COINOTAG News, citing DefiLlama data, notes liquidity across major perpetual DEXs softened ahead of the Christmas season, with 24-hour activity only modestly rebounding from weekend troughs and trading dynamics remaining tethered to broader market flows.

Top ranks are led by Hyperliquid, followed by Lighter and Aster. The trio reports 24-hour trading volume around $61.8 billion, TVL near $41.2 billion, and open interest around $73.5 billion.

Beyond the leaders, Lighter shows ~$58.1 billion volume, TVL ~ $14.1 billion, and OI ~ $16 billion; Aster ~ $51.1 billion volume, $12.8 billion TVL, and OI $24.1 billion. In the broader set, EdgeX records $29.9 billion volume, $3.68 billion TVL, and $7.58 billion OI; ApeX shows $19.1 billion volume; Backpack $13 billion volume and $2.26 billion OI; Variational $9.6 billion volume; Pacifica $5.89 billion volume.