Overview of Major Perp DEXs: Holiday-Induced Liquidity Drain Leads to Decline in Trading Volume, Lighter Reclaims the Lead

Overview of Major Perp DEXs: Holiday-Induced Liquidity Drain Leads to Decline in Trading Volume, Lighter Reclaims the Lead

2025-12-24 18:35

ChainThink report, December 24: According to DefiLlama data, the trading volume of major Perp DEXs saw a slight decline over the past 24 hours compared to the previous day. Lighter's trading volume rebounded to surpass Hyperliquid, reclaiming the top spot, while Hyperliquid ranked second. Most platforms exhibited relatively limited changes in open interest and TVL. Current 24-hour trading volumes for select Perp DEXs are as follows:


Lighter: ~$6.1 billion in 24-hour trading volume, TVL ~$1.41 billion, open interest ~$1.56 billion;


Hyperliquid: ~$5.64 billion in 24-hour trading volume, TVL ~$4.12 billion, open interest ~$7.04 billion;


Aster: ~$4.1 billion in 24-hour trading volume, TVL ~$1.27 billion, open interest ~$2.39 billion;


EdgeX: ~$2.76 billion in 24-hour trading volume, TVL ~$367 million, open interest ~$743 million;


ApeX: ~$1.89 billion in 24-hour trading volume, TVL ~$46.4 million, open interest ~$221 million;


Variational: ~$1.08 billion in 24-hour trading volume, TVL ~$66.18 million, open interest ~$503 million;


Backpack: ~$1.07 billion in 24-hour trading volume, TVL not publicly disclosed, open interest ~$221 million;


Pacifica: ~$600 million in 24-hour trading volume, TVL ~$41.47 million, open interest ~$58.54 million.

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

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