Hyperliquid remains the dominant perps DEX by monthly trading volume at $188.54 billion — nearly four times larger than its closest rival — underscoring how concentrated liquidity and trader attention remain around a single venue.
Why it matters
A second tier is forming, but the gap is wide. Aster posted $47.27B, GRVT $40.93B, Lighter $38.11B, and EdgeX $33.01B — meaningful, but collectively still well under Hyperliquid's solo total. The market is consolidating around established infrastructure rather than fragmenting across new venues.
Market impact
Variational is the outlier on momentum: weekly volume hit $4.70B, roughly 85.6% of its $5.49B monthly total, with the spike coinciding with a $50M funding round led by DragonFly, Coinbase Ventures, and Bain Capital Crypto. Pair fresh capital with incentivized points programs and retail traders start positioning for a potential TGE — exactly the flywheel that's now pulling volume onto newer books.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI1n2oWz1yhRRuQsqCAj2QX7uKEpcViAALtGmsbmRi5SNlY9p2RPj21AQADAgADeQADOwQ)
Frequently asked questions
-
Which perps DEX had the highest monthly trading volume?
Hyperliquid led with $188.54 billion in monthly trading volume, nearly four times larger than the second-ranked venue.
-
How big is the gap between Hyperliquid and the rest of the top 10?
Hyperliquid's $188.54B monthly volume dwarfs the next tier: Aster at $47.27B, GRVT at $40.93B, Lighter at $38.11B, and EdgeX at $33.01B.
-
Why is Variational's weekly volume rising so sharply?
Variational's weekly volume reached $4.70B — about 85.6% of its $5.49B monthly total — coinciding with a $50M funding round from DragonFly, Coinbase Ventures, and Bain Capital Crypto.
-
What is driving retail interest in newer perps DEXs?
Fresh venture capital combined with incentivized points programs is pulling retail traders onto newer venues as they position ahead of potential TGE events.
-
Is the perps DEX market fragmenting or consolidating?
The data points to consolidation: liquidity and trader attention are concentrating around established infrastructure like Hyperliquid rather than spreading evenly across emerging venues.
WatcherGuru
CoinDesk
CryptoSlate
TheBlock
WuBlockchain