Perpetual DEX Trading Landscape Adjustment: Hyperliquid Reclaims Top Spot, Lighter Expected to Pull Back

【Blockchain Rhythm】On December 18th, a new round of adjustments occurred in the perpetual contract DEX market. According to on-chain data, mainstream Perp exchanges generally saw increased trading volume over the past 24 hours, but there were significant changes in internal rankings.

The most notable is the contrasting performance of Lighter. Due to the CEO’s recent ambiguous statements regarding the token issuance plan, market expectations for its token launch this year have noticeably declined, directly impacting the platform’s popularity. Data shows its 24-hour trading volume is approximately $7.32 billion, with open interest at $1.65 billion, dropping to third place, while TVL remains at $1.46 billion.

In contrast, Hyperliquid has surged back to the top spot. The platform’s 24-hour trading volume is about $7.91 billion, with a TVL of approximately $4.16 billion, and open interest reaching $6.67 billion, continuing to lead the market. Aster follows closely, with a trading volume of about $7.63 billion, open interest at $2.41 billion, and TVL around $1.3 billion.

Other mainstream platforms show mixed performance. EdgeX has a trading volume of about $4.9 billion, ApeX approximately $2.44 billion, Backpack around $1.38 billion, Variational about $1.02 billion, and Pacifica approximately $631 million. Overall, aside from slight fluctuations in trading volume, most platforms’ TVL remains stable, but open interest generally declined compared to the previous day, reflecting cautious market sentiment.