Top 10 Perps DEX by Monthly Trading Volume
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Hyperliquid remains the dominant player with $188.54 billion in monthly trading volume — nearly four times larger than the second-largest platform. This gap highlights how deeply liquidity and trader attention are concentrated around established infrastructure.
A second-tier group is beginning to emerge, but volumes still remain significantly below those of the market leader:
• Aster — $47.27B
• GRVT — $40.93B
• Lighter — $38.11B
• EdgeX — $33.01B
Interestingly, Variational’s weekly trading volume has reached $4.70B, representing approximately 85.6% of its total monthly volume of $5.49B. The main driver behind the sharp increase in trading activity appears to be the $50M funding round led by DragonFly, Coinbase Ventures, and Bain Capital Crypto.
The newly raised capital, combined with incentivized points programs, is attracting strong interest from retail traders due to expectations surrounding a potential TGE.