Key Market Developments
Mainstream perpetual DEXs, led by Lighter, have experienced significant trading volume increases, with some platforms seeing over a 40% rise in daily activity. These shifts underscore heightened engagement within crypto markets and intensify competition among decentralized exchanges as they strive to meet escalating liquidity demands.
The data indicates a growing trend in decentralized finance, with perpetual DEXs showing robust performance and attracting increased user interest.
Lighter Dominates with $12.78 Billion in 24-Hour Volume
Major perpetual DEXs have recorded substantial gains in trading volumes compared to the preceding day. Leading platforms such as Hyperliquid, Aster, and Pacifica have witnessed increases exceeding 40%, according to data from Defilama. Lighter, continuing its leadership position, reported an impressive 24-hour trading volume of $12.78 billion.
This surge in trading activity suggests enhanced market participation and may attract new investors to the perpetual DEX landscape. Lighter's planned Token Generation Event is expected to further galvanize community rewards and intensify interest among market participants.
"The restart of the U.S. government will trigger a series of liquidity tailwinds for risk assets including crypto." - Raoul Pal, CEO, Real Vision
Ethereum's Market Standing and Future Outlook
A notable development in the decentralized finance space was the observation that in October 2025, perpetual DEXs collectively recorded over $1 trillion in monthly trading volume, a substantial increase from the $739 billion recorded in September. This highlights a significant upward trend in decentralized financial trading activities.
As of November 15, 2025, Ethereum holds a market capitalization of $382.47 billion and is trading at $3,168.89. With a circulating supply of approximately 120.7 million ETH, its 24-hour trading volume is $42.76 billion, reflecting a 15.94% decrease.
Research from Coincu indicates a growing interest in decentralized derivatives trading. The increasing adoption of governance tokens and improvements in supply chain management within the crypto ecosystem may lead to broader market adoption and foster technological innovation in DEX frameworks.