The perp DEX market in 2025 is a battlefield where volume and open interest separate the kings from the pretenders. Lighter edges out Hyperliquid in 24-hour trading volume at $12.78 billion versus $12.58 billion, but Hyperliquid crushes it on open interest with $8.014 billion-63% market share. Traders, this is your signal: Hyperliquid holds positions longer, signaling real conviction while Lighter churns high turnover. Aster follows at $11.17 billion volume and $2.329 billion OI, EdgeX at $8.2 billion volume and $780.41 million OI. Time to tier them up for tactical plays.
Volume Kings: Lighter Leads but Hyperliquid Closes Fast
Lighter. xyz sits atop the perp dex tier list 2025 for sheer volume grind, pumping $12.78 billion in the last 24 hours. That’s raw activity-fueled by incentives and fast scalps. But don’t sleep on Hyperliquid; its $12.58 billion is neck-and-neck, backed by deeper liquidity that keeps spreads tight even in volatility spikes. Aster Perps clocks $11.17 billion, proving its mettle in the best perp dex by volume race, while EdgeX delivers $8.2 billion with aggressive fee rebates drawing volume hunters.
Pacifica emerges as a dark horse, blending Solana speed with perp efficiency to challenge the leaders. Lower in raw numbers but climbing fast in trader adoption. These metrics from ChainCatcher scream opportunity: high volume means liquidity for your entries and exits without slippage eating your edge.
24h Trading Volume and Open Interest for Top Perp DEXs (2025-12-05)
| DEX | 24h Volume | Volume Share | Open Interest | OI Share |
|---|---|---|---|---|
| 🥇 Lighter | $12.78B | 28.6% | $1.591B | 12.5% |
| 🏆 Hyperliquid | $12.58B | 28.1% | $8.014B | 63% |
| Aster | $11.17B | 25.0% | $2.329B | 18.3% |
| EdgeX | $8.2B | 18.3% | $780.41M | 6.1% |
| Total | $44.73B | 100% | $12.71B | 100% |
Open Interest Powerhouses: Hyperliquid’s Unmatched Grip
Open interest is the real tell-where the money commits. Hyperliquid dominates perp dex open interest leaders with $8.014 billion, 63% of the top four’s total. That’s sustained bets, not flip trades. Aster holds strong at $2.329 billion (18.3%), Lighter at $1.591 billion (12.5%), EdgeX trailing at $780.41 million (6.1%). Per The BlockBeats, this gap shows Hyperliquid’s ecosystem locking capital, perfect for swing traders riding trends.
ApeX Protocol, Avantis, GMX, dYdX, and Drift Protocol round out the top 10, each carving niches. ApeX pushes $2.822 billion weekly volumes historically, Avantis hunts airdrops with points systems, GMX stays OG with GLP liquidity, dYdX v4 scales Cosmos-side, Drift leverages Solana for sub-second fills. But in 2025 wars, the big four-Hyperliquid, Lighter. xyz, Pacifica, EdgeX-lead the charge.
Tier S Perp DEXs 🔥
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Hyperliquid (OI king): $8.014B OI (63% share). Secure dominant positions now!
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Lighter.xyz (volume beast): $12.78B 24h volume. Blast through trades with max firepower!
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Pacifica (speed innovator): Ultra-fast execution edges out the pack. Strike first, win big!
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EdgeX (fee warrior): $8.2B 24h volume + lowest fees. Stack profits tactically!
Hyperliquid vs Lighter. xyz: The Tactical Showdown
Hyperliquid vs lighter xyz defines the meta. Hyperliquid’s OI supremacy means deeper books-less liquidation cascades when BTC dumps. Lighter’s volume lead suits day traders flipping 5-minute charts, but lower OI hints at incentive wash trading. EdgeX rebates up to 90% fees, Pacifica optimizes for memecoin perps. Check DefiLlama rankings: Lighter #1, Aster #2, Hyperliquid #3, EdgeX #4 in recent pulls. Yet OI flips the script.
For pacificafi edgex rankings, Pacifica surges on low-latency Pacific chain, EdgeX on multi-chain perps. Traders, stack positions on Hyperliquid for conviction plays, scalp Lighter for volume pops. Aster’s balanced profile fits hybrids. This tier list arms you to pounce-every edge counts in perp wars. Dive deeper on Hyperliquid’s S-tier edge and related breakdowns.
Traders, lock in these tiers for your 2025 playbook. S-Tier demands execution: Hyperliquid for ironclad positions, Lighter. xyz for relentless scalps, Pacifica for memecoin blitzes, EdgeX for rebate-fueled grinds. Drop to A-Tier and you still snag alpha, but watch slippage on thinner books.
Full Perp DEX Tier List 2025: S to C Breakdown
S-Tier owns the perp dex tier list 2025. Hyperliquid reigns supreme-63% OI dominance means your longs hold through dumps, volumes hitting $12.58 billion daily. Lighter. xyz volume beast at $12.78 billion, perfect for 1-minute flips where speed trumps depth. Pacifica cracks the code on Solana-native perps, surging adoption with sub-100ms latency; expect it to steal share as memecoins rage. EdgeX fights dirty with 90% fee returns, $8.2 billion volume proving rebates pull pros.
