In accordance with Chainthink, as of December 24, 2025, most major perpetual decentralized exchanges (Perp DEXs) saw a slight decline in trading volume over the past 24 hours, likely due to holiday-related liquidity effects. Lighter reclaimed the top spot with a 24-hour trading volume of approximately $6.1 billion, surpassing Hyperliquid, which dropped to second place with $5.64 billion. Most platforms reported limited changes in TVL and open interest.
Lighter Surpasses Hyperliquid as Top Perp DEX Amid Holiday Volume Drop
ChainthinkShare
Summary
According to Chainthink, as of December 24, 2025, most major perpetual decentralized exchanges (Perp DEXs) saw a slight drop in trading volume over the past 24 hours, likely due to holiday-related liquidity effects. Lighter reclaimed the top spot with a 24-hour trading volume of around $6.1 billion, surpassing Hyperliquid, which fell to second with $5.64 billion. Transaction volume remained relatively stable across platforms, with limited changes in TVL and open interest.
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