Perpetual DEX Trading Volumes Surge as Lighter Leads Market

Mainstream perpetual DEXs, led by Lighter, saw significant trading volume increases, exceeding 40% in some cases, according to recent data.

These shifts reflect heightened activity in crypto markets, intensifying competition among DEXs as they adapt to increasing liquidity demands.

Lighter Tops with $12.78 Billion 24-Hour Volume

Mainstream perpetual DEXs have recorded substantial increases in trading volumes compared to the previous day. Prominent players like Hyperliquid, Aster, and Pacifica witnessed over 40% rises, according to Defilama data. Lighter, maintaining its lead, reported a 24-hour trading volume of $12.78 billion.

This increase in trading activity indicates enhanced market engagement and potentially draws new investors to perpetual DEXs. The planned Token Generation Event by Lighter suggests potential community rewards, further intensifying interest among market participants.

“The restart of the U.S. government will trigger a series of liquidity tailwinds for risk assets including crypto.” – Raoul Pal, CEO, Real Vision

Ethereum’s Market Position and Future Indications

Did you know? In October 2025, perpetual DEXs recorded over $1 trillion in monthly trading volume, a significant rise from the $739 billion observed in September, highlighting a growing trend in decentralized financial trading.

Ethereum, as of November 15, 2025, has a market cap of $382.47 billion and trades at $3,168.89 on CoinMarketCap. With a circulating supply of approximately 120.7 million, Ethereum’s 24-hour trading volume stands at $42.76 billion, reflecting a 15.94% decrease.

Insights from Coincu Research report a growing interest in decentralized derivatives trading, with the increased adoption of governance tokens and supply chain improvements possibly leading to broader market adoption and technological innovation in DEX frameworks.