In-Depth Analysis of Major Perp DEX Trends: Trading Volumes Keep Shrinking, Only Two Platforms Maintain Open Interest Over $1B

Market Overview of Perp DEX Platforms

As of February 28, 2024, data from DefiLlama indicates a further decline in the activity levels across major perpetual decentralized exchanges (Perp DEXs). Excluding Hyperliquid and Aster, all other platforms have seen their open interest fall below $1 billion, signaling an overall contraction in market liquidity.

Comparative Data Across Leading Platforms

Below are the latest 24-hour trading volumes and market metrics for major Perp DEXs:

• Hyperliquid leads with a trading volume of approximately $5.42 billion, TVL at around $4.22 billion, and open interest of roughly $5.38 billion;
• Aster follows with a trading volume of $2.62 billion, TVL of approximately $1.04 billion, and open interest of about $1.95 billion;
• EdgeX records a trading volume of $2.47 billion, TVL of $181 million, and open interest of $984 million;
• Lighter reports a trading volume of $2.16 billion, TVL of $871 million, and open interest of $693 million;
• Grvt posts a trading volume of $1.43 billion, TVL of $960.9 million, and open interest of $397 million;
• Pacifica records the lowest volume at $320 million, TVL of $36.02 million, and open interest of $57.85 million.

Interpreting the Market Dynamics

Overall, the Perp DEX space appears to be in a consolidation phase. The continued drop in trading volumes and open interest suggests that investors are adopting a more cautious approach. While Hyperliquid and Aster maintain relative strength, other platforms are facing increasing liquidity pressures.