Lighter Leads Perp DEX 24-Hour Volume as EdgeX Overtakes Hyperliquid; On-Chain Liquidity Remains Sluggish

COINOTAG News reports that, based on DefiLlama data, activity across the perp DEXs over the past 24 hours remained subdued, with on-chain liquidity not yet rebounding and markets digesting macro signals.

Lighter remains the leader in trading volume at roughly $47.5 billion, with a TVL near $13.9 billion and $15.1 billion in open interest. EdgeX follows with about $27.7 billion in 24h volume, $3.65 billion TVL, and $7.42 billion OI.

Hyperliquid posts around $24.5 billion in 24h volume, a TVL of $41.3 billion, and $70.9 billion in OI; Aster records $20.6 billion in volume, $12.7 billion TVL, and $24.2 billion OI; ApeX shows $15.9 billion volume with $46.35 million TVL and $2.59 billion OI; Variational logs $10.9 billion volume, $66.18 million TVL, and $4.85 billion OI; Backpack cites $8.13 billion in volume (TVL undisclosed) and $2.16 billion OI; Pacifica posts $6.5 billion volume, $41.36 million TVL, and $61.9 million OI.