Post #11900

Top 10 Perpetual DEXs by Volume (Last 30D) • Hyperliquid — $186B • edgeX — $73.1B • Aster — $68.5B • TradeXYZ — $54.7B • Lighter — $50.1B • Grvt — $39.7B • ApeX — $33.3B • Variational — $19.2B • StandX — $16.6B • Extended — $11.5B 8 of the top 10 perp DEXs are down in volume over the last 30 days. This isn't a one-off, it's a broad market-wide deceleration. Lighter and Aster are leading the drop at -33% and -28.5%, likely a sign of incentive-driven volume drying up. Two names bucked the trend: TradeXYZ (+57.5%) is the only protocol showing real, meaningful growth, standing out in a sea of red. Grvt is the only other green at +2.8%. Meanwhile, Hyperliquid holds ~35% of top-10 volume despite the dip, and its $7.69B OI is 3.6× larger than #2 TradeXYZ's $2.1B. The gap at the top isn't closing, it's widening. Data sources🔗defillama.com Top 7 Ecosystem:Alpha | X | Aggregator