After looking at the trading volume data for perpetual DEXs recently, I found that the major platforms have both seen quite a few pullbacks over the past couple of days. According to data from DefiLlama, Hyperliquid’s trading volume dropped by about 15.5% month-over-month; at this scale, it does show a clear adjustment.

At the moment, the top-ranked platform is still Hyperliquid, with 24-hour trading volume around $6+ billion, and its TVL also staying around the $4+ billion range. Aster remains firmly in second place, with trading volume of more than $2.4 billion. Behind them are a few platforms such as EdgeX, Lighter, Grvt, and Pacifica, whose trading volumes fluctuate between $700 million and over $2 billion.

What’s interesting is that this round of adjustment seems to be broad-based—it doesn’t appear to be just an issue with a single platform. It looks like the market may have been digesting something lately, or maybe it’s simply normal volatility. However, judging from DefiLlama, the overall ecosystem of perpetual DEXs is still continuously developing, and each platform’s TVL and open interest are maintaining a solid scale.