Perp DEX trading volume surges, Hyperliquid leads with $8.8 billion in transactions

【Blockchain Rhythm】 Recently, the enthusiasm for leverage trading on exchanges has noticeably increased. According to on-chain data, in the past 24 hours, the perpetual futures DEX market has seen trading volumes on mainstream platforms generally rise by 15%-25%. At the same time, the open interest has also increased, indicating that traders’ risk appetite in the market is rising, and there is a bullish sentiment in the short term.

In this market cycle, Hyperliquid continues to maintain its leading position. The platform’s 24-hour trading volume reached $8.85 billion, with a total value locked (TVL) of approximately $4.32 billion. The open interest is around $9.2 billion, up about 12% from the previous day. In terms of scale, no other platform can compare.

Aster follows closely, with a 24-hour trading volume of $6.45 billion, a TVL of about $1.25 billion, and a position size of $2.78 billion. Lighter also performs well, with a trading volume of $5.06 billion, a TVL of $1.18 billion, and open interest of $1.46 billion.

Mid-tier platforms are also sharing trading volume. EdgeX recorded $4.09 billion in 24-hour trading, Variational about $1.96 billion, and Paradex traded $1.26 billion. Even the relatively smaller Pacifica has nearly $1 billion in 24-hour trading volume.

From these data, market liquidity is converging on leading platforms, but the overall activity in the perpetual futures sector is indeed heating up. Traders should be aware that the simultaneous increase in open interest also means that leverage risk in the market is accumulating, which could lead to a wave of liquidations during subsequent market volatility.