In-Depth Analysis of Leading Perpetual DEX Platforms: Hyperliquid Leads Trading Volume

Perpetual DEX Market Warms Up with Rising Risk Appetite

Data from DefiLlama shows that on January 14, most perpetual DEX platforms recorded a trading volume increase of 15% to 25% within 24 hours. Open interest also rose in tandem, reflecting growing confidence among short-term traders and a resurgence in market activity.

Hyperliquid Maintains Top Spot in Trading Volume

Among leading perpetual DEXs, Hyperliquid stood out with a 24-hour trading volume of $8.85 billion, securing the top position. Its open interest rose by approximately 12% to reach $9.2 billion, highlighting the platform's rising engagement and popularity.

Overview of Other Major Perpetual DEX Platforms

• Aster: $6.54 billion in 24-hour trading volume, $1.25 billion TVL, and $2.78 billion open interest;
• Lighter: $5.06 billion in 24-hour trading volume, $1.18 billion TVL, and $1.46 billion open interest;
• EdgeX: $4.09 billion in 24-hour trading volume, $401 million TVL, and $1.2 billion open interest;
• Variational: $1.96 billion in 24-hour trading volume, $66.18 million TVL, and $1.1 billion open interest;
• Paradex: $1.26 billion in 24-hour trading volume, $199 million TVL, and $737 million open interest;
• Pacifica: $979 million in 24-hour trading volume, $46.04 million TVL, and $82.67 million open interest.

Overall, trading activity across major platforms is on the rise, signaling a significant rebound in market engagement and indicating a new wave of growth for the perpetual DEX sector.