Mainstream Perp DEX Overview: Holiday Liquidity Impact Causes Trading Volume Dip, Lighter Leads Again

On December 24th, DefiLlama data shows that trading volumes across major perpetual DEXs (Perp DEXs) mostly saw a slight dip over the past 24 hours compared to the prior day. Lighter reclaimed the top spot as its 24-hour trading volume surpassed Hyperliquid once again, with Hyperliquid taking second place. Most platforms reported relatively limited changes in open interest and total value locked (TVL). Key 24-hour metrics for select Perp DEXs are below: - **Lighter**: Trading volume ~$61B; TVL ~$14.1B; Open interest ~$15.6B - **Hyperliquid**: Trading volume ~$56.4B; TVL ~$41.2B; Open interest ~$70.4B - **Aster**: Trading volume ~$41B; TVL ~$12.7B; Open interest ~$23.9B - **EdgeX**: Trading volume ~$27.6B; TVL ~$3.67B; Open interest ~$7.43B - **ApeX**: Trading volume ~$18.9B; TVL ~$46.4M; Open interest ~$2.21B - **Variational**: Trading volume ~$10.8B; TVL ~$66.18M; Open interest ~$5.03B - **Backpack**: Trading volume ~$10.7B; TVL not publicly disclosed; Open interest ~$2.21B - **Pacifica**: Trading volume ~$6B; TVL ~$41.47M; Open interest ~$58.54M This rewrite uses concise, conversational phrasing common in U.S. crypto news, clear bullet points for readability, and industry-standard abbreviations (B = billion, M = million) to align with American audience habits.