Hyperliquid has emerged as the leading perpetual decentralized exchange (Perp DEX) with a 24-hour trading volume of approximately $9.86 billion, according to DefiLlama data. This positions Hyperliquid significantly ahead of its competitors, with a total value locked (TVL) of about $4.49 billion and open interest reaching $8.44 billion. Trailing Hyperliquid, Aster recorded a trading volume of around $6.22 billion, with a TVL of $1.23 billion and open interest of $2.52 billion. Other notable platforms include Lighter with a $5.06 billion trading volume, EdgeX at $4.76 billion, and Grvt at $1.95 billion. These figures highlight a general increase in trading activity and open interest across major Perp DEX platforms.