Paradex's perpetual futures market has made waves in the decentralized exchange landscape, commanding $1.58 billion in 24-hour trading volume. The platform now sits at the top tier, outpacing several competitors in the derivatives space. Lighter, Hyperliquid, Variational, and Aster follow closely in the rankings—a competitive cluster that reflects the ongoing race for dominance in on-chain perpetual trading. As more traders migrate toward decentralized perpetual platforms, tracking which DEXs lead in volume provides crucial insights into market trends and liquidity concentration across the ecosystem.