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At the end of last month in the Perp DEX market, I felt things were a bit sluggish. When I looked at DefiLlama’s data, the 24-hour trading volume across the major platforms was dropping across the board. Especially Hyperliquid, which was down 15.5% from the previous day. Even so, with trading volume over $6 billion, it still remains in first place.
Looking at the rankings, Aster is in second place and has been quite stable. It’s maintaining $2.46 billion in 24-hour trading volume. Below that is EdgeX with $2.27 billion, and Lighter with $2.08 billion. If you track it on DefiLlama, these changes in trading volume are pretty informative. Newer players like Grvt and Pacifica are also doing their best, but the gap versus the top players is still large.
I’m wondering how long this kind of decline will keep going—whether it’s part of the broader market flow or just a temporary adjustment. I think a lot of people check regularly on DefiLlama and similar sites, so the developments up to the end of this weekend are probably worth watching closely.