Overview of Market Trends
On January 26, 2024, data from DefiLlama indicated that trading volume across major perpetual DEXs declined over the weekend, alongside a decrease in open interest on most platforms. Market sentiment has turned more cautious amid the broader market conditions.
Hyperliquid Takes the Lead
Among the platforms, Hyperliquid’s open interest dropped about 15% compared to the previous week, yet it still accounts for nearly 48% of the total across mainstream platforms — almost matching the combined open interest of all other platforms. Moreover, since the beginning of 2024, Hyperliquid has consistently held the top position in trading volume. Previously, the trading volume leaderboard shifted frequently due to Lighter’s incentive campaigns, but Hyperliquid has now firmly reestablished its dominance.
Comparison of Key Perp DEX Metrics
Below is a comparison of the 24-hour trading volume, TVL, and open interest for several leading Perp DEXs as of the latest data:
- Hyperliquid: $5.83 billion in 24-hour trading volume, $4.41 billion in TVL, and $7.42 billion in open interest;
- Aster: $3.81 billion in 24-hour trading volume, $1.2 billion in TVL, and $2.43 billion in open interest;
- EdgeX: $3.71 billion in 24-hour trading volume, $429 million in TVL, and $1.02 billion in open interest;
- Lighter: $3.12 billion in 24-hour trading volume, $1.01 billion in TVL, and $1.26 billion in open interest;
- Paradex: $3.09 billion in 24-hour trading volume, $218 million in TVL, and $745 million in open interest;
- Extended: $1.62 billion in 24-hour trading volume, $207 million in TVL, and $319 million in open interest;
- Pacifica: $837 million in 24-hour trading volume, $45.89 million in TVL, and $77.7 million in open interest.
These figures illustrate that, despite market fluctuations, Hyperliquid remains ahead in key metrics, demonstrating strong market competitiveness and user engagement.