On February 3, 2024, according to the latest data from DefiLlama, the market for perpetual decentralized exchanges (Perp DEXs) has seen new developments. Hyperliquid’s trading volume surged to $11.78 billion, regaining the top spot and demonstrating the platform's strong user retention and market influence.
EdgeX Rises, Surpassing Lighter
Among various platforms, EdgeX’s performance has stood out. Its 24-hour trading volume reached $5.41 billion, overtaking Lighter and ranking third. This shift suggests EdgeX may have made breakthroughs in user experience, liquidity mechanisms, or market strategy.
Overall Market Activity Masks Weak New Momentum
Although trading volumes across platforms have generally increased, open interest has remained stable. This indicates that current market activity primarily stems from adjustments in existing positions and capital turnover rather than new leveraged entries, reflecting a cautious stance among market participants.
Key Perp DEX Platform Data Snapshot
- Hyperliquid: $11.78 billion 24h trading volume, $4.4 billion TVL, $6.02 billion open interest
- Aster: $6.38 billion 24h trading volume, $1.14 billion TVL, $2.08 billion open interest
- EdgeX: $5.41 billion 24h trading volume, $200 million TVL, $861 million open interest
- Lighter: $4.44 billion 24h trading volume, $953 million TVL, $1.13 billion open interest
- Extended: $2.96 billion 24h trading volume, $218 million TVL, $316 million open interest
- Pacifica: $953 million 24h trading volume, $42.1 million TVL, $635.7 million open interest
The data shows that Hyperliquid still leads in both trading volume and total value locked (TVL), while EdgeX’s rise highlights growing demand for diversified trading platforms. Investors and traders should closely monitor developments across these platforms to adapt to the rapidly evolving decentralized finance (DeFi) landscape.