In-Depth Analysis of Leading Perp DEXs: Hyperliquid Hits Three-Month High in Open Interest

On January 15, the latest data from DefiLlama showed that within the past 24 hours, the open interest on decentralized perpetual contract platform Hyperliquid reached a three-month high of approximately $9.645 billion, nearly matching the previous three-month high of $9.658 billion.

This highlights the platform’s trading volume and user activity at the forefront of the industry. Below are key metrics for several Perp DEX platforms:

• Hyperliquid: 24-hour trading volume of approximately $8.82 billion, TVL of approximately $4.36 billion, and open interest of approximately $9.65 billion;
• Aster: 24-hour trading volume of approximately $6.47 billion, TVL of approximately $1.25 billion, and open interest of approximately $2.79 billion;
• Lighter: 24-hour trading volume of approximately $4.75 billion, TVL of approximately $1.19 billion, and open interest of approximately $1.5 billion;
• EdgeX: 24-hour trading volume of approximately $3.87 billion, TVL of approximately $416 million, and open interest of approximately $1.21 billion;
• Variational: 24-hour trading volume of approximately $1.89 billion, TVL of approximately $66.18 million, and open interest of approximately $1.1 billion;
• Extended: 24-hour trading volume of approximately $1.87 billion, TVL of approximately $191 million, and open interest of approximately $295 million;
• Pacifica: 24-hour trading volume of approximately $948 million, TVL of approximately $45.81 million, and open interest of approximately $88 million.

These figures reflect the current major players in the DeFi derivatives market and their performance. Hyperliquid’s leading edge in open interest further solidifies its competitive position in the Perp DEX space.