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

As of December 26, DefiLlama data show that 24-hour trading volume across mainstream perp DEXs remains subdued and on-chain liquidity has not yet recovered. Lighter leads in activity, with EdgeX overtaking Hyperliquid for second place. Key figures: Lighter ~$47.5B vol, $13.9B TVL, $15.1B OI; EdgeX ~$27.7B vol, $3.65B TVL, $7.42B OI; Hyperliquid ~$24.5B vol, $41.3B TVL, $70.9B OI.

Other notable venues include Aster (~$20.6B vol, $12.7B TVL, $24.2B OI), ApeX (~$15.9B, $46.35M TVL, $2.59B OI), Variational (~$10.9B, $66.18M TVL, $4.85B OI), Backpack (~$8.13B vol; TVL undisclosed; $2.16B OI), and Pacifica (~$6.5B vol, $41.36M TVL, $61.9M OI). Overall, on-chain liquidity remains uneven, signaling cautious liquidity management in DeFi derivatives.