Trading Volume Contraction Sweeps Perp DEX Sector—Aster Dominates with $4.07B

ContractFreelancer · 2026-01-05T14:34:20+00:00

Weekend trading activity in perpetual decentralized exchanges saw significant volume declines, with most platforms falling below $3 billion. Aster led with $4.07 billion in trades, while others like Lighter and emerging platforms struggled. This highlights the cyclicality of derivatives trading amid reduced institutional participation.

ContractFreelancer

2026-01-05 14:34:20

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Weekend trading activity painted a sobering picture for perpetual decentralized exchanges, with most major platforms experiencing a notable pull back in volume. According to DefiLlama’s latest snapshot from December 29, the broader Perp DEX ecosystem saw trading volumes contract significantly, with most venues settling below the $3 billion threshold.

Aster emerged as the volume leader despite the sector-wide slowdown, commanding approximately $4.07 billion in 24-hour trading activity. This standout performance underscores its position in the market, even as peers grappled with lighter trading conditions.

The weakness was broadly distributed across the sector. Lighter continued its struggle to gain traction, with volumes remaining pressured ahead of its anticipated platform launch. Hyperliquid proved slightly more resilient, notching a modest uptick in open interest metrics. Meanwhile, emerging platforms including EdgeX, ApeX, and Pacifica all reported reduced trading figures, reflecting the overall market hesitation.

The drop underscores the cyclical nature of derivatives trading, with weekend periods traditionally seeing thinner order books and reduced participation from institutional participants. Whether this pullback signals a temporary lull or portends sustained weakness remains a key question for market observers tracking the perpetual DEX landscape.

ASTER-5,65%

HYPE-1,98%

LIT-10,4%

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