Short answer
The three platforms leading the chart are Hyperliquid, Ethena and Lighter. Hyperliquid tops the list with over $8.1 billion TVL, $213 million daily volume and $4.9 million in fees. Ethena follows with a TVL of about $5.0 billion and $3.3 million in fees despite no reported volume. Lighter rounds out the top three with a TVL of $784 million, $10 million volume and $0.3 million fees.
The leaders
Hyperliquid sits at rank 1, holding roughly $8.2 billion in locked value, generating $213 million of daily trades and collecting about $4.9 million in fees. Its activity drops 7 % over the past week and it runs on two chains.
Ethena is rank 2 with a TVL near $5.0 billion, no reported 24‑hour volume and $3.3 million in fees. The platform’s TVL slipped 0.3 % in the last seven days and it operates on two networks.
Lighter holds rank 3, featuring a TVL of $784 million, $10 million of daily volume and $0.3 million in fees. Its TVL fell 2.9 % over the week and it spans four chains.
What stands out among ranks 4‑10
Aster, at rank 4, shows a TVL of $749 million, $8.3 million volume and $0.2 million fees across nine chains, making it the most multi‑chain platform in the top ten.
Falcon Finance, rank 5, has a TVL of $1.66 billion but very low fees of $5,700, indicating limited activity despite sizable locked value.
GMX, rank 6, records $227 million TVL, $2.5 million volume and $0.29 million fees on five networks.
Papertrade, rank 7, stands out with a sharp 17.9 % TVL decline, a TVL of $24 million and relatively high fees of $0.31 million despite no volume.
Antarctic, rank 8, holds $8.6 million TVL and $0.18 million fees, while Pacifica, rank 9, combines $23 million TVL with $0.15 million fees and modest daily volume. BitFi, rank 10, brings $326 million TVL and $0.05 million fees across eight chains.
How the ranking is built
COINMAG’s activity score blends three live DefiLlama metrics: total value locked in USD, 24‑hour trading volume and 24‑hour fees paid by users. Each metric is weighted to reflect overall usage, and the composite score determines the rank. The data refreshes weekly, so positions can shift as platforms’ TVL, volume or fees change.
What to check before using a platform
Review each service’s official documentation for details on security audits, fee structures and supported assets. Verify the platform’s regulatory status in your jurisdiction and consider its historical security record. Always compare the on‑chain data with the information provided by the protocol itself before committing funds.