Perp DEX Trading Volumes Surge Amidst Market Stability

Trading volumes for perpetual decentralized exchanges (DEXs) have experienced a significant surge, particularly on platforms like Lighter and Hyperliquid. Data from DefiLlama reveals that these platforms saw over 40% volume increases on November 14, 2025, with Lighter reaching $12.78 billion in trading volume alone. This activity is notable given the relatively stable open interest levels despite substantial volume jumps. The majority of recent trades appear to be short-term or turnover-based rather than large capital inflows. ]