain, the implied average executed price is approximately $2.52 per LIT and about 86.9% of the deposited capital has been deployed. Sources: Lookonchain on X, Dec 31, 2025; app.lighter.xyz/explorer/accounts/0xd42963DfE1574DACcE30E4340662d56aF4bd475e; app.lighter.xyz/explorer/accounts/0xFb94D3404c1d3D9D6F08f79e58041d5EA95AccfA; app.lighter.xyz/explorer/accounts/0xEcA11C909d39f27262F41587F11f4047b20A0Fb8.

According to @ai_9684xtpa, $LIT is now trading with a current fully diluted valuation (FDV) of $2.41B, providing the live reference level for day-one pricing bands, source: @ai_9684xtpa. According to @ai_9684xtpa citing opinion.trade data, the share of bets that FDV will exceed $2B one day post-listing has declined from 85.5% to 76.3% versus a week ago when the pre-market contract launched, source: @ai_9684xtpa. According to @ai_9684xtpa citing opinion.trade, market-implied odds for $4B/$6B/$8B outcomes have fallen sharply, with only 7% now projecting >$4B compared with 23% previously, source: @ai_9684xtpa. According to @ai_9684xtpa, Binance pre-market reference was $3.52 per token, implying a $3.52B FDV as a comparative anchor for near-term pricing, source: @ai_9684xtpa. According to @ai_9684xtpa citing opinion.trade, the top holder “Nijntje” controls 414k Lighter shares (≈$327k), indicating concentrated positioning among forecasters, source: @ai_9684xtpa. Based on these market-implied probabilities reported by @ai_9684xtpa, traders may recalibrate near-term targets toward the $2B–$3.5B FDV band and manage risk around those thresholds for momentum entries and exits, source: @ai_9684xtpa.

According to @OnchainLens, a whale deposited $1.8M USDC to HyperLiquid and opened a LIT long position with 3x leverage. Source: https://twitter.com/OnchainLens/status/2005427685103931676 and https://app.coinmarketman.com/hypertracker/wallet/0xA71d664F7899Dbe4aC768C1b162c4c5610e978AA According to @OnchainLens, the same address holds a BTC short on Lighter with 50x leverage valued at over $17M. Source: https://twitter.com/OnchainLens/status/2005427685103931676 and https://app.coinmarketman.com/hypertracker/wallet/0xA71d664F7899Dbe4aC768C1b162c4c5610e978AA

According to @ai_9684xtpa, within 24 hours of Binance listing LIT (Lighter) pre-market contracts, opinion.trade bettors shifted to 85.39% odds that day-one FDV exceeds $2B and 23% odds it exceeds $4B, with the >$4B bracket down 14.17%. Source: X/@ai_9684xtpa; opinion.trade topicId=88. As a reference, the Binance pre-market price is $3.52, implying a $3.52B FDV. Source: X/@ai_9684xtpa citing Binance pre-market. For traders, these market-implied odds cluster the near-term valuation between $2B and $4B, while the current pre-market sits near the midpoint, providing benchmarks for positioning and hedging into the listing. Source: opinion.trade topicId=88; X/@ai_9684xtpa.

According to @lookonchain, wallet 0xed41 purchased 9,638 ETH in spot for about $28.76M via Hyperliquid and Lighter, with transactions viewable on hypurrscan.io and lighterpulse.xyz and the address profile on intel.arkm.com (source: @lookonchain; hypurrscan.io; lighterpulse.xyz; intel.arkm.com). The same wallet simultaneously opened a 20x short on 9,940 ETH worth about $29.3M as a hedge, as reported by @lookonchain with position data reflected on lighterpulse.xyz and hypurrscan.io (source: @lookonchain; lighterpulse.xyz; hypurrscan.io). Combined notional across the long spot and leveraged short legs totals roughly $58M based on amounts reported by @lookonchain, with activity dated Dec 19, 2025 on X (source: @lookonchain).

According to @OnchainLens, a single wallet bought 2,249 ETH worth $6.54M on HyperLiquid and Lighter while increasing a 20x leveraged ETH short on both platforms; source: https://x.com/OnchainLens/status/2001920618342805886. According to @OnchainLens, the wallet accumulated a total of 4,599 ETH ($13.2M) over the past 24 hours, with transactions and positions visible on the public trader dashboards; sources: https://x.com/OnchainLens/status/2001920618342805886, https://hyperbot.network/trader/0xed41a12ea862F31dF054e9bD3Af1DD59486c6029, https://www.lighterpulse.xyz/dashboard/0xed41a12ea862F31dF054e9bD3Af1DD59486c6029. According to @OnchainLens, an earlier update showed the same wallet bought 3,650 ETH ($10.35M) and opened 20x ETH shorts on both platforms; sources: https://x.com/OnchainLens/status/2001635711750189076, https://app.coinmarketman.com/hypertracker/wallet/0xed41a12ea862F31dF054e9bD3Af1DD59486c6029. The wallet address 0xed41a12ea862F31dF054e9bD3Af1DD59486c6029 can be viewed for verification on Arkham Intel; source: https://intel.arkm.com/explorer/address/0xed41a12ea862f31df054e9bd3af1dd59486c6029.

According to @OnchainLens, a whale bought 3,650 ETH worth $10.35M on HyperLiquid and Lighter and simultaneously opened ETH short positions with 20x leverage on both platforms (source: @OnchainLens; CoinMarketMan Hypertracker; LighterPulse). The stated totals imply an average acquisition price near $2,836 per ETH, while the short entries and exact size were not disclosed but can be tracked via the linked dashboards (source: @OnchainLens; CoinMarketMan Hypertracker; LighterPulse). Traders can monitor the wallet and position updates on CoinMarketMan Hypertracker and LighterPulse to track the whale’s ETH short exposure and risk dynamics (source: CoinMarketMan Hypertracker; LighterPulse).

According to @CoinMarketCap, 2025 marked a breakout year for perpetual DEXs, with a comparison chart underscoring the narrative’s strength across Hyperliquid, Aster, Lighter, and edgeX (source: @CoinMarketCap, X, Dec 8, 2025). The post states these platforms differentiate by infrastructure, liquidity mechanisms, and product offerings while converging on explosive market traction (source: @CoinMarketCap, X, Dec 8, 2025). For traders, this identifies on-chain perpetual DEXs as a leading 2025 narrative to prioritize, as highlighted by the shared comparison (source: @CoinMarketCap, X, Dec 8, 2025).

According to @EmberCN, Lighter has enabled spot trading on its testnet with listings for ETH, PROVE, and ZK, source: @EmberCN on X, Nov 26, 2025. According to @EmberCN, Lighter is an Ethereum zk-Rollup and Ethereum mainnet is advancing zero-knowledge proofs, source: @EmberCN on X, Nov 26, 2025. According to @EmberCN, ZK is a zero-knowledge L2 and the mainnet launch could be soon, source: @EmberCN on X, Nov 26, 2025.

According to @AggrNews, Fortune reports that Lighter raised $68 million at a $1.5 billion valuation in a round led by Founders Fund and Ribbit Capital, source: Fortune. For trading context, the confirmed deal size and headline valuation offer a clear late-stage fintech benchmark for private-market comparables and capital flow tracking, source: Fortune via @AggrNews.

According to the source, claims that Hyperliquid’s perp DEX dominance is fading while Lighter and Aster gain traction should be verified with independent market data before rotating capital. Source: user-provided social post. Validate market share, volume, and open interest trends on derivatives DEX dashboards to confirm real flow rotation and liquidity depth before sizing positions. Sources: DefiLlama Derivatives DEX volumes and OI dashboards; Kaiko derivatives market data. Compare taker fees, maker rebates, and L2 gas costs to compute net effective trading cost; even a 1–3 bps edge compounds materially for active strategies. Sources: official exchange fee schedules; L2Fees.info. Monitor funding rates and basis; persistent positive funding on newcomers alongside rising OI can signal momentum but heightens liquidation risk on crowded positioning. Sources: Coinglass funding rate data; per-market funding pages on the exchanges. Track incentive programs and points distributions that can temporarily inflate volumes and distort fee economics; volume often normalizes after incentives fade. Sources: official project announcements and blogs; Dune Analytics incentive dashboards. When liquidity fragments, use smart order routing or split orders across venues and set venue-specific risk limits to mitigate outage or oracle risk. Sources: 0x/1inch routing documentation; exchange status and incident pages.

According to the source, Aster recorded $10.6B in 24-hour perpetual DEX trading volume, followed by Lighter at $10.1B and Hyperliquid at $8B, ranking them first, second, and third for the referenced window, source: X post dated Oct 21, 2025. The source specifies a 24-hour period and presents a venue-level leaderboard for perp DEX volumes, source: X post dated Oct 21, 2025. The source post does not provide asset-level breakdowns or methodology, indicating these are headline venue totals for that day, source: X post dated Oct 21, 2025.

According to the source, Aster leads perpetual DEXs by 24-hour trading volume at $42.88B, followed by Lighter at $5.75B and Hyperliquid at $4.61B; the ranking highlights current liquidity concentration across on-chain derivatives venues. Source: the provided X post.

According to @EauDoon, early spot buyers entered around $0.20–$0.40 and mid entries were around $0.40–$0.70, with these bands later proving important in the move, creating clear reference levels for traders (source: @EauDoon). Perpetuals first launched on Lighter at $0.70 with funding at 0.2% per hour, driving a move to $0.80 before a dip to $0.60, marking the first major pullback low (source: @EauDoon). Aster DEX perps followed with 0.2% funding, opening at $0.75 and dropping to $0.53, establishing the deepest retrace in the sequence (source: @EauDoon). Binance listed $ASTER perps next, with price reaching $1 before pulling back to $0.60 on Binance and $0.87 on other venues, while Binance funding ranged 0.3%–0.4%, indicating elevated long costs during the listing phase (source: @EauDoon). Above $1, $ASTER showed consistent low-timeframe profit taking and pullbacks, underscoring active two-way flow rather than a straight-line rally (source: @EauDoon). Throughout the advance, large swings and exchange dislocations pressured holders to deleverage, trigger stop losses, realize profits early, or absorb steep funding, explaining why sustained positioning was difficult despite upside, according to the author (source: @EauDoon).