Perp DEX Market Sees Major Volume Changes Amid Liquidity Concerns

According to DefiLlama, on December 26, trading volumes in major Perp DEXes remained low, with EdgeX surpassing Hyperliquid for second place in trading activities..

This reflects ongoing sluggishness in the market, highlighting liquidity challenges across decentralized exchanges and the competitive dynamics between leading platforms like Lighter and EdgeX.

Lighter Tops Perp DEX with $47.5B in Daily Volume

The market landscape is witnessing a sluggish trading volume across mainstream Perp DEXes. Liquidity remains unrecovered, signaling a declining engagement from market makers. Incentive-based trading appears prominent, with EdgeX and Lighter showcasing relatively high volume-to-open interest ratios.

Despite these challenges, no statements from key industry figures have surfaced, leaving the market’s next moves speculative. The crypto community is observing these changes keenly, but official commentary remains absent. Further market clarity is anticipated as stakeholders assess the ongoing shifts.

“It appears that there are no identifiable quotes from key players or leadership related to the December 26, 2025, Perp DEX volume updates regarding Lighter, EdgeX, Hyperliquid, or Aster. All statements seem to be absent or unavailable in the provided sources.”

Historical Volatility and Fee Dynamics in Perp DEX Markets

Did you know? In October 2025, Perp DEX volumes reached as high as $12 trillion monthly, demonstrating the sector’s significant growth potential despite occasional liquidity fluctuations.

Historically, Aster’s dominance in September 2025 highlighted the competitive and dynamic environment among Perp DEX platforms, though their 70% volume share was driven by transient incentives. Current data reflects a less stable trading environment, as liquidity challenges persist.

Examining financial indicators, EdgeX’s trading efficiencies due to lower fees have provided traders potential savings, yet without resolving broader liquidity concerns. Future pricing trends and economic insights might depend heavily on evolving market engagement strategies from key players like Lighter and EdgeX.

For instance, changes in market dynamics have been noted in the Federal Reserve crypto markets impact context. This is in line with experts who keep a close watch on the effects of monetary policies on crypto prices.