Cryptocurrency derivatives markets have experienced a seismic shift, with decentralized exchanges like Lighter soaring in popularity over the past 24 hours. The platform achieved a staggering $11.89 billion in perpetual contract volume, placing it at the top of the ranking. This surge underscores growing interest in decentralized alternatives to traditional centralized platforms. 3rd-party reports indicate that this rapid growth is attributed to DeFi-native derivatives platforms like Aster and Hyperliquid, which have also witnessed significant trading activity. 3rd-party reports indicate a trend shift away from traditional centralized derivatives markets towards more agile, on-chain ecosystems. Lighter’s success highlights its ability to attract high-volume traders and liquidity, outperforming competitors in this nascent space.