Top 5 Perp DEX by dominance (last 7D) @HyperliquidX — 36.1% (+1%) @Aster_DEX — 7.6% (+10%) @Lighter_xyz — 7.2% (+20%) @edgeX_exchange — 5.3% (+51%) @variational_io — 4.8% (+7%) @tradexyz reached new ATHs across all core metrics: cumulative volume & peak daily volume & daily traders. They remain the clear HIP-3 leader, with growth now coming from both crypto and equity perps. Meanwhile, @Lighter_xyz is gaining share again. Stock Tokens can now be used as collateral on Lighter via Robinhood Chain, which should make TradFi positions more capital-efficient and bring additional flow. @variational_io continues to hold above $1B OI and has crossed $60M in revenue, with 80% going back to OLP liquidity. More than $3M has also been distributed through referrals. Market share still increased, showing that activity remains strong relative to the wider perp market.