Perp DEX Derby: Hyperliquid's Billion-Dollar Victory Lap, $MYX Left Eating the Pack's Dust

Perpetual DEXes are the engine of the degen casino, letting punters ape into leveraged futures without handing their keys to a central villain. Here's the weekly volume scorecard, freshly scraped from Phoenix Group's X feed for your viewing pleasure.

1️⃣ Hyperliquid is absolutely dominating, not just winning but humiliating the competition with 314.0K active wallets, a TVL of $4.2B, and a frankly ridiculous $35.4B in weekly volume that probably moved a small moon.

2️⃣ Lighter takes the silver medal, trailing the leader with 248.1K active addresses, a still-respectable $873.0M TVL, and $17.0B of revenue that would be impressive if anyone else was playing.

3️⃣ Aster lands on the podium with a solid $1.0B TVL and $16.4B in revenue, proving there's still life in the ranks behind the top two giants.

4️⃣ edgeX clutches fourth place with 13.4K active degens, a $182.4M TVL, and $15.6B revenue, quietly printing while others make noise.

5️⃣ ApeX posts $8.3B revenue on a lean $38.4M TVL and 1.4K active addresses, achieving a remarkable revenue-to-TVL ratio that would make a leverage farmer blush.

6️⃣ Grvt reports a cozy 151 active addresses managing a $95.3M treasury to generate $7.6B revenue, the definition of a tight-knit, high-rolling crew.

7️⃣ Variational pulls in $7.2B revenue, because why bother with extra details when the number speaks for itself?

8️⃣ tradeXYZ generates $6.3B revenue, keeping the lights on and the fees flowing.

9️⃣ Extended boasts a $207.8M TVL and $5.3B revenue, comfortably in the middle of the pack where existential dread is minimal.

🔟 StandX posts $3.9B revenue supported by a $70.9M TVL, just happy to be in the top ten and not thinking about the cliff behind.

1️⃣1️⃣ Pacifica earns $3.6B revenue and holds a $36.2M TVL, doing enough to stay relevant in the conversation.

1️⃣2️⃣ Reya sits at $2.7B revenue and an identical $36.2M TVL, possibly sharing a vault with its neighbor above.

1️⃣3️⃣ Paradex records $2.5B revenue alongside a healthier $153.2M TVL, choosing the tortoise's path in a hare's race.

1️⃣4️⃣ Nado delivers $2.4B revenue with $53.0M TVL, the quiet kid in the back of the class who somehow passes.

1️⃣5️⃣ $MYX heroically brings up the rear with $2.3B revenue and a $21.0M TVL, officially claiming the "participant" ribbon for this week's volume wars.

For the bottom nine exchanges (Variational through $MYX), the active address counts were apparently a state secret. All these glorious and not-so-glorious figures are frozen in time as of February 27, 2026.