DefiLlama data reveals a decrease in 24-hour trading volumes across major perpetual decentralized exchanges (Perp DEXs) as of November 27, 2025. Lighter leads the market with $88.7 billion in daily volume, followed by Aster at $84.8 billion and Hyperliquid at $71.3 billion. Notably, Pacifica's volume fell to $561 million, dropping below the $600 million threshold. Despite the overall decline, Hyperliquid and Aster experienced a 7-day increase in open interest, indicating sustained trader engagement.