According to DefiLlama, on January 28, the trading volume across most decentralized perpetual contract platforms (Perp DEX) showed an upward trend, but Hyperliquid experienced a decline in trading activity. Currently, Hyperliquid maintains the top spot with a 24-hour trading volume of approximately $6.52 billion, while its open interest rose slightly to $8.49 billion. Analysts suggest that this could be due to market funds completing their positions ahead of time, resulting in a cooling-off period for short-term trading.

Overall Performance of Perp DEX Market

While Hyperliquid saw a drop in trading volume, Lighter demonstrated strong growth, climbing to second place with a 24-hour trading volume of approximately $3.91 billion. The overall market activity across leading Perp DEXs continues to rise, as highlighted by the following data:

  • Hyperliquid: 24-hour trading volume of approximately $6.52 billion, TVL of approximately $4.57 billion, and open interest of approximately $8.49 billion;
  • Lighter: 24-hour trading volume of approximately $3.91 billion, TVL of approximately $1.01 billion, and open interest of approximately $1.27 billion;
  • EdgeX: 24-hour trading volume of approximately $3.27 billion, TVL of approximately $234 million, and open interest of approximately $1.05 billion;
  • Aster: 24-hour trading volume of approximately $2.53 billion, TVL of approximately $1.23 billion, and open interest of approximately $2.58 billion;
  • Grvt: 24-hour trading volume of approximately $2.15 billion, TVL of approximately $946 million, and open interest of approximately $518 million;
  • Paradex: 24-hour trading volume of approximately $1.97 billion, TVL of approximately $222 million, and open interest of approximately $773 million;
  • Pacifica: 24-hour trading volume of approximately $824 million, TVL of approximately $42.9 million, and open interest of approximately $83.8 million.

Overall, despite the temporary drop in Hyperliquid’s trading volume, the platform remains dominant, especially in terms of liquidity reserves. This trend reflects strong user confidence and suggests that fund allocation may have shifted toward a medium- to long-term strategy.