Perp DEX trading volume continues to rise, with Hyperliquid's daily trading volume surpassing $7.5 billion

TokenomicsTrapper · 2026-01-09T10:42:12+00:00

Recently, trading activity in the Perp derivatives market has increased, but the growth in trading volume and open interest has not been proportional, indicating that market participants are cautious. Hyperliquid, Aster, and Lighter have performed well, with relatively stable trading volume and liquidity. Overall, market enthusiasm is rising, but risk management is becoming more cautious, potentially entering a rational adjustment cycle.

TokenomicsTrapper

2026-01-09 10:42:12

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【BlockBeats】Recently, the Perp derivatives market has experienced a wave of trading enthusiasm. According to the latest data, in the past 24 hours, trading activity on mainstream perpetual contract exchanges has significantly increased. Interestingly, the growth in trading volume has not fully synchronized with the increase in open interest, reflecting a relatively cautious attitude among current market participants.

In the trading volume rankings, Hyperliquid remains in the lead, with a 24-hour trading volume of $7.54 billion, an on-chain liquidity (TVL) of $4.33 billion, and an open interest of $9.07 billion. This data combination indicates that the platform’s leverage is relatively moderate, and capital utilization efficiency is not overly aggressive.

Following closely is Aster, with a trading volume of $5.75 billion, locked assets of $1.25 billion, and pending contracts of $2.61 billion. Lighter ranks third with an average daily trading volume of $4.66 billion, a TVL of $1.24 billion, and open interest of $1.42 billion, demonstrating a relatively balanced state.

EdgeX ranks fourth with a trading volume of $3.87 billion, but its liquidity stock of only $368 million compared to a contract size of $1.11 billion is notable, indicating higher leverage application on the platform. Variational, Paradex, and Pacifica contribute daily trading volumes of $1.59 billion, $1.57 billion, and $937 million respectively. The ratio of open interest to trading volume on these platforms varies significantly, reflecting different risk management strategies.

Overall, the trading enthusiasm in the perpetual contract market continues to rise, but participants are becoming more cautious in managing risk exposure, which may signal that the market is entering a more rational adjustment cycle.

PERP-0,55%

HYPE2%

ASTER-0,43%

LIT0,11%

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LiquidationKing

· 01-09 21:12

hyperliquid's figures are indeed impressive, with a daily trading volume of 7.5 billion dollars, but is the leverage moderate? Why do I feel like everyone is being very cautious?

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DisillusiionOracle