Lighter has overtaken Hyperliquid as the leading perpetual decentralized exchange (Perp DEX) by trading volume, according to Chainthink data from December 24, 2025. Lighter reported a 24-hour trading volume of approximately $6.1 billion, surpassing Hyperliquid's $5.64 billion. The shift comes amid a general decline in trading activity across major Perp DEXs, attributed to holiday-related liquidity effects. Despite the volume drop, transaction volumes remained stable, with minimal changes in total value locked (TVL) and open interest across platforms.