Lighter Leads Perp DEX with About $82.1B 24-Hour Volume; Hyperliquid Falls 56.9% Week-Over-Week — DefiLlama Perp DEX Volume Snapshot

COINOTAG News, citing DefiLlama, notes that over the last 24 hours perp DEX activity has cooled, with major venues reporting uneven turnover. Lighter remains the largest contributor, clocking roughly $82.1 billion in the 24-hour window, alongside a TVL near $12.2 billion and open interest around $16.4 billion. In contrast, Hyperliquid has posted a seven‑day volume decline of about 56.9%, underscoring tighter near‑term liquidity. Other platforms show varied scale, including Aster at $36.8B, Pacifica at $6.82B, and smaller players such as EdgeX and ApeX.

Across the board, TVL and unit economics diverge, with open interest readings ranging from single-digit millions to tens of billions, signaling persistent hedging and risk transfer. The dispersion indicates a concentration of liquidity on a few megaplatforms while niche venues attract steadier, lower-volume flow. Traders should monitor shifting trading volume and open interest signals to gauge liquidity depth and risk appetite in the crypto futures landscape.