Lighter has emerged as the leading perpetual decentralized exchange (Perp DEX), surpassing Aster with a 24-hour trading volume of approximately $10.69 billion, according to Defilama data on November 11, 2025. Aster experienced a significant decline in trading activity, with its volume dropping nearly 50% from $119.4 billion to $57 billion. Other prominent Perp DEXs include Hyperliquid, which recorded a 24-hour trading volume of $8.71 billion, and EdgeX, with $5.82 billion. This shift in rankings highlights the dynamic nature of the decentralized exchange market.