Perp DEX Competitive Landscape December Overview: Lighter Leads in Trading Volume, Hyperliquid Leads in Open Interest

【Blockchain Rhythm】The competition landscape of perpetual futures DEXs is shifting again. The latest data from December 17 shows a divergence in 24-hour activity among leading Perp platforms, with Lighter reclaiming the top spot thanks to a trading volume of $7.51 billion, a locked-in value of approximately $1.46 billion, and an open interest of $1.67 billion.

Following closely, Aster also performed well, with a trading volume of $6.91 billion, a locked-in value of $1.32 billion, but an open interest of $2.53 billion, indicating that market participants’ leverage enthusiasm for this platform remains strong.

Hyperliquid, although ranking third with a trading volume of $5.37 billion, has an impressive locked-in value of $4.13 billion and open interest of $7.23 billion, showing that this platform has accumulated substantial deep positions.

Additionally, platforms such as ApeX, EdgeX, Variational, Backpack, and Pacifica each hold their own share, with trading volumes ranging from $2.83 billion to $587 million. Interestingly, despite signs of a short-term trading cooldown, most platforms still maintain high open interest levels, suggesting that existing positions in the market continue to engage in active competition, and the liquidity activity has not significantly diminished.