The recent Perp DEX market is showing some pretty interesting moves, and it feels like there’s been quite a shift in rankings as well. When I looked at the data from DefiLlama, I saw that starting from the late February period, there have been significant fluctuations in each project’s trading volume. It feels like, even in the world of cryptocurrency derivatives trading, the reshuffling at the top is getting even more intense.

Hyperliquid remains overwhelmingly dominant as ever, with about $6.37 billion in 24-hour trading volume—far ahead of everyone else. Its TVL is also $4.20 billion, and open positions total $5.49 billion. Meanwhile, Aster has dropped quite a bit: its trading volume has fallen to $2.34 billion, and its rank slipped to 4th place. In its stead, Lighter has climbed into 2nd place, recording a trading volume of $3.13 billion.

EdgeX is also close to Aster at $2.39 billion—nearly the same. Variational is at $1.21 billion, and Pacifica is at $625 million, so there’s a pretty noticeable gap between the lower-ranked players. The Perp DEX market may be maturing, and perhaps liquidity is becoming more concentrated. And it also feels like cryptocurrency futures trading will continue to consolidate around the biggest players.