A-Tier packs punch for diversified plays. Aster Perps balances $11.17 billion volume and $2.329 billion OI, a hybrid pick for trend followers eyeing DefiLlama’s #2 spot. ApeX Protocol grinds $2.822 billion weekly historically, multi-chain flexibility shining in cross-asset arb. Avantis lures with points farming, airdrop magnets drawing volume spikes. Solid for tactical entries, but OI lags the leaders.
Perp DEX Tier List 2025: Token Price Performance Comparison
6-month price changes for Hyperliquid and top competitors amid record 24h volumes and open interest
| Asset | Current Price | 6 Months Ago | Price Change |
|---|---|---|---|
| Hyperliquid | $31.13 | $28.50 | +9.2% |
| Lighter | $1.25 | $1.10 | +13.6% |
| Aster | $1.00 | $0.9500 | +5.6% |
| EdgeX | $2.50 | $2.30 | +8.7% |
| Pacifica | $0.7500 | $0.8000 | -6.3% |
| ApeX | $0.5372 | $0.5000 | +7.5% |
Analysis Summary
Over the past six months, Perp DEX tokens have shown moderate growth, with Lighter leading at +13.6% and Hyperliquid at +9.2%. Pacifica is the outlier with a -6.3% decline. This price resilience supports the sector’s explosive volume growth, led by Lighter ($12.78B) and Hyperliquid ($12.58B), with Hyperliquid dominating OI at $8.014B.
Key Insights
- Lighter tops price gains (+13.6%) and 24h volume ($12.78B), but trails in OI ($1.591B)
- Hyperliquid excels in OI ($8.014B, 63% share) with solid +9.2% price growth
- Aster strong contender with $11.17B volume, $2.329B OI, and +5.6% price rise
- EdgeX delivers +8.7% growth amid $8.2B volume and $780.41M OI
- Pacifica lags with -6.3% decline despite sector momentum
- ApeX up +7.5%, with historical volume benchmark of $2.822B
Real-time prices and 6-month changes from CoinGecko (as of 2025-12-05). 24h volume and OI from Chaincatcher and TheBlockBeats (2025-12-05). Changes calculated as ((current – past) / past) * 100.
Data Sources:
- Main Asset: https://www.coingecko.com/en/coins/hyperliquid
- Lighter.xyz: https://www.coingecko.com/en/coins/lighter-xyz
- Pacifica: https://www.coingecko.com/en/coins/pacifica
- Aster: https://www.coingecko.com/en/coins/aster
- EdgeX: https://www.coingecko.com/en/coins/edgex
- ApeX: https://www.coingecko.com/en/coins/apex
- dYdX: https://www.coingecko.com/en/coins/dydx
- GMX: https://www.coingecko.com/en/coins/gmx
Disclaimer: Cryptocurrency prices are highly volatile and subject to market fluctuations. The data presented is for informational purposes only and should not be considered as investment advice. Always do your own research before making investment decisions.
B-Tier veterans hold ground amid the chaos. GMX stays eternal with GLP pools feeding fat liquidity, ideal for range-bound BTC perps. dYdX v4 on Cosmos scales orders without gas wars, Drift Protocol leverages Solana for drift trades under volatility. These deliver consistent fills, but 2025 volumes trail the new blood-asterisks for legacy reliability.
C-Tier watches from sidelines: emerging protocols like those in DefiLlama’s DEX rankings (Agni, Merchant Moe) bubble up, but stick to proven for now. The top 10-Hyperliquid, Lighter. xyz, Pacifica, EdgeX, Aster Perps, ApeX, Avantis, GMX, dYdX, Drift-define the meta. Volume leaders like Lighter fuel day trades, OI kings like Hyperliquid build swings. PerpScout. com tiers them live; scout your edge daily.
Tactical Strategies: Exploit Volume vs OI Edges
Stack Hyperliquid for conviction: enter longs above $8 billion OI thresholds, trail stops tight on BTC breakouts. Its depth crushes cascades-check Hyperliquid-Lighter-Pacifica dominance breakdowns for setups. Scalp Lighter. xyz on volume surges; pair with Aster for confirmation when OI climbs 10% intraday. Pacifica shines for alt perps-SOL memes exploding? Fade pumps there, low latency locks profits.
EdgeX rebate warriors: grind high-frequency, rebate covers half your losses on chops. ApeX for arb across chains, Avantis if farming points juices your ROI. GMX for passive liquidity provision, dYdX/Drift for hybrid CeFi feels in DeFi skin. Risk rule: never exceed 2% per position, diversify across 2-3 tiers. 2025 perp wars reward hybrids-Hyperliquid base, Lighter flips, EdgeX rebates.
Markets evolve fast; ChainCatcher and BlockBeats data as of Dec 5 screams momentum. Lighter’s turnover hints wash risks, Hyperliquid’s OI locks real capital. Traders, audit your book: too much Lighter? Rotate to Hyperliquid. Pacifica climbing? Allocate 20%. This tier list is your map-grab volume on dips, hold OI for pops. Every setup counts; execute now, win 2025.
PerpScout arms you with real-time tiers, reviews, and alerts. Spot the next EdgeX surge or Hyperliquid squeeze before the herd. Your edge awaits- deploy it.
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