Decentralized perpetual exchanges have seen a dramatic uptick in activity over the past 24 hours, with Lighter emerging as the leader. The platform clocked an impressive $11.89 billion in perpetual contract volume, placing it at the top of the rankings.
This surge in trading reflects growing user interest in DeFi-native derivatives platforms. Traders are increasingly opting for decentralized alternatives that offer greater transparency, self-custody, and reduced reliance on centralized entities. Lighter’s rise showcases its ability to attract high-volume traders and liquidity, helping it outperform competitors.
Aster and Hyperliquid Close Behind
While Lighter took the top spot, Aster wasn’t far behind with $10.72 billion, followed closely by Hyperliquid, which recorded $8.16 billion in volume. These platforms have also been gaining popularity due to their efficient trading engines, competitive fees, and expanding communities.
This trio of platforms—Lighter, Aster, and Hyperliquid—are setting a new standard for decentralized perpetual trading. Their performance signals a potential shift away from traditional centralized derivatives markets and toward more agile, on-chain ecosystems.
NOW: Lighter tops 24H perp volume rankings with $11.89B, followed by Aster ($10.72B) and Hyperliquid ($8.16B). pic.twitter.com/yc6ZjLtlKZ
— Cointelegraph (@Cointelegraph) October 29, 2025
What This Means for DeFi
The sharp rise in perpetual volume across these platforms is a clear indicator of the growing momentum in the DeFi space. With institutional and retail traders both looking for alternatives to centralized exchanges, DeFi perpetual protocols like Lighter are capturing market share at a rapid pace.
The future of crypto derivatives could be increasingly decentralized, and the current volume trends are a strong early signal of this transformation.