Perp DEX Tier List 2025: Hyperliquid Lighter Paradex EdgeX Volume and Liquidity Comparison

In the fast-evolving world of decentralized perpetual exchanges, traders need clear benchmarks to navigate the noise. As of November 28,2025, the perp DEX tier list 2025 is dominated by platforms delivering real volume and liquidity. Lighter leads with a staggering $12 billion in 24-hour trading volume and $16.1 billion in open interest, closely trailed by Hyperliquid at $7.67 billion volume and a massive $74.2 billion open interest. Paradex, EdgeX, and Grvt round out our focus, each carving niches amid fierce competition. At PerpScout. com, we prioritize data-driven insights to help you build resilient strategies.

These metrics, sourced from Lookonchain, reveal Lighter’s volume edge but Hyperliquid’s liquidity stronghold. For risk managers like myself, open interest matters most; it measures sustained capital commitment, reducing slippage risks during volatile swings.

Paradex Volume Ranking and EdgeX’s Steady Climb

Paradex holds a solid paradex volume ranking at $849 million daily, with $3.5 billion open interest supporting niche pairs and efficient execution. It’s a favorite for targeted strategies, though scaling against giants remains the challenge. EdgeX impresses at $6.106 billion volume and $8.59 billion OI, positioning it as a contender with costs lower than Hyperliquid’s. Our volume analysis flags EdgeX’s growth, driven by points programs and APY incentives that lure retail flows.

Grvt enters as the wildcard, frequently cited in MEXC and Cryptonomist top-5 watchlists alongside Hyperliquid and Lighter. While specific 24-hour figures lag the leaders, its technical innovations promise liquidity ramps in 2025. BlockBeats notes Grvt’s potential amid controversies plaguing others, making it a reassuring pick for diversified portfolios.

Key Perp DEX Strengths

1. 

   Hyperliquid: Deepest $74.2B open interest and $7.67B 24h volume, leading in liquidity commitment.

2. 

   Lighter: Tops $12B 24h volume with $16.1B OI and zero fees for cost savings.

3. 

   Paradex: Niche efficiency shines with $849M 24h volume and $3.5B OI for targeted trading.

4. 

   EdgeX: Cost-competitive growth via $6.106B 24h volume and $8.59B OI, gaining market share.

5. 

   Grvt: Tech innovation drives future liquidity with advanced protocols for scalable perps trading.

Unpacking Liquidity Metrics for Smarter Positioning

Liquidity isn’t just volume; it’s the bid-ask resilience under pressure. Hyperliquid’s $74.2 billion OI dwarfs peers, offering reassurance for large orders without price impact. Lighter’s $16.1 billion OI, paired with leading volume, suits aggressive tactics, but verify organic flows given wash trading flags from BlockBeats. For the best perp dexs by liquidity 2025, prioritize OI-to-volume ratios: Hyperliquid excels here, minimizing funding rate volatility.

EdgeX’s trajectory warrants an edgex perp dex review: its $8.59 billion OI on $6.106 billion volume signals balanced growth, ideal for mid-tier traders. Paradex’s leaner profile demands selective use, while Grvt’s DefiLlama rankings hint at untapped depth. At PerpScout, we advocate tiering based on your risk tolerance: S for Hyperliquid’s stability, A for Lighter’s firepower.

That tiering sets the foundation, but let’s drill into the hyperliquid vs lighter matchup, where real trader decisions hinge on latency, funding rates, and execution reliability. Hyperliquid’s architecture shines in high-frequency environments, processing orders with sub-millisecond latency that institutional flows demand. Its $74.2 billion open interest acts as a liquidity moat, cushioning against the whipsaws common in perp trading. Lighter counters with zero-fee trading and $12 billion daily volume, appealing to volume chasers, yet reports from BlockBeats on wash trading raise flags for genuine depth. As a risk specialist, I recommend cross-verifying Lighter positions via on-chain tools before scaling up; Hyperliquid’s transparency edges it ahead for conservative frameworks.

EdgeX bridges the gap effectively. With $6.106 billion volume and $8.59 billion OI, it offers fees below Hyperliquid’s while ramping points incentives, as noted in Binance analyses. This makes it a pragmatic A- tier choice for retail portfolios seeking growth without overexposure. Paradex, at $849 million volume and $3.5 billion OI, excels in specialized pairs like exotic alts, rewarding precise entries but faltering on broad market depth. Traders should allocate here sparingly, perhaps 10-15% of perp exposure, to diversify without diluting core liquidity.

Grvt’s Emerging Role in the Tier List

Grvt rounds out our perp dex tier list 2025 as the B and contender, buoyed by MEXC and Cryptonomist endorsements alongside Hyperliquid and Lighter. Lacking precise 24-hour metrics in current Lookonchain feeds, its DefiLlama traction signals upcoming liquidity surges through innovative order books. For risk-averse traders, Grvt pairs well as a satellite holding: monitor its OI buildup quarterly, targeting entry when it crosses $2 billion. Controversies like Aster’s have cleared space for such underdogs, but patience is key; premature bets can amplify drawdowns.

Building robust positions starts with allocation rules. Cap Hyperliquid at 40-50% for its OI dominance, layer in 20-30% Lighter for volume alpha, then 10-15% each to EdgeX and Paradex for tactical edges. Grvt fills the rest as a growth kicker. This methodical spread mitigates single-venue risks, like Lighter’s potential wash volume dilution or Paradex’s scale limits. Funding rate arbitrage thrives here too: Hyperliquid’s depth stabilizes rates near zero during trends, per our low-latency comparison.

Top 5 Perp DEXs 2025 Tier List

1. 

   1. Hyperliquid – 24h Volume: $7.67B, OI: $74.2B. Unmatched liquidity leader; OI >> $5B ensures deep markets. Ideal base for diversified, low-risk entries.

2. 

   2. Lighter – 24h Volume: $12B, OI: $16.1B. Volume king; OI > $5B ✓ but monitor wash trading flags weekly for safety.

3. 

   3. EdgeX – 24h Volume: $6.106B, OI: $8.59B. Solid growth; exceeds OI threshold. Great for 3+ platform diversification.

4. 

   4. Paradex – 24h Volume: $849M, OI: $3.5B. Niche active base; verify OI near $5B before entries. Complements stops at 2x ATR.

5. 

   5. Grvt – Emerging top watch; track volume/OI ratio >1.5x growth. Methodical addition for reassured portfolio balance.

Deeper metrics reveal nuances. Hyperliquid’s position concentration tops two-thirds of major venues, per Stacy Muur’s insights, underscoring its gravitational pull. Lighter’s technical prowess falters on organic proof, while EdgeX’s late TGE delays token utility but boosts current fee rebates. Paradex’s niche focus suits paradex volume ranking watchers eyeing alt perps, and Grvt’s innovations promise 2026 ramps. For the best perp dexs by liquidity 2025, Hyperliquid reigns S-tier, Lighter A-tier, EdgeX A-, Paradex B and, Grvt B.

Traders, anchor your strategies in these data points. Volatility rewards the prepared: use PerpScout. com’s tools to track shifts, simulate portfolios, and refine edges. With open interest signaling sustained bets, now’s the time to position methodically across these leaders. Risk managed well turns markets into allies.

About the Author

Rachel Forrester

Author

Rachel Forrester is a risk management specialist with 8 years in the derivatives markets, holding an FRM certification. She focuses on helping traders develop robust risk frameworks for both perp DEXs and synthetic equity products. Rachel is passionate about financial education and transparent reporting. "Risk is not a four-letter word."

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