In-Depth Analysis of Top Perp DEXs: Hyperliquid Leads, Aster Drops in Rankings

Market Shifts: Top Perp DEX Rankings Updated

According to the latest data from DefiLlama as of February 25, most leading Perp DEXs have seen a recovery in trading activity. Hyperliquid continues to dominate the market with a 24-hour trading volume of $6.37 billion, a TVL of approximately $4.2 billion, and an open interest of $5.49 billion.

Breakdown of Trading Volume Rankings

Here is a detailed look at the latest metrics from each major Perp DEX:

• Hyperliquid: Maintains the top spot with a 24-hour trading volume of $6.37 billion, demonstrating strong platform stability.
• Lighter: Records $3.13 billion in 24-hour trading volume, with a TVL of $920 million and open interest of $714 million.
• EdgeX: Posts a 24-hour trading volume of $2.39 billion, TVL of $183 million, and open interest of $994 million.
• Aster: Experiences a significant drop in activity, with 24-hour trading volume at $2.34 billion, TVL of $1.06 billion, and open interest of $1.79 billion.
• Variational: Reports $1.21 billion in 24-hour trading volume, TVL of $107 million, and open interest of $681 million.
• Pacifica: Logs a 24-hour trading volume of $625 million, TVL of $36.3 million, and open interest of $59.66 million.

Market Dynamics and Outlook

Overall, despite some fluctuations among certain platforms, the market shows a generally positive trend. Investor interest continues to rise, with Hyperliquid standing out due to its stability and low volatility, making it a preferred choice for traders.