The Perps DEX market structure continues to consolidate around a small number of highly liquid venues.
@HyperliquidX remains the dominant player with $188.54B in monthly trading volume—nearly four times larger than the second-largest platform.
A second-tier group is beginning to emerge, but volumes still remain significantly below those of the market leader: @Aster_DEX — $47.27B @grvt_io — $40.93B @Lighter_xyz — $38.11B @edgeX_exchange — $33.01B - by Cryptorank $HYPE $ASTER $LIT