The DEX perp market is regaining its momentum, and weekly trading volumes are signaling an increasing investor confidence in onchain derivatives markets. A list published by Phoenix Group on January 22, 2026, indicates a very obvious pecking order among perpetual DEXes with Hyperliquid remaining the leading player within the industry. The figures represent seven days trading and give an understanding of user activity, depth of liquidity, and generally market maturity.
Hyperliquid Maintains Clear DEX Market Leadership
Hyperliquid has the highest weekly trading volumes with a whopping $41.0 billion registered within the seven-day period. The site also records 263.8K active addresses in the last 30 days, which underscores good and stable user engagement. The total value locked standing of Hyperliquid is at a very high mark of $4.4 billion indicating not only a large trading activity but also a substantial liquidity, which is crucial when trading in perpetual markets by professional and high-frequency DEX traders.
Aster and Lighter Secure Second and Third Positions
Aster is ranked second with weekly trading volume of $30.0 billion, and this confirms its position as a high-volume, decentralized perpetual trading venue. The TVL of the platform is $1.2B, which is a strong commitment to capital and despite the lack of publicly reported data on the active addresses.
Lighter comes in the third spot with a weekly volume of $25.1 billion. Lighter has robust user traction and an ecosystem with a balanced activity and liquidity with 248.3K active addresses over 30 days and TVL of $1.0 billion.
EdgeX and Paradex Strengthen the Mid-Tier Segment
In fourth place is EdgeX with a trading volume of $ 21.7 billion per week. The protocol has a reported 13.7K active addresses over the past 30 days and a TVL of $421.5 million, which makes it a rapidly expanding competitor in the mid-tier segment.
Paradex comes behind it with a weekly volume of $11.6 billion and TVL of $218.8 million. Paradex does not reveal any user activity information but its trading figures indicate that media institutional and advanced traders remain interested.
Grvt, Variational, and Extended Show Consistent Activity
Grvt has $11.5 billion in weekly trading volume and TVL of $95.7M indicating a steady participation even with a smaller liquidity base. Volumes posted by Variational and Extended stand at $10.5 billion and $10.3 billion respectively.
Extended also has a stronger liquidity provision with a TVL of $208.5 million, which is higher than that of its competitors in the same bracket. These platforms together demonstrate that the trading activity is outgrowing the top four protocols.
ApeX, Pacifica, and Reya Attract Niche Trader Demand
ApeX has a volume of $8.1 billion per week and has 2.6K active addresses in 30 days with a TVL of $43.1 million. Pacifica has a volume of $5.6 billion and TVL of $45.8 million, and Reya has volume of $3.6 billion and locked assets of 31.4 million. These are trading communities that are more specialized but remain valuable parts of the wider perpetual DEX ecosystem.
Smaller Platforms and Ecosystem Implications
Nado trades 3.5 billion a week with TVL of $51.0 million compared to tradeXYZ which produces $3.1 billion although TVL figures have not been disclosed. Avantis is reported to have a volume of $2.8 billion and a TVL of $104.6 million and Jupiter completes the list with a weekly trading volume of 1.9 billion.
Jupiter has the highest number of active addresses 1.8 million in the last 30 days and $2.5 billion in TVL, as it has a wider ecosystem presence than perpetuals. In general, the information points to the growing presence of a decentralized derivatives market that continues to mature with increased liquidity, user participation, and trading volume being harmonized across DEX platforms.
