Perpetual decentralized exchanges posted more than $70 billion in daily trading volume on February 5, reaching the second-highest daily total ever recorded for the sector. Data from DeFiLlama shows the figure was surpassed only by the October 10, 2025 “1011” flash crash, pointing to strong on-chain derivatives demand during periods of sharp market stress.
Hyperliquid, Aster, and Lighter captured most of the flow
Among individual platforms, Hyperliquid handled $24.7 billion, leading the market. Aster followed with $10 billion, edgeX recorded $8.7 billion, and Lighter reached $7.5 billion. These major protocols accounted for most of the day’s activity, showing that traders continued to favor the largest perpetual DEX venues. Smaller protocols including Extended, Grvt, Apex Omni, Variational, and Nado Perp added only limited volume.
DeFiLlama tracked daily volume across the top 20 perpetual protocols from October 2025 through early February 2026. Over the first stretch, from October into early November, daily totals often climbed to around $75 billion to $80 billion. Lighter Perps and Hyperliquid Perps were the main drivers in that period, with Aster Perps and EdgeX Perps also contributing sizable activity.
Volumes cooled after November, then December brought sharp bursts
After mid-November, the market moved into a lower range, with daily perpetual volume mostly between $20 billion and $60 billion. December then produced several sharp spikes. That pattern suggested trading interest remained active, but concentrated around short windows of market movement. Platform leadership did not shift much during this phase, as Hyperliquid, Aster, and Lighter kept the largest shares of trading capital.
Early 2026 slowed down before a late-January rebound
At the start of 2026, daily perpetual DEX volume fell to roughly $15 billion to $40 billion. Activity picked up again in late January and early February, lifting total volume back near $70 billion. The source notes that this rebound came during an ongoing market sell-off, showing that traders stayed engaged in volatile conditions while the leading perpetual protocols maintained their advantage in user preference and market share.