Weekend Update on Leading Perp DEXs: Broad Decline in Metrics as Market Deleverages

Overview of Market Performance

On February 2nd, according to data from DefiLlama, while leading perp DEXs maintained some level of trading activity, open interest and TVL (total value locked) saw significant declines, suggesting that the market as a whole is deleveraging.

• Hyperliquid remains active in terms of trading volume, but its open interest dropped by about 30% week-over-week, the most notable decline.
• Other platforms, such as Aster, EdgeX, and Lighter, also showed declines to varying degrees.

Key Platform Data Snapshot

Here is the 24-hour trading data from leading perp DEXs:

• Hyperliquid: 24-hour trading volume approximately $8.3 billion, TVL approximately $4.39 billion, open interest approximately $5.91 billion;

• Aster: 24-hour trading volume approximately $4.78 billion, TVL approximately $1.14 billion, open interest approximately $2.02 billion;

• EdgeX: 24-hour trading volume approximately $4.61 billion, TVL approximately $202 million, open interest approximately $853 million;

• Lighter: 24-hour trading volume approximately $4.05 billion, TVL approximately $954 million, open interest approximately $1.13 billion;

• Extended: 24-hour trading volume approximately $2.2 billion, TVL approximately $215 million, open interest approximately $311 million;

• Pacifica: 24-hour trading volume approximately $1.08 billion, TVL approximately $41.8 million, open interest approximately $62 million.