Aster, Lighter challenge Hyperliquid as perps DEX volumes hit $252B and $218B

On December 20, 2025, Aster and Lighter were reported to be closing the gap with Hyperliquid's dominance in decentralized perpetual futures exchanges. Monthly perp volumes reached $252 billion for Lighter and $218 billion for Aster, while open interest stood at $1.7 billion, $2.4 billion, and $7 billion for Lighter, Aster, and Hyperliquid. In November, Lighter briefly led after a $68 million funding round.