Perp DEX market sees volume triple to $12.1T as competition diversifies

Cumulative trading volume on decentralized perpetual futures exchanges (Perp DEXs) has surged to $12.09 trillion, marking a nearly threefold increase since the start of the year, Cointelegraph reported, citing data from DeFiLlama. This year's volume alone accounts for $7.9 trillion, with 73% of that activity occurring in the second half of the year. The report noted that the market structure has shifted from the early dominance of Hyperliquid (HYPE) to a more diversified competitive landscape following the emergence of newer platforms such as Aster (ASTER) and Lighter (LIT).