Lighter has emerged as the leading perpetual decentralized exchange (Perp DEX) with a 24-hour trading volume of $10.71 billion, according to Defilama data as of November 19. This makes Lighter the only Perp DEX to surpass the $10 billion mark in daily volume, amidst a general decline across the sector. Aster claimed the second spot, overtaking Hyperliquid, with a trading volume of $8.72 billion. Meanwhile, Pacifica experienced a significant drop, with its volume falling by more than half to $559 million. Other notable platforms include EdgeX with $5.94 billion, ApeX at $2.9 billion, Backpack with $1.58 billion, Variational at $1.1 billion, and Hyperliquid recording $8.15 billion.