In November, the decentralized perpetual futures trading volume reached 1.13 trillion USD, with Lighter accounting for over 25% of the market.

ForkMonger

2025-12-01 02:18:19

[Bitu] Decentralization Perptual Futures Trading has been quite interesting recently. In October, the volume surged to 1.2 trillion USD, setting a new high. In November, it slightly decreased to 1.13 trillion, dropping about 70 billion USD, a fall of 5.83%—however, you should know that this number still rose sharply by 71.7% compared to September, and the overall momentum remains strong.

According to statistics from Defillama, the most eye-catching in November is Lighter, which directly achieved a trading volume of 284 billion USD, accounting for a quarter (25.13%) of the entire market. Hyperliquid is also impressive, with over 240 billion USD. Additionally, Aster's trading volume reached 258 billion USD, and these three together account for nearly 44% of the total.

The recent explosion of perp DEX indicates that on-chain derivatives trading is diverting market share from centralized platforms. The performance of several leading protocols is particularly noteworthy, and the market landscape is still rapidly reshuffling.

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GateUser-74b10196

· 4h ago

Lighter is really fierce this time, a quarter of the share has directly To da moon.

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NightAirdropper

· 12-01 02:44

Lighter is so fierce, a quarter of the market share, a bit terrifying --- The path of perp dex is indeed the right one, cex is really having a hard time --- A rise of 71.7%, this is real growth, not just hype --- The top three account for 44%, this concentration is a bit high --- What are Hyperliquid and Lighter competing for? The gap is getting smaller --- 1.13 trillion is still falling? I thought it could continue to rise --- I am optimistic about Lighter, but can this growth rate be maintained? It feels a bit虚 --- cex is diverting to dex, this wave is indeed a major trend

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BrokenYield

· 12-01 02:43

honestly lighter's dominance is kinda sus... 25% concentration in a perp dex? that's exactly how black swan events get cooked up ngl. one liquidity crisis and the whole thing implodes. seen this movie before.

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