Hyperliquid has emerged as the leading perpetual decentralized exchange (Perp DEX) with a 24-hour trading volume of $8.8 billion, according to DefiLlama data. The platform also saw a 12% increase in open interest, reflecting a growing short-term market risk appetite. Other notable Perp DEXs include Aster with a $6.54 billion trading volume and $2.78 billion in open interest, and Lighter with $5.06 billion in trading volume and $1.46 billion in open interest. EdgeX reported a $4.09 billion trading volume, while Variational and Paradex recorded $1.96 billion and $1.26 billion, respectively. The overall increase in trading volumes, ranging from 15% to 25%, indicates heightened activity across the sector.