The perpetual decentralized exchange (Perp DEX) landscape has entered a new era in 2025, as trading volumes shattered previous records and the competition among top platforms intensified. With monthly perp DEX trading volume surpassing $1 trillion for the first time in September, traders are increasingly seeking out the most liquid, transparent, and innovative venues. This article dives into the current leaders by real trading volume: Lighter, Aster, EdgeX, and Hyperliquid. Each of these exchanges brings distinct strengths and strategic approaches to the table, shaping the future of perpetual trading.
2025’s Top Perp DEXs: Market Share and Volume Surge
In a year defined by rapid DeFi evolution, these four platforms have consistently dominated both headline numbers and trader mindshare. According to recent data from DefiLlama and CoinGecko, their combined daily volumes routinely exceed tens of billions of dollars:
- Lighter: Maintains stable leadership with zero-fee trading and high retail engagement
- Aster: Delivers multi-chain access and aggressive leverage options
- EdgeX: Leverages StarkWare tech for speed and deep liquidity
- Hyperliquid: Sets benchmarks for execution speed on its proprietary L1 chain
This competitive cohort is not static; market share shifts weekly as new features launch or incentives roll out. For example, Lighter topped the charts for three consecutive days recently (Bitget), while Aster’s daily volume rebounded to over $10 billion. Hyperliquid remains a powerhouse with $165 billion in monthly volume, accounting for nearly 80% of all decentralized perp activity at times (source). EdgeX’s steady climb is attributed to its points-to-equity rewards system and broad asset coverage.
Platform Deep Dive: What Sets Each Leader Apart?
Let’s break down how each DEX differentiates itself in this crowded field, and why traders are flocking to their order books.
- Lighter: Its zero-fee model is a magnet for high-frequency traders who watch every basis point. Built on an Ethereum Layer-2 engineered for derivatives scaling, it supports up to 50x leverage across a growing list of pairs. The result? Retail adoption has soared as users seek cost-efficient entries into volatile markets.
- Aster: As a multi-chain juggernaut spanning BNB Chain, Ethereum, Solana, and Arbitrum, Aster appeals to advanced users who want flexibility and maximum leverage (up to 100x). Its hybrid engine, supporting both AMM and CLOB execution, lets traders optimize for either liquidity or price impact. Aggressive airdrop campaigns have further fueled user growth.
- EdgeX: Operating on an Ethereum-compatible Layer-2 powered by StarkWare technology, EdgeX combines scalability with security. With over 150 perpetual pairs available at up to 100x leverage, and a unique points-to-equity reward system, EdgeX is carving out space among both retail speculators and professional quant desks.
- Hyperliquid: Standing apart with its custom Layer-1 blockchain (HyperBFT consensus), Hyperliquid delivers sub-second trade execution that rivals centralized exchanges. Its HLP vault offers passive yields for liquidity providers, a rare feature among DEXs, and supports more than 150 pairs with up to 50x leverage.
This diversity means traders no longer need to compromise between speed, cost efficiency, asset variety or incentive structures, they can choose the platform that best matches their risk profile and strategy.
The Rise of On-Chain Order Books and User-Centric Innovation
A defining trend among these top platforms is the near-universal adoption of fully on-chain central limit order books (CLOBs). This architecture, used by Aster (alongside AMM), Lighter, EdgeX, and Hyperliquid, delivers transparency without sacrificing performance. It also enables features like gasless trading (Aster), hidden orders (Hyperliquid), or advanced conditional order types that were once exclusive to centralized venues.
The move toward CLOBs isn’t just technical, it signals a commitment to fair access and auditability at scale. As more institutional capital flows into DeFi perps in late 2025, expect continued innovation around latency reduction, cross-margining across assets/chains, and integrated risk management tools.
Competition among Lighter, Aster, EdgeX, and Hyperliquid is also driving a new era of user incentives and governance. Lighter’s zero-fee approach is now being emulated by smaller entrants, but its first-mover advantage and robust Layer-2 infrastructure keep it ahead in retail flows. Meanwhile, Aster’s dual-execution engine (AMM plus CLOB) is winning over sophisticated traders looking for both deep liquidity and minimal slippage on large orders. The cross-chain asset support on Aster gives it an edge with users who value flexibility and access to emerging markets.
EdgeX stands out for its integration of StarkWare’s scalability solutions, allowing for high throughput and low fees even during volatility spikes. Its points-to-equity rewards structure is attracting a loyal base of volume traders who see long-term value in protocol equity, not just short-term rebates or airdrops. This has helped EdgeX steadily grow its open interest to $1.32 billion as of October 2025.
Hyperliquid, with its proprietary Layer-1 chain and sub-second execution, continues to attract both professional traders and liquidity providers. Its HLP vault offers passive yields that rival traditional DeFi protocols while maintaining the non-custodial ethos that defines the DEX sector. The platform’s ability to consistently deliver $165 billion in monthly volume (nearly 80% market share at times) demonstrates the appetite for institutional-grade infrastructure paired with full transparency.
Key Metrics: Real Trading Volume and Open Interest Comparison
For traders seeking hard numbers to guide their platform choice, recent data paints a clear picture:
- Lighter: Stable daily volumes topping $10 billion; zero-fee trading fuels sustained growth.
- Aster: 24-hour trading volume of $41.78 billion; open interest at $4.86 billion, leading among multi-chain DEXs.
- EdgeX: 24-hour trading volume at $4.58 billion; open interest at $1.32 billion, bolstered by unique rewards programs.
- Hyperliquid: Monthly volume at $165 billion; supports over 150 pairs with up to 50x leverage, dominant by market share.
This surge in real trading activity reflects growing trust in on-chain execution as well as the platforms’ relentless focus on performance, reliability, and incentive alignment with users.
Strategic Considerations for Traders: How to Choose Your Perp DEX
The best perpetual DEX in 2025 depends on your priorities as a trader or investor:
- If you’re focused on minimizing costs and maximizing trade frequency, Lighter’s zero-fee structure may be optimal.
- If you want access to multiple blockchains or crave high leverage for speculative strategies, Aster offers unmatched versatility.
- If you’re seeking innovative rewards or plan to scale up with quant strategies, EdgeX delivers both technical robustness and attractive incentives.
- If institutional-grade speed and liquidity are non-negotiable for your size or style of trading, Hyperliquid remains the benchmark for DeFi perps.
No matter which platform you choose from this elite cohort, Lighter, Aster, EdgeX, or Hyperliquid, you’re accessing some of the most advanced infrastructure ever built for decentralized derivatives markets. With perp DEX trading volume in 2025 consistently eclipsing past records (see full comparison here), these venues are not just alternatives, they are becoming the new standard for perpetual swaps globally.
The pace of innovation shows no sign of slowing down as we move toward year-end. Expect more cross-margining features, integrated risk dashboards, and perhaps even native synthetic stock perps as these leaders push boundaries further into traditional finance territory. a0For those ready to explore deeper comparisons or real-time analytics across these top exchanges, and stay ahead as new features drop, bookmark PerpScout. com as your strategic resource. a0The perpetual revolution is here; choose your venue wisely. a0
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