Coinglass Ignites Perp DEX Data War Amid Hyperliquid Volume Debate

Coinglass published an analysis comparing trading volumes, open interest, and liquidations across perpetual decentralized exchanges (perp DEXs) Hyperliquid, Aster, and Lighter, igniting a debate over the authenticity of reported trading activity. The data suggested that Hyperliquid showed stronger internal consistency between volume, open interest, and liquidations, implying genuine activity, while competitors' high volume relative to low liquidations might suggest incentive-driven trading or points farming. Critics argued that a single-day snapshot is insufficient and that liquidation patterns can be influenced by factors like whale positioning or platform design. Coinglass defended its analysis as a neutral observation based on public data, emphasizing that open discussion is vital for industry improvement. This controversy is set against a backdrop of broader disputes in the perp DEX sector, including Kyle Samani's criticism of Hyperliquid's transparency, which led to a $100,000 charity bet challenge from Arthur Hayes, highlighting the ongoing struggle to standardize metrics for evaluating market integrity beyond simple trading volume.

(Source：BeInCrypto)