The competition in the second and third tiers of the leverage trading track is heating up. Recently, a practical comparison was made among three platforms: Lighter, Hyperliquid, and Aster. First, regarding individual trading costs: some portfolios have earned partial gains, but others are facing losses—this highlights the necessity of selecting the right platform. In terms of fundamental analysis, Surf AI's data dimensions are relatively comprehensive, but for in-depth comparison, key indicators of these three platforms need to be supplemented. Based on current market performance, Hyperliquid's position as a leader remains relatively stable, while Lighter and Aster each have their own development paths. The differentiated competition among the second and third tiers has already begun, and investors need to choose suitable trading counterparts based on their risk preferences and trading styles. Details such as platform fee structures, risk management mechanisms, and liquidity depth often determine long-term returns.