During the Christmas period, mainstream Perp DEX liquidity is low, tomorrow may be the last reward distribution before Lighter goes live

**Perpetual DEX Trading Volume Drops Sharply Again: DefiLlama Data** As of December 25th, DefiLlama figures show mainstream perpetual DEX (Perp DEX) 24-hour trading volumes have fallen sharply again from the previous day. Lighter, which plans to launch its mainnet and issue tokens by December 31st, may conduct its final token distribution this Friday—potentially keeping its trading volume among the top tiers. Hyperliquid ranks second, while open interest (OI) has seen a slight uptick across most platforms. Key Perp DEX metrics follow: - **Lighter**: 24h volume ~$50.4B | TVL ~$14.1B | OI ~$15.5B - **Hyperliquid** ([app.hyperliquid.xyz/join/NTOD](https://app.hyperliquid.xyz/join/NTOD)): 24h volume ~$35B | TVL ~$41.3B | OI ~$72.6B - **Aster** ([www.asterdex.com/zh-CN/referral/aboter](https://www.asterdex.com/zh-CN/referral/aboter)): 24h volume ~$28.5B | TVL ~$12.7B | OI ~$24.3B - **EdgeX**: 24h volume ~$18.7B | TVL ~$3.68B | OI ~$7.61B - **ApeX**: 24h volume ~$17.6B | TVL ~$46.26M | OI ~$2.4B - **Variational**: 24h volume ~$10.9B | TVL ~$66.18M | OI ~$4.85B - **Backpack**: 24h volume ~$8.13B | TVL undisclosed | OI ~$2.16B - **Pacifica** ([app.pacifica.fi/?referral=pacbot](https://app.pacifica.fi/?referral=pacbot)): 24h volume ~$4.88B | TVL ~$41.44M | OI ~$60.26M (Note: All figures are approximate per DefiLlama data.)