Decentralized Perpetual Exchange Volume Declines to $1.13 Trillion in November

DefiLlama data shows high daily activity on Lighter and Hyperliquid, with volumes rising moderately and TVL stable across the leading perpetual DEX platforms.

HYPE

Fact Check
The assessment that the statement is 'likely_true' is based on strong, consistent evidence from multiple sources that all point back to a single, authoritative origin. Several independent news outlets and crypto exchanges (news.bitcoin.com, Bitget, Phemex) directly and explicitly state that the trading volume on decentralized perpetual exchanges was $1.13 trillion in November. The credibility of this figure is enhanced by the additional, consistent details provided by some sources, such as the fact that this volume represented a slight decrease from October's figures. Critically, these secondary sources attribute the data to a research report by CoinGecko, a highly authoritative and widely respected crypto data aggregator. This attribution is supported by an official social media post from CoinGecko itself, which promotes a study containing the November data. While there are some irrelevant sources provided, there are no contradictions among the relevant ones. The widespread, consistent reporting of a specific figure, traced back to a credible primary data source, provides high confidence in the statement's truthfulness.
Summary

DefiLlama’s latest 24-hour data indicate an uptick in decentralized perpetual exchange trading volumes, with Lighter leading at $8.83 billion and $1.39 billion in total value locked (TVL). Hyperliquid followed closely with $8.52 billion in volume and $4.46 billion in TVL. Overall market open interest saw a slight increase, while aggregate TVL remained stable compared to earlier figures.

Terms & Concepts
  • Decentralized perpetual exchange: A blockchain-based trading platform offering perpetual futures contracts without a centralized intermediary.
  • Perpetual futures: A derivative instrument without an expiry date, allowing continuous trading and funding rate adjustments.
  • Total Value Locked (TVL): The total value of assets deposited in a DeFi protocol, reflecting its usage and adoption.