TLDR
Perpetuals-focused DEXs led volumes this week: Lighter, Aster, and Hyperliquid.
- Lighter (LIT): around $30.9B weekly, benefiting from an airdrop-driven surge per a market update.
- Aster (ASTER): about $26B weekly, rising into the top tier per the same report.
- Hyperliquid (HLP): roughly $21.5B weekly with deeper open interest per the analysis above.
Deep Dive
1. Lighter
Lighter was the highest-volume perp DEX this week, with around $30.9B in weekly trading volume. The report noted this surge may be amplified by a token airdrop campaign that temporarily boosts activity, so durability of volumes bears watching per the market update.
- Over the past 30 days, sources consistently show Lighter on top among onchain perps by total volume, with figures near $203B for the month (news summary).
- Airdrop-linked flows often fade after distribution, which can compress headline volumes post-event.
If you track venue dominance, adjust for incentive effects. Sustained depth and OI after airdrops is a better signal than one-off volume spikes.
2. Aster
Aster ranked second in weekly volume near $26B and has been increasingly competitive through Q4 as its ecosystem matured and distribution improved per the market update.
- Recent 30?day aggregates place Aster at roughly $171.8B monthly volume, just behind Lighter (coverage).
- Multi?venue competition in perps has tightened, reflecting improved execution and liquidity across leading DEXs (overview).
Asters rise suggests liquidity is diversifying across perps venues. For research, compare OI, fee models, and latency alongside headline volumes.
3. Hyperliquid
Hyperliquid placed third this week with about $21.5B, but continues to show strong open interest and has historically led perps volumes earlier this year per the analysis.
- Broader 30?day aggregates still show Hyperliquid among the top three by volume (news summary).
- Trend context: onchain perps crossed $1T monthly volume in late 2025 as traders favored leverage over spot, lifting all leading venues (overview).
Despite ranking third this week, Hyperliquids deeper OI and execution profile can matter more than a single weeks tape for sustained liquidity.
Conclusion
This weeks volume leadership clustered in onchain perpetuals, led by Lighter, with Aster and Hyperliquid close behind. Incentives (like airdrops) and improving execution explain short?term shifts, while the broader trend is sustained growth in onchain derivatives. If you care about durable liquidity rather than headline totals, monitor open interest, fee structures, and post?incentive volume persistence.
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