#美国终止政府停摆危机 The landscape of decentralized perpetual contracts has undergone a dramatic shift: on November 11th, on-chain data showed that Lighter's daily trading volume soared to $10.69 billion, surpassing the previously leading Aster to take the top spot. More dramatically, Aster experienced a sharp decline in the past 24 hours — trading volume plummeted from $11.94 billion the previous day to $5.7 billion, more than halving.

Following closely, Hyperliquid performed steadily, with a 24-hour trading volume of $8.71 billion and a TVL of $4.799 billion, making its capital accumulation the most substantial among mainstream platforms. EdgeX ranked third with a trading volume of $5.82 billion, but its TVL was only $491 million, indicating prominent high-frequency trading characteristics.

Other platform data are as follows: ApeX recorded $2.68 billion in trading volume with $50.82 million locked; Pacifica's trading volume was $1.03 billion with a TVL of $38.91 million; Paradex closed with $966 million in trading volume and $140 million TVL.

Behind this reshuffling in rankings, it reflects the high volatility of on-chain derivatives trading and exposes the differences in liquidity depth and user stickiness among various protocols. Data from Defilama indicates that competition in the perpetual contract DEX sector is far from settled.