Hyperliquid emerged as the leading perpetual decentralized exchange (DEX) in December 2025, generating $89.5 million in monthly fees, according to Phoenix Group. The platform reported 310,500 active addresses and a total value locked (TVL) of $4.5 billion, indicating robust market performance. Following Hyperliquid, edgeX, Jupiter, and Aster recorded fees of $61.1 million, $54.6 million, and $48.3 million, respectively. Meanwhile, platforms like Lighter, ApeX, and GMX showed steady growth, while Extended, Drift, and Avantis gained market traction. The decentralized derivatives market remains concentrated among top players, though mid-tier platforms are closing the gap.