Aster leads the perpetual DEX market with 24-hour trading volume of $41.78 billion

Decentralized perpetual exchanges are heating up again. Astor emerged as the clear frontrunner. According to data from CoinMarketCap, the platform posted an impressive 24-hour trading volume of $41.78 billion. Highest among persistent DEX. This was followed by Lighter with $10.13 billion and Hyperliquid with $9.02 billion. However, HyperLiquid still leads the market in open interest with $14.68 billion. Aster topped the list in fees generated, collecting $13.44 million in just one day.

Aster’s trading volume and fees skyrocket

Aster's rapid rise reflects strong user engagement and increasing liquidity depth. Open interest of $4.86 billion suggests that traders are not just active. However, we are confident in its market structure and execution. The platform’s locked supply mechanism and strong DEX leadership helped drive short-term volatility and sustain interest across the crypto trading world. Industry analysts point out that Aster's leadership position is due to a combination of strong tokenomics. With efficient capital utilization and competitive trading incentives.

Its structure rewards active participants while maintaining tight spreads and quick settlements. It has important features that make it attractive for high-frequency traders. The combination of rising fees and trading volumes suggests that Astor is not just playing on speculative flows. But at the same time, it also generates meaningful on-chain revenue. This performance significantly outperforms top 10 competitors such as edgeX, ApeX, Paradex, Pacifica, GRVT, Jupiter, and Reya DEX.

Lighter and Hyperliquid remain strong

Aster dominates trading volume and fee generation. Lighter continues to make waves with its Layer 2 mainnet launch and targeted incentive program. These capabilities have allowed us to maintain double-digit billion-dollar daily trading volumes. Although trader activity has calmed down from peak levels recently. Meanwhile, HyperLiquid remains a strong open interest company, attracting larger and more patient capital. The $14.68 billion OI shows strong conviction from whales and institutional-level traders. Those who prefer deeper liquidity and advanced order flow systems.

Despite near-term bearish technicals with MACD and CRSI indicators suggesting short-term caution. Many investors still view HyperLiquid's technology stack as a rebound candidate. This exchange continues to gain attention with its integrations and upcoming upgrades. That could reignite volumes and move closer to Astor's dominance in the coming weeks.

Competitive environment among Perp DEXs

Competition in the broader perpetual DEX market is increasing. Platforms like EdgeX ($4.58B), ApeX Protocol ($1.31B), and Paradex ($1.19B) are carving out niches. Through ecosystem partnerships and incentive-driven liquidity mining. Meanwhile, Pacifica, GRVT, and Jupiter are focused on improving the UX for traders and expanding multichain access to attract new users. Still, the gap between Astor and the rest of the field remains large. The ability to combine high trading throughput, revenue generation, and user retention gives us a significant advantage in a rapidly evolving sector.

Perpetual DEX sector outlook

Aster's record-breaking 24-hour indicator shows how on-chain derivatives trading is entering a new phase of growth. Competition is now expanding beyond simple transaction volume, with platforms fighting for ecosystem strength, token utility, and long-term sustainability. Traders go back and forth between incentives and new protocols. Aster's superiority may be tested. But for now, the company remains the clear market leader in terms of activity and performance. This is redefining what success looks like in the world of persistent decentralized exchanges.