Recently, trading activity on Perp derivatives DEXs has significantly increased. According to on-chain data, as of January 9th, over the past 24 hours, many platforms have seen rising trading activity, with Hyperliquid soaring to the top of the rankings.

Let's take a look at the specific performance: Hyperliquid leads with a 24-hour trading volume of $7.54 billion, but its TVL is $4.33 billion, and open interest reaches $9.07 billion. Next is Aster, with a trading volume of $5.75 billion, