Perp DEX trading activity cools down, Hyperliquid leads the 24-hour trading rankings

【Decentralized Rhythm】 Recently, interesting changes have occurred in the Perp DEX market. According to the latest data, the overall trading activity on major perpetual contract platforms has declined over the past 24 hours, with each platform’s daily trading volume below $3 billion.

From the rankings, Hyperliquid still holds the top spot, with a 24-hour trading volume of approximately $2.97 billion, a total value locked (TVL) of about $4.22 billion, and an open interest of approximately $8.34 billion. Although the data remains leading, the open interest has slightly decreased, reflecting a market sentiment adjustment.

EdgeX follows closely, with a 24-hour trading volume of about $2.47 billion, a TVL of approximately $389 million, and open interest around $1.13 billion. Aster and Lighter are similarly competitive, with 24-hour trading volumes of approximately $1.78 billion and $1.73 billion, and TVLs of about $1.23 billion and $1.21 billion, respectively.

Variational also performs well, with a 24-hour trading volume of approximately $1.67 billion, open interest around $1.14 billion, and a relatively small TVL of about $66.18 million, maintaining steady trading activity. Paradex contributed about $1.25 billion in 24-hour trading volume, with open interest of approximately $783 million. At the bottom of the ranking, Pacifica’s 24-hour trading volume is about $958 million, with a TVL of approximately $46.16 million and open interest around $89.19 million.

Overall, the current Perp DEX market shows a differentiated trend: leading platforms have sufficient liquidity and maintain active trading, but market participation heat has indeed cooled down. Traders can choose platforms based on their risk preferences and trading habits.