Perp DEX trading landscape changes: Lighter leads with $4.7 billion, EdgeX surpasses Hyperliquid to rank second

【CoinPush】These past two days, the Perp DEX market has been quite interesting. According to the latest on-chain data, the trading activity of mainstream perpetual exchanges over the past 24 hours has shown a clear divergence—some are booming, while others appear quite subdued.

Let’s first look at the deployment of trading volume. Lighter is leading by a mile, with a 24-hour trading volume reaching $4.75 billion, firmly holding the top spot; its TVL reserves are $1.39 billion, and open interest is $1.51 billion. Following closely is EdgeX, with a trading volume of $2.77 billion, slightly behind Lighter, but this time surpassing Hyperliquid to take second place, with a TVL of $365 million and open interest of $742 million.

Hyperliquid’s performance is somewhat intriguing—its trading volume is $2.45 billion, ranking third, but it has the deepest TVL reserves at $4.13 billion and the largest open interest at $7.09 billion, indicating that its user base and position depth are still solid.

Further down the list, Aster contributes an average daily trading volume of $2.06 billion, with TVL and open interest at $1.27 billion and $2.42 billion respectively; platforms like ApeX, Variational, Backpack, and Pacifica, though relatively smaller in size, have trading volumes of $1.59 billion, $1.09 billion, $813 million, and $650 million, each holding their own position.

Overall, on-chain liquidity is still in a period of adjustment, but the competitive landscape among leading platforms is changing rapidly.