Overview of Mainstream Perp DEX: Hyperliquid's trading volume returns to the top at $9.6 billion, while Lighter drops to second place

Nov 18, 2025 18:37:35

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According to Defilama data, the 24-hour trading volume of mainstream Perp DEXs remains below $10 billion, but Hyperliquid and Lighter have seen a slight increase in volume compared to yesterday. The current trading volumes of some Perp DEXs are as follows:

Hyperliquid: 24-hour trading volume of approximately $9.63 billion, TVL of approximately $4.55 billion, open contracts of $7.95 billion;
Lighter: 24-hour trading volume of approximately $9.51 billion, TVL of approximately $1.19 billion, open contracts of $1.72 billion;
Aster: 24-hour trading volume of approximately $9.39 billion, TVL of approximately $1.44 billion, open contracts of $2.25 billion;
EdgeX: 24-hour trading volume of approximately $7.11 billion, TVL of approximately $480 million, open contracts of $774 million;
ApeX: 24-hour trading volume of approximately $2.63 billion, TVL of approximately $49.33 million, open contracts of $38.55 million;
Backpack: 24-hour trading volume of approximately $2 billion, TVL not disclosed, open contracts of $196 million;
Variational: 24-hour trading volume of approximately $1 billion, TVL of approximately $69.46 million, open contracts of $419 million;
Pacifica: 24-hour trading volume of approximately $1.15 billion, TVL of approximately $41.71 million, open contracts of $53.23 million.

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