Perpetual DEX Sector Surges with Hyperliquid Dominance in Monthly Fees

The continuously developing DEX ecosystem has provided yet another solid month, with new data showing a significant increase in the number of fees generated monthly on the major platforms. Phoenix Group report of December 12, 2025 confirms that Hyperliquid is at an unbeatable lead, having registered an amazing thirty days volume amount of $89.5M. 

Hyperliquid Maintains First Place With Record Fee Generation

The dominance of Hyperliquid is supported by the fact that it has a significant lead in fees and is the most active ecosystem. The site registered $89.5M monthly volume, which was far ahead of all competitors. 

Hyperliquid does not leave the pace of the perpetual DEX performance as the number of active addresses in thirty days is 310.5K and the value locked is $4.5B. The site has strong liquidity and a continuously increasing volume, rendering it the strongest derivatives venue in the decentralized environment.

edgeX, Jupiter, and Aster Fuel Mid-Tier Competition

The second place was edgedX that earned more revenue in the form of monthly fees amounting to $61.1M with a relatively smaller address base of 6.5K users. 

The lock-in value of $404.6M is high and reflects a high level of capital concentration and active traders in its fees increment. 

Jupiter came in with $54.6M monthly volume with 1.5M active addresses to back it up with strong locked value of $2.8B. Aster received the fourth place with $48.3M in volume, 116.5K users, and $1.3B liquidity base. The three platforms show the increasing power of diversified DEXs with very diverse user segments but a robust trading interest.

Rising Platforms Show Strong Momentum Across Liquidity and Trading Metrics

Lighter earned $19.4M in volume and retains 138.7K active addresses and $1.4B of total value locked, which is healthy mid-range growth. ApeX and GMX continued to be stable with $4.8M and $4.4M in volume respectively. GMX is still maintaining a significant $401.5M TVL, which speaks volumes about the company being in the perpetual market. 

New competitors were introduced by Extended, Drift, and Avantis who claimed monthly volumes of $1.5M to $3.1M. Drift, having 19.8K users and $881.7M in liquidity, is still one of the most technologically advanced DEXes of its type. 

Avantis and Extended also seem to be poised to keep on growing as infrastructure upgrades are realized.

Smaller Platforms Hold Steady Amid Growing Market Fragmentation

The lower part of the rankings was occupied by DipCoin, Paradex, Ostium, dYdX and Gains. DipCoin recorded 1.3M dollars in volume with Paradex coming behind at $1.2M. 

Ostium earned $1M and supported 625 live addresses, indicating a more specialized customer base, whilst dYdX generated $971K of volume and a healthy $202.5M of liquidity pools, showing that legacy derivatives frameworks still have their dedicated segments of customers. Gains ranked last in the list at $930K with 27.3 million dollars in value locked.

A Growing Market Driven by Innovation and High-Frequency Trading Demand

The recent December statistics shows the rate at which the perpetual DEX market is growing. Exchange platforms that are heavily liquidity incentivized, highly-developed order-matching engines, and cross-chain integrations are drawing in more and more users. 

The spread of active addresses indicates that certain platforms are successful on retail trading, whereas some others depend on high-volume traders who pay millions in fees. As competition rises and increasingly more capital enters trustless trading systems, perpetual DEXes are emerging to become one of the rapidly expanding areas of decentralized finance. 

The further activity of traders implies that the generation of fees and the liquidity level will still be the key indicators of market leadership in the months to come.