TLDR
Todays L2 leadership by activity and trading tends to cluster around Base and Arbitrum for DEX flow, with specialized L2 perps venues like Lighter and Aster topping on?chain derivatives volumes. Assumption: volume refers to on?chain trading volume; if you meant transaction count or bridge flow, tell me and Ill reframe.
- Base has recently captured a large share of L2 revenue and user flow via Coinbase distribution, signaling sustained liquidity concentration Base L2 revenue share.
- Arbitrum remains a high?activity L2 with improving weekly network metrics and DeFi participation weekly network snapshot.
- Perps?first L2s saw the biggest on?chain derivatives volumes this week, with Lighter and Aster leading by weekly and monthly totals on?chain perps volumes.
Deep Dive
1. Base Leads
Base has shown outsized L2 traction, with research noting that it captured about 62% of total L2 protocol revenue in 2025, helped by direct Coinbase distribution and a broadening app set spanning DEXs and AI?linked apps. This usually translates into deeper order books and steadier day?to?day volumes Base L2 revenue share.
When whos on top today isnt clear, Bases recent revenue share and app breadth make it a default liquidity hub to check first.
2. Arbitrums Activity
Arbitrum remains one of the busiest L2s, with weekly network metrics and revenue snapshots showing resilience even when broader L2 baskets softened. Recent updates showed small week?over?week improvements for Arbitrum while other sectors lagged, suggesting consistent participation across DeFi venues weekly network snapshot. Separate tallies of L2 operator revenues underscore that L2s as a group are compressing fees to grow usage, which supports higher throughput on leading networks L2 revenue overview.
Even if the daily crown flips intra?day, Arbitrum tends to sit near the top on DEX and general activity, so it is a core venue to monitor for today volume rotations.
3. Perps L2s Dominate Derivatives
If by volume you mean on?chain derivatives trading, specialized L2s have led this week. Lighter and Aster posted the highest weekly and monthly perps volumes among on?chain venues, with Hyperliquid close behind, although incentives and airdrops can inflate prints temporarily on?chain perps volumes and a recent weekly market wrap that highlights venue shifts weekly network snapshot.
For derivatives flow specifically, the highest volumes today are often on these app?specific L2s rather than general?purpose L2 ecosystems.
Conclusion
On most days, Base and Arbitrum are your best first stops for top DEX volumes, while Lighter and Aster often lead on?chain perps flow. If you meant transaction count or bridge throughput rather than trading, say the word and I will pull that lens. Confidence: moderate given public snapshots are weekly and incentives can briefly distort daily ranks.
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