The ever-evolving DEX ecosystem has delivered another strong month, with new data showing a significant increase in the number of fees generated monthly on major platforms. A December 12, 2025 Phoenix Group report confirms that Hyperliquid is in an unbeatable lead, posting an impressive thirty-day volume of $89.5 million.
Hyperliquid maintains the top spot with record fee generation
dominance Excess fluid It is supported by the fact that it has a great lead in fees and is the most active ecosystem. The site recorded a monthly volume of $89.5 million, which was far ahead of all competitors.
Hyperliquid does not leave the pace of the DEX’s perpetual performance with the number of active addresses in thirty days standing at 310.5 thousand and the locked value at $4.5 billion. The site has strong liquidity and ever-increasing volume, making it the strongest place for financial derivatives in the decentralized environment.
Competition with edgeX, Jupiter and Aster Fuel for the mid-range
It was second place edgeX Which generated more revenue in the form of monthly fees amounting to $61.1 million with a relatively smaller address base of 6.5k users.
The lock value of $404.6 million is considered high and reflects a high level of capital concentration and active traders in increasing fees.
Jupiter came in with a monthly volume of $54.6 million with 1.5 million active addresses to back it up with a solid locked value of $2.8 billion. Aster took fourth place with a trading volume of $48.3 million, 116.5 thousand users, and a liquidity base of $1.3 billion. The three platforms demonstrate the growing power of diverse DEX exchanges with very diverse user segments but with strong trading interest.
Bullish platforms are showing strong momentum across liquidity and trading metrics
Lighter gained $19.4 million in volume and maintained 138.7k active addresses and $1.4 billion in total value locked, which is healthy medium-term growth. ApeX and GMX continued to remain stable with trading volume of $4.8 million and $4.4 million, respectively. GMX still maintains a significant TVL of $401.5 million, which speaks volumes about the company’s presence in the durable market.
New competitors were introduced by Extended, Drift and Avantis who achieved monthly volumes ranging from $1.5 million to $3.1 million. With 19.8K users and $881.7M in liquidity, Drift remains one of the most technologically advanced DEXs of its kind.
Avantis and Extended also appear poised to continue growth as infrastructure upgrades are achieved.
Smaller platforms are holding steady amid increasing market fragmentation
DipCoin, Paradex, Ostium, dYdX and Gains occupied the bottom of the rankings. DipCoin recorded $1.3 million in volume, while Paradex was close behind at $1.2 million.
Ostium generated $1M and supported 625 live addresses, indicating a more dedicated client base, while dYdX achieved volume of $971K and healthy liquidity pools of $202.5M, demonstrating that legacy derivatives frameworks still have dedicated customer segments. Winnings ranked last on the list at $930,000 for a value of $27.3 million.
A growing market driven by innovation and demand for high-frequency trading
The latest December statistics show the rate at which the perpetual DEX market is growing. Exchange platforms with highly incentivized liquidity, highly sophisticated order matching engines, and cross-chain integration are attracting more and more users.
The spread of active addresses indicates that some platforms are successful at retail trading, while others rely on high-volume traders who pay fees in the millions. As competition rises and increasingly more capital enters trustless trading systems, permanent live exchanges are emerging as one of the rapidly expanding areas of decentralized finance.
The additional trader activity means that fee generation and liquidity level will continue to be key indicators of market leadership in the coming months.
