2026-01-19 10:48:02

The trading popularity of perpetual contract DEXs continues to rise. According to the latest data, in the past day, 8 Perp DEXs have each surpassed $1 billion in trading volume, namely Aster, Hyperliquid, Lighter, edgeX, Variational, Paradex, Grvt, and Extended.

Especially noteworthy is that ApeX Protocol and Pacifica, which follow closely behind, are not far behind, both approaching $950 million in trading volume. This indicates that liquidity in the perpetual DEX sector is rapidly consolidating around the leading platforms, and market participation is quite active.

From the perspective of trading volume distribution, the competitive landscape among top platforms has already taken shape. New entrants aiming to carve out a place in this sector will need to focus on product experience, fee rates, or risk management.

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GasWaster

· 7h ago

yo those volume numbers hit different but ngl the bridge fees to get in on all these perp dexes are absolutely killing me rn... like hyperliquid doing 10b is cool and all but what's the actual gas cost per trade? nobody ever talks about that 💀

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GateUser-e19e9c10

· 12h ago

Perpetual DEX is so popular that it has reached $1 billion, but the real profits still come from the top players. New projects need to compete in strength to enter.

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Hash_Bandit

· 12h ago

hyperliquid's been absolute unit lately... but ngl the real story here is consolidation, yeah? reminds me of the mining pool wars back in 2016 when everything funneled into like 3-4 major pools. same network effects at play, just on dex rails now. feels familiar watching liquidity pool itself like that.

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SchrodingerWallet

· 12h ago

Wow, a billion dollars in trading volume is already the starting price? I need to quickly check if my positions are still safe.

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GasFeeCrier

· 12h ago

$1 billion trading volume? Hyperliquid is showing off its muscles again Perp DEX is so competitive now, small platforms probably should cry Liquidity is concentrated among the top players, is there still a chance for new projects to enter? Why haven't I seen the ones I follow... need to do some homework This trading heat feels like a warm-up for the next market wave The top players are fighting so fiercely, will the fee rates keep getting lower? Is Pacifica approaching $950 million? This dark horse has something special Is the spring of contract DEX here, or is capital just rotating? Eight platforms simultaneously breaking $1 billion, wow, this is truly active Need to quickly understand the differences in risk control among these platforms Looks like I have to pick a side; small platforms are getting less and less viable

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DeFiChef

· 12h ago

Perpetual DEX is really competitive, starting from hundreds of millions... Hyperliquid is once again taking the lead, when will it be the new challenger's turn? With such rapid concentration among the top players, do retail investors still have a chance to catch a bargain?

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WhaleMinion

· 12h ago

Top-tier platforms are taking the lion's share, mid-tier platforms are just getting by, and new projects basically have no chance. Hyperliquid is really aggressive this time; it feels like the entire market liquidity is concentrating in the top players. Wait, is this data over 24 hours or some other period? It seems a bit exaggerated. Lowering fees to the extreme is useless; product experience is the key. In the perpetual DEX battle, some will ultimately fail; survival of the fittest.

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