Hyperliquid leads the perpetual decentralized exchange (Perp DEX) sector, commanding 66.4% of the total bridge total value locked (TVL), equivalent to $5 billion in assets as of October 12, 2025. This positions Hyperliquid as the dominant player in the market. Meanwhile, competitors Aster and Lighter are making significant strides. Aster holds $1.2 billion in TVL, capturing 16.3% of the market, while Lighter has reached $1 billion in TVL, accounting for 13.5%. Notably, Lighter's TVL increased by $150 million recently, making it the sixth-largest Layer-2 exchange on Ethereum. The combined TVL of the top four Perp DEXs has surpassed $7.5 billion, reflecting increased investor confidence in decentralized derivatives trading.