PERP Token Leads 24-Hour Volume as Lighter Tops Perp DEX Platforms with Elevated Open Interest

DefiLlama-tracked activity across leading perpetual DEXs cooled in the last 24 hours, with Lighter reclaiming the top spot in trading volume, ahead of Aster and Hyperliquid. Open interest across most venues stayed elevated, signaling ongoing position battles even as on‑chain turnover softened.

Platform snapshot: Lighter approximately $75.1 billion in 24-hour volume, TVL around $14.6 billion, and open interest near $16.7 billion; Aster approximately $69.1 billion in volume, TVL $13.2 billion, OI $25.3 billion; Hyperliquid about $53.7 billion in volume, TVL $41.3 billion, OI $72.3 billion; ApeX around $28.3 billion, TVL $46.24 million, OI $1.01 billion; EdgeX $22.8 billion volume, TVL $3.89 billion, OI $7.86 billion; Variational $12.4 billion volume, TVL $66.18 million, OI $3.37 billion; Backpack $12.3 billion volume, TVL undisclosed, OI $2.04 billion; Pacifica $5.87 billion volume, TVL $41.58 million, OI $59.02 million.

As activity cools, sustained open interest across major venues signals persistent risk exposure in the DeFi derivatives space. Traders should watch for shifts in funding dynamics and liquidity across leading Perp DEX platforms as TVL and turnover diverge.