Perpetual DEX Daily Report: Lighter Tops the Chart for 10 Consecutive Days, Hyperliquid's Open Interest Nears $6 Billion

[Crypto World] According to the latest data from DefiLlama, there have been new developments in the perpetual contract DEX market over the past day.

Trading volumes on leading platforms have generally seen slight increases, but the most eye-catching is still Lighter—this marks its 10th consecutive day at the top of the rankings. Its 24-hour trading volume surged to $8.22 billion, with a TVL of $1.37 billion and open interest of $1.65 billion. Aster firmly holds the second spot, with a daily trading volume of $6.48 billion. Its TVL is slightly higher than Lighter’s at $1.39 billion, but its open interest is even stronger at $2.53 billion.

Hyperliquid’s figures are also impressive: $6.22 billion in daily trading volume, TVL soared to $4.41 billion, and open interest reached a remarkable $5.96 billion—this level of TVL depth is quite solid among all platforms.

Looking further down, EdgeX posted $5.13 billion in volume, TVL at $407 million, and open interest at $796 million. ApeX saw $3.05 billion in trading volume, but TVL was only $46.8 million and open interest just $89.42 million, showing extremely high capital efficiency. Backpack’s daily trading volume reached $1.25 billion, open interest at $203 million, but TVL data has not been disclosed.

There are also two mid-to-small scale players: Variational with a trading volume of $1.14 billion, TVL of $72.86 million, and open interest of $320 million; Pacifica had a daily volume of $776 million, TVL at $42.14 million, and open interest of $61.71 million.

Overall, the competitive landscape in the perpetual DEX sector remains relatively stable, but there are clear differences in capital utilization efficiency and risk exposure among platforms.