Discrepancies in Trading Volume Question the Reliability of Perpetual DEXs

A recent report from Coinglass has revealed significant irregularities in the metrics of three decentralized derivatives platforms: Hyperliquid, Aster, and Lighter. The analysis, supported by NS3.AI, uncovers inconsistencies in trading volume, open interest, and liquidation data, raising serious questions about the authenticity of the numbers these platforms report to traders and analysts.

Inflated Figures: A Growing Problem

According to the findings, the reported volume by Aster and Lighter shows concerning anomalies. The investigation suggests that incentives and market maker tactics may be deliberately overestimating these key indicators. This phenomenon responds to increased competition in the perpetual segment, where platforms seek to attract liquidity by showing inflated volume and trading activity figures.

Hyperliquid: Greater Data Consistency

In stark contrast, Hyperliquid demonstrated higher consistency in its volume and open interest reports. This difference suggests that not all platforms adopt the same practices, and that there are varying standards in how these critical metrics are recorded and communicated.

Industry Implications

This questioning of trading data reliability has sparked a broader conversation within the crypto ecosystem. Analysts and traders are increasingly doubtful about the interpretation of derivatives metrics, the true transparency of platforms, and the need for stricter regulatory standards. As the perpetual futures market continues to expand, the authenticity of volume and other indicators becomes ever more crucial to maintaining participant trust.