Overview of Major Perp DEXs: Holiday-Induced Liquidity Drop Leads to Decline in Trading Volume, Lighter Reclaims Top Position

Overview of Major Perp DEXs: Holiday-Induced Liquidity Drop Leads to Decline in Trading Volume, Lighter Reclaims Top Position

2025-12-24 18:35

ChainThink report, December 24: According to data from DefiLlama, mainstream Perp DEX trading volume across the past 24 hours saw a slight decline compared to the previous day for most platforms. Lighter surpassed Hyperliquid in trading volume once again to reclaim the top spot, with Hyperliquid ranking second. Overall, open interest and TVL across most platforms experienced relatively limited changes. Current 24-hour trading volumes for select Perp DEXs are as follows:


Lighter: ~$6.1B trading volume in the last 24 hours, TVL ~$1.41B, open interest $1.56B;


Hyperliquid: ~$5.64B trading volume in the last 24 hours, TVL ~$4.12B, open interest $7.04B;


Aster: ~$4.1B trading volume in the last 24 hours, TVL ~$1.27B, open interest $2.39B;


EdgeX: ~$2.76B trading volume in the last 24 hours, TVL ~$367M, open interest $743M;


ApeX: ~$1.89B trading volume in the last 24 hours, TVL ~$46.4M, open interest $221M;


Variational: ~$1.08B trading volume in the last 24 hours, TVL ~$66.18M, open interest $503M;


Backpack: ~$1.07B trading volume in the last 24 hours, TVL not publicly disclosed, open interest $221M;


Pacifica: ~$600M trading volume in the last 24 hours, TVL ~$41.47M, open interest $58.54M.

Disclaimer: Contains third-party opinions, does not constitute financial advice

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