- Aster dominates with $41.78B in volume, $4.86B in open interest, and $13.44M in fees.
- Hyperliquid leads in open interest with $14.68B, while Aster holds the top spot in all metrics.
- Exchanges like Lighter, EdgeX, and Paradex show significant activity, but lack complete fee data
As of October 6, 2025, the landscape of perpetual decentralized exchanges (Perp DEXs) continues to evolve with Aster leading the pack. It has emerged as the dominant player in terms of 24-hour trading volume, open interest, and fees. These figures reveal significant activity within the decentralized finance (DeFi) sector, highlighting the rising competition and growth in decentralized derivatives trading.
Aster Tops the Rankings as Lighter and Hyperliquid Follow Closely
Wu Blockchain post on X confirms that Aster stands out with the highest 24-hour trading volume of $41.78 billion. This impressive figure positions it at the top of the leaderboard. In addition to volume, Aster maintains a substantial open interest of $4.86 billion. The exchange also leads in fees, accumulating $13.44 million in just 24 hours. This dominance across multiple metrics solidifies Aster’s position as the most active Perp DEX in the market.
Lighter follows in second place, registering a 24-hour trading volume of $10.13 billion. Its open interest is notable as well, totaling $2.08 billion. However, unlike some of its competitors, Lighter does not provide fee data, making it difficult to gauge its full financial footprint.
Hyperliquid ranks third with a trading volume of $9.02 billion. It leads in open interest, which stands at $14.68 billion, the highest in this category. Despite a significant trading volume, Hyperliquid’s fees for the 24-hour period are recorded at $3.29 million, positioning it behind Aster but still significant within the industry.
EdgeX, Apex, and Paradex Round Out the Top Five
EdgeX ranks fourth, reporting a 24-hour volume of $4.58 billion and an open interest of $1.32 billion. This platform also generated $1.74 million in fees during the same period. Apex Protocol, holding fifth place, recorded a trading volume of $1.31 billion and an open interest of $94.88 million. It generated $0.25 million in fees, reflecting a more modest engagement compared to the top players.
Paradex is in sixth position with a volume of $1.19 billion and an open interest of $545.38 million. Paradex’s fee data is available and stands at $0.07 million for the day, showing a smaller, yet consistent trading activity.
Pacifica, GRVT, Jupiter, and Reya DEX in Lower Ranks
Pacifica, ranked seventh, posted a volume of $1.18 billion and an open interest of $379.78 million. No fee data was provided for this exchange. GRVT follows in eighth place, with a volume of $733.38 million.
Jupiter, holding ninth place, recorded a volume of $553.56 million. It reported an open interest of $936.40 million, the highest in its rank. Jupiter’s fees for the 24-hour period amounted to $2.39 million. Finally, Reya DEX ranks tenth with a 24-hour volume of $552.27 million. Its open interest is reported at $16.57 million.
The rankings of perpetual decentralized exchanges as of October 6, 2025, show Aster and Hyperliquid as leaders in terms of volume, open interest, and fees. While Aster leads across all categories, Hyperliquid shines in open interest. These exchanges, along with others like Lighter, EdgeX, and Apex Protocol, continue to shape the dynamic space of decentralized derivatives trading.
