Lighter, a derivatives protocol, recorded a trading volume of $7.778 billion in the past 24 hours, according to DeFiLlama data. This positions Lighter as the second protocol after Aster to surpass Hyperliquid, which reported a trading volume of approximately $5.069 billion. Despite the high trading volume, Lighter exhibits a low open interest of $1.414 billion compared to Hyperliquid's $7.59 billion. Previously, Lighter experienced significant downtime during the market crash on October 11.