Major perpetual decentralized exchanges (DEXs) have seen a 30% drop in trading volume, according to DefiLlama data. Despite the decline, open interest remains stable, suggesting no major outflow of leveraged funds. Hyperliquid leads with a 24-hour trading volume of $7.34 billion, followed by EdgeX, which has risen to second place with $3.04 billion. Aster, Lighter, Grvt, and Pacifica follow with volumes of $2.77 billion, $2.13 billion, $1.71 billion, and $454 million, respectively.