{"id":553487,"date":"2026-02-09T12:41:24","date_gmt":"2026-02-09T12:41:24","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=1281577"},"modified":"2026-02-09T12:41:24","modified_gmt":"2026-02-09T12:41:24","slug":"hyperliquid-draws-scrutiny-as-coinglass-exposes-inconsistencies-in-perp-dex-volumes","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2026\/02\/09\/hyperliquid-draws-scrutiny-as-coinglass-exposes-inconsistencies-in-perp-dex-volumes\/","title":{"rendered":"Hyperliquid Draws Scrutiny as Coinglass Exposes Inconsistencies in Perp DEX Volumes"},"content":{"rendered":"<div class=\"eth-editorial-banner\"> <img decoding=\"async\" class=\"eth-editorial-logo\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2025\/11\/cnf2-scaled-1-1-1.png\" alt=\"Crypto News Flash\"> <span class=\"eth-editorial-text\">All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.<\/span> <\/div>\n<ul>\n<li><strong>CoinGlass has called into question the authenticity of decentralized perps platforms, with Aster, Lighter and Hyperliquid data showing discrepancies.<\/strong><\/li>\n<li><strong>Some, like Multicoin Capital founder Kyle Samani, used the data to attack Hyperliquid, calling it a facilitator of crime and terror.<\/strong><\/li>\n<\/ul>\n<hr>\n<p>Decentralized derivatives exchanges are once again on the spotlight, with data from CoinGlass calling into questions some of the figures reported by Hyperliquid, Aster and Lighter.<\/p>\n<p>CoinGlass compared the three platforms on data recorded on Sunday, Feb 9. Hyperliquid reportedly posted $3.76 billion in trading volume, with a $4.05 billion open interest and $122.96 million in liquidations. Aster\u2019s volume stood at $2.76 billion, but its open interest and liquidations hit $927 million and $7.2 million, respectively.<\/p>\n<p>Lighter came in at third with $1.81 billion in volume, and open interest and liquidations at $731 million and $3.34 million, respectively.<\/p>\n<p>As CoinGlass points out, in a perps trading environment with authentic activity that\u2019s not manipulated, there should be \u201cmeaningful open interest dynamics and larger liquidation numbers.\u201d During market moves, there must also be stronger long and short stress.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Compared a few DEX perp venues and noticed something important:<\/p>\n<p>High reported volume \u2260 real market activity.<\/p>\n<p>24h snapshot<\/p>\n<p>Hyperliquid: $3.76B volume \/ $4.05B OI \/ $122.96M liquidations<\/p>\n<p>Aster: $2.76B volume \/ $927M OI \/ $7.2M liquidations<\/p>\n<p>Lighter: $1.81B volume \/ $731M OI \/\u2026 <a href=\"https:\/\/t.co\/TFJDWHC8W8\">pic.twitter.com\/TFJDWHC8W8<\/a><\/p>\n<p>\u2014 CoinGlass (@coinglass_com) <a href=\"https:\/\/twitter.com\/coinglass_com\/status\/2020686106371772910?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">February 9, 2026<\/a><\/p>\n<\/blockquote>\n<p>However, the data from the three shows that while trading volume is relatively close, Aster and Lighter\u2019s liquidations are much lower than Hyperliquid\u2019s at 1:17 and 1:37.<\/p>\n<p>CoinGlass believes that this notable discrepancy stems from these two platforms\u2019 outsized incentive-driven looping. This means that they have been offering incentives to some traders on their platforms, such as through points and airdrop farming.<\/p>\n<p>It could also stem from market makers engaging in self trading and wash trading or the platforms could be inflating the volume by using a different methodology to report on their metrics. CoinGlass concluded:<\/p>\n<blockquote>\n<p><span class=\"r-18u37iz\">Hyperliquid<\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"> <span class=\"r-b88u0q\"> shows much stronger consistency between volume, OI, and liquidations \u2014 a better signal of real activity.<\/span> Meanwhile, Aster\/Lighter\u2019s volume quality needs further validation (vs fees, funding, orderbook depth, and active traders).<\/span><\/p>\n<\/blockquote>\n<h3>The Hyperliquid and Aster Manipulation Debates<\/h3>\n<p>The CoinGlass data stirred mixed responses. Those who have been critical of the DEXes jumped on to use the data to double down on their criticism, while their communities were quick to defend the metrics and question\u2019s CoinGlass\u2019 motives.<\/p>\n<p>One of the notable critics is Kyle Samani, the founder and former managing partner of Multicoin Capital, an investment fund that was an early backer of projects like Algorand, Dfinity, Kalshi, Lido, Solana and Worldcoin. He stepped down from Multicoin last week.<\/p>\n<p>Samani took to X to describe <a href=\"https:\/\/www.crypto-news-flash.com\/hyperliquid-hype-in-2025-the-future-of-decentralized-perpetual-futures\/\">Hyperliquid<\/a> as \u201ceverything wrong with crypto.\u201d He claims that the platform openly facilitates crime and terror and that a combination of a permissioned and closed-source platform, with a founder who fled the country, presents a level of risk traders should avoid. (It\u2019s worth noting that Hyperliquid founder Jeff Yan grew up in California and is still a resident of the US).<\/p>\n<figure id=\"attachment_1281600\" aria-describedby=\"caption-attachment-1281600\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-1281600 size-full\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2026\/02\/Screenshot-2026-02-09-at-15.23.55.png\" alt=\"KYLE\" width=\"1188\" height=\"512\"><figcaption id=\"caption-attachment-1281600\" class=\"wp-caption-text\">Image courtesy of <a href=\"https:\/\/x.com\/KyleSamani\/status\/2020425094137532531\">Kyle Samani on X<\/a>.<\/figcaption><\/figure>\n<p>Samani was immediately called out by many, with some <a href=\"https:\/\/x.com\/jon_charb\/status\/2020462175458910687\">describing<\/a> his post as \u201cElizabeth Warren-style fearmongering.\u201d Arthur Hayes, the founder and former CEO of BitMEX exchange even bet Samani that HYPE would outperform any token with over $1 billion in market cap; the wager was for $100,000, although Samani hasn\u2019t accepted it at press time.<\/p>\n<p>Aster also had its defenders. One user on X, who identifies as the DEX\u2019s Spanish Discord moderator, dismissed the CoinGlass research as just speculation.<\/p>\n<p>\u201cWow, I thought Coinglass was a reputable company\u2026Taking these metrics from a single day, a Sunday, just to speculate on a possible explanation is truly malicious,\u201d he <a href=\"https:\/\/x.com\/DC__CRYPT\/status\/2020725483818664089\">posted<\/a>.<\/p>\n<p>It\u2019s not the first time Hyperliquid has been caught up in such speculation. As we <a href=\"https:\/\/www.crypto-news-flash.com\/iota-co-founder-calls-for-industry-unity\/\">reported<\/a>, IOTA founder Dominik Schiener had to come to the project\u2019s defense in December after multiple claims of a lack of transparency.<\/p>\n<p> <a href=\"https:\/\/www.crypto-news-flash.com\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders. CoinGlass has called into question the authenticity of decentralized perps platforms, with Aster, Lighter and Hyperliquid data showing discrepancies. Some, like Multicoin Capital founder Kyle Samani, used the data to attack Hyperliquid, calling it a facilitator of crime and terror. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":553488,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[22097,22098,25],"class_list":{"0":"post-553487","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-other","8":"tag-hype","9":"tag-hyperliquid","10":"tag-news"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/553487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=553487"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/553487\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/553488"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=553487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=553487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=553487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}