- Hyperliquid, Aster, and Lighter led Feb 5 trading, showing strong user preference for major perpetual DEXs.
- Daily perp volumes spiked repeatedly since October, signaling a dynamic and fast-moving crypto trading market.
- Early 2026 saw a rebound in activity, hinting at renewed trader confidence despite ongoing market sell-offs.
Perpetual decentralized exchanges (DEXs) surged to historic trading volumes on February 5, recording over $70 billion. According to DeFiLlama, this marked the second-highest daily volume in history, trailing only the October 10, 2025 “1011” flash crash.
Hyperliquid led the charge with $24.7 billion, followed by Aster at $10 billion, edgeX at $8.7 billion, and Lighter at $7.5 billion. This extraordinary activity reflects both market volatility and renewed trader interest amidst ongoing sell-offs.
Total daily volumes across the top 20 perpetual protocols were tracked by DeFiLlama from October 2025 through early February 2026. The result shows regularly recurring spikes and protocol-specific dominance. During the first period, from October up to early November, daily volumes often peaked around $75–$80 billion.
Lighter Perps and Hyperliquid Perps consistently drove these spikes, supported by Aster Perps and EdgeX Perps. Meanwhile, smaller protocols such as Extended, Grvt, Apex Omni, Variational, and Nado Perp contributed marginally.
Fluctuating Volumes and December Spikes
After mid-November, the market settled into a lower range, averaging $20–$60 billion daily. However, December saw several sharp volume bursts, signaling sporadic but intense trading activity. Traders seemed to respond quickly to market signals, exploiting short-term opportunities.
Additionally, protocol dominance remained consistent, with Hyperliquid, Aster, and Lighter retaining the largest market shares. Hence, these platforms continued attracting the bulk of trading capital.
Entering 2026, the market initially cooled, with daily perp volumes between $15–$40 billion. Nevertheless, late January and early February brought a clear resurgence, pushing total volumes near $70 billion. Consequently, traders demonstrated renewed confidence, possibly anticipating larger price movements.
Moreover, Hyperliquid, Aster, and Lighter Perps again led the surge, highlighting persistent user preference for top-tier protocols. Overall, the market shows both resilience and selective growth among dominant platforms.