Perpetual futures, or "perps," are a hot corner of the crypto world right now. These are basically contracts that let you bet on the price of assets—like meme tokens—without an expiration date. They're super popular because they offer high leverage and the chance to profit in both up and down markets. Lately, traders have been piling in, not just for the trades, but to rack up points that could lead to juicy airdrops from these platforms.

A recent tweet from Castle Labs highlights this boom. They point out how users are flocking to perp markets to farm those potential rewards. While Hyperliquid remains the undisputed king, other DEXs are carving out significant shares of the total value locked (TVL) and trading volume. The list includes rising stars like Lighter, edgeX, ApeX Protocol, Paradex, and Pacifica.

Looking at the volume data shared in the tweet, Hyperliquid tops the chart with a staggering $74.3 billion in trading volume as of October 1, 2025. Hot on its heels is Lighter at $68.3 billion, followed by edgeX at $34.8 billion. Even the "others" category, bundling 99 protocols, matches edgeX's volume at $34.2 billion. Further down, ApeX Protocol clocks in at $20.7 billion, with Paradex and Pacifica both around $10 billion.

The market share breakdown tells a similar story. Hyperliquid commands about 26.91% of the pie, Lighter grabs 24.77%, and edgeX takes 12.62%. This shows a competitive landscape where a few big players dominate, but there's room for growth—especially for platforms that innovate in meme token trading.

For meme token enthusiasts, this is huge. Many of these DEXs specialize in perps for volatile assets like memes, where quick trades and leverage can amplify gains (or losses). Farming airdrops adds another layer: by trading actively, users earn points that might convert to tokens in future drops. It's a strategy that's drawn massive liquidity to these platforms.

If you're diving into meme trading, keep an eye on these DEXs. Hyperliquid's lead makes it a safe bet for high-volume action, but challengers like Lighter and edgeX could offer better rewards for early adopters. Always remember, though—crypto trading involves risks, so do your own research and trade responsibly.

Stay tuned to Meme Insider for more updates on how these trends shape the meme token ecosystem.