Perpetual DEX Market Activity Rebounds: An Overview of Cross-Chain Trading Data

2025-12-16 11:06:28

【Blockchain Rhythm】On December 16, based on on-chain data, trading activity on mainstream perpetual DEX platforms showed a significant rebound. This rebound involved several leading platforms such as Aster, Lighter, and Hyperliquid, revitalizing trading performance across the entire sector.

Specifically, Aster led the market with a 24-hour trading volume of $9.27 billion, its TVL reaching $1.32 billion, and open interest at $2.5 billion. This performance clearly demonstrates Aster’s attractiveness in liquidity provision.

Lighter followed closely, with a 24-hour trading volume of approximately $7.65 billion. Although its trading volume is slightly lower than Aster’s, its TVL reached $1.41 billion, surpassing Aster. Open interest also remained high at $1.72 billion.

Hyperliquid, while ranking third with a 24-hour trading volume of $7.29 billion, has the largest TVL at $4.33 billion, and open interest reaching $7.3 billion. This reflects Hyperliquid’s advantage in aggregating large amounts of capital.

In addition to these three major platforms, other DEXs also have their own characteristics. EdgeX’s trading volume is about $4.46 billion, with a TVL of $391 million and open interest of $762 million. ApeX maintains a trading volume of $2.79 billion, which is relatively smaller but still retains a stable user base.

Emerging platforms such as Variational, Backpack, and Pacifica have trading volumes ranging from $888 million to $1.52 billion, gradually gaining market share. Among them, Variational’s open interest reaches $319 million, indicating that the platform has attracted a certain amount of leveraged positions in derivatives trading.

Overall, the perpetual DEX sector shows a multi-platform competitive landscape. Each platform attracts users through differentiated liquidity strategies and trading depth. The market activity rebound also reflects the continued strong demand for derivatives trading.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

21 Likes

Reward
21
5
Repost
Share

Comment

0/400

CoinBasedThinking

· 2025-12-19 09:04

Transaction volume of 9.27 billion, Aster is really taking off this time, finally some heat in the sector. Lighter's TVL surpassing is interesting; it seems we need to reassess the strength of these platforms. Hyperliquid remains quite stable; the three-way competition is becoming more and more apparent. Decentralized perpetuals are still being explored, but it depends on who can last the longest. It feels like the competition is heating up again, with each platform vying for a share of the pie.

View OriginalReply0

OldLeekMaster

· 2025-12-18 09:05

Aster is on the rise now, with a trading volume of 9.27 billion, which is indeed impressive. However, the fact that Lighter's TVL has surpassed it is interesting, and it seems that the trend of liquidity dispersion is becoming more apparent.

View OriginalReply0

BlindBoxVictim

· 2025-12-16 11:35

Aster's data is indeed impressive, 9.27 billion? But I feel like the perpetual sector is just like this, ups and downs, nothing new Lighter's TVL has overtaken, and that's the key, liquidity is the real indicator Perpetual rebound? I'll just watch and wait for my stop-loss to be hit How much of this data is inflated? It should be viewed with a discount What does a 9.27 billion daily trading volume mean? What are traders betting on? Aster has stabilized, but Lighter's TVL has surpassed it, which is quite interesting It's becoming active again. Should I make a move or continue to observe... Can this rebound last? It feels like just short-term excitement High trading volume means making money? Well, I don't think so necessarily Lighter has some potential; its TVL surpassing Aster shows the market is indeed optimistic about it

View OriginalReply0

MEVHunter_9000