- Hyperliquid leads the Perp DEX sector with 66.4% of total bridge TVL while Aster and Lighter rapidly gain market ground.
- Aster’s $1.2B TVL and Lighter’s $1B surge show intensified competition and growing liquidity in decentralized derivatives trading.
- Lighter’s rise as a top Ethereum Layer-2 exchange marks a shift in market dynamics and investor focus toward scalable DEX solutions.
Hyperliquid is tightening its grip on the decentralized perpetual exchange (Perp DEX) sector as liquidity surges across competing platforms. Data from DefiLlama shows that as of October 12, 2025, Hyperliquid controlled 66.4% of total bridge Total Value Locked (TVL), translating to about $5 billion in assets.
This growth marks a sharp rise from below $1 billion recorded in late 2024. The exchange continues to dominate the market as capital flows into its bridge infrastructure expand steadily. The industry is entering a new phase of competition, though, as new rivals like Aster and Lighter are quickly catching up.
In addition, Aster has made a name for itself as a strong competitor with a 16.3% market share and a $1.2 billion TVL. About the middle of 2025, its bridge capacity increased dramatically as liquidity inflows into decentralized marketplaces grew stronger. Moreover, Lighter has gained strong momentum, recording $1.0 billion in TVL and securing a 13.5% share.
The platform experienced notable growth between June and September 2025, reflecting the rising adoption of decentralized derivatives trading. edgeX followed steadily with $291.5 million in TVL, representing a 3.9% market share by October 2025.
Lighter’s Rapid Ascent in the Layer-2 Race
On October 9, a report from Bijie.com confirmed that Lighter became the top-ranked application chain and the sixth-largest Layer-2 exchange on Ethereum by TVL. According to Ryan Adams, founder of Bankless, “Lighter combines zero token issuance costs with Ethereum-level security and unlimited scalability.”
Analyst Eugene Bulltime added that Lighter’s TVL surged by $150 million to over $400 million, representing a 56% return. He emphasized that this increase was “eight times the 7% of Hyperliquid, driving capital back into Ethereum.” Consequently, Lighter is now positioning itself among the most competitive decentralized perpetual exchanges.
Market Growth and Emerging Dynamics
The total bridge TVL across the top four Perp DEXs exceeded $7.5 billion by late 2025. Hence, the sector has witnessed accelerated expansion in the second half of the year.
Additionally, increased liquidity inflows signal growing investor confidence in decentralized trading platforms. Hyperliquid remains dominant, yet competitors like Aster and Lighter are steadily reshaping the market’s balance.
