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The Perp DEX market is moving. Looking at recent data, most cryptocurrency derivatives platforms are increasing trading activity, but a few notable changes have emerged.
Hyperliquid remains overwhelmingly dominant. Its 24-hour trading volume is about $6.37 billion, and the unsettled contract volume is also $5.49 billion, maintaining its top position. The stability of this DEX is truly strong. Meanwhile, Aster, which was near the top not long ago, has dropped rapidly. Its trading volume has fallen to $2.34 billion, now ranking fourth. In its place, Lighter has risen to second place, recording a trading volume of $3.13 billion.
Looking at the overall rankings, EdgeX is at $2.39 billion, and Variational is at $1.21 billion. It feels like liquidity across the entire cryptocurrency market is being redistributed among these DEXs. Pacifica is still small, but it is handling $625 million in trades. The market is constantly moving, and it’s a situation where you can’t take your eyes off which protocol will make the next leap forward.