Hyperliquid has emerged as the leading decentralized perpetual contracts exchange (Perps DEX) with a monthly trading volume of $178.23 billion, according to the latest data from CryptoRank. Aster follows in second place with $77.77 billion, while EdgeX and Lighter rank third and fourth with $70.83 billion and $65.47 billion, respectively. The data highlights the growing market interest and capital inflow into the decentralized derivatives sector.