Lighter Takes the Lead: Flips Aster in 24-Hour Perpetual DEX Trading Volume
The decentralized perpetual futures (perp DEX) market continues to heat up in late 2025, with intense competition driving massive trading volumes across top platforms. On December 17, 2025, Lighter — a high-performance Ethereum-based perp DEX — surged to the top spot, overtaking long-time contender Aster in 24-hour trading volume.
According to data highlighted by Cointelegraph, Lighter recorded an impressive $7.513 billion in 24-hour perp volume, edging out Aster's $6.743 billion. This marks a significant flip, showcasing the rapid shifts in trader preference within this booming sector.
Top 5 Perp DEXs by 24-Hour Volume (December 17, 2025)
Lighter - $7.513 billion
Lighter, known for its zk-rollup efficiency and CEX-like execution speeds, has been gaining traction rapidly.Aster - $6.743 billion
The Binance Labs-backed platform on BNB Chain has been a dominant force throughout 2025, often leading in incentives and leverage options.Hyperliquid - $5.369 billion
The veteran Layer-1 perp powerhouse remains a strong third, with deep liquidity and institutional appeal.ApeX Protocol - $2.826 billion
A reliable player offering non-custodial trading with strong integrations.edgeX - $2.283 billion
This Ethereum Layer-2 focused on perpetuals continues to hold a solid position in the rankings.
Why This Matters in the Perp DEX Wars
The decentralized perpetual futures space has exploded in 2025, with platforms like Lighter, Aster, and Hyperliquid frequently trading places at the top. These DEXs offer traders leverage, deep liquidity, and on-chain transparency without the risks of centralized custodians.
Lighter's recent surge to #1 highlights how quickly momentum can shift — driven by factors like execution speed, low fees, liquidity incentives, and overall market sentiment. While Aster has dominated much of the year with aggressive points programs and high-leverage trading, Lighter's rise shows that performance and scalability are winning over traders in the current cycle.
The combined volume from just these top platforms exceeds $24 billion in a single day, underscoring the maturity and adoption of on-chain derivatives trading.
Final Thoughts
The perp DEX landscape is more competitive than ever, and these daily flips keep things exciting for traders. Whether Lighter can hold onto the lead or Aster bounces back remains to be seen, but one thing is clear: decentralized perpetual trading is here to stay and continues to challenge centralized exchanges.
Keep an eye on these platforms — the next big shift could happen any day.
Tags: #Crypto #DeFi #PerpetualFutures #PerpDEX #Lighter #Aster #Hyperliquid #Trading #Blockchain
Sources: Cointelegraph X post, public perp volume leaderboards. All data as of December 17, 2025. NFA – always DYOR.