Key Market Developments
Mainstream Perpetual Decentralized Exchanges (Perp DEXs), including Lighter and Hyperliquid, experienced substantial trading volume increases of over 40% on November 14, 2025, according to DefiLlama data. This surge underscores intensified market activity yet steady open interest, indicating predominant short-term or turnover trades rather than new capital influxes.
Top DEX Platforms Surge: Lighter Hits $12.78 Billion
Lighter, Hyperliquid, Aster, and Pacifica have reported over 40% increases in trading volumes, highlighting increased activity across mainstream Perp DEXs. Lighter maintains a lead with a 24-hour trading volume of approximately $12.78 billion, followed closely by Hyperliquid at $12.58 billion.
While trading volumes have surged significantly, open interest remains relatively stable, suggesting the bulk of recent activity is composed of turnover or short-term positions rather than large-scale inflows of new capital.
The absence of significant executive statements or regulatory updates indicates muted direct reactions to the current volume surge from key figures and governmental bodies. According to Coincu’s research team, "such volume increases may spark further developments within the DeFi trading space, potentially driving evolutions in derivative products."
Market Dynamics: Trading Activity Rises Amidst Stability
During previous periods of increased trading volumes on Perp DEXs, subsequent market volatility often followed, particularly affecting ETH and BTC price dynamics as traders adjusted to shifting liquidity patterns.
Ethereum's current trading price is $3,187.53 with a market cap registering at $384.72 billion. The 24-hour trading volume for ETH shows a 39.38% rise to approximately $53.87 billion, reflecting heightened trading activities similar to those on Perp DEXs.
Historical trends suggest that rising trading volumes on DEXs can lead to heightened market insights and regulatory evaluations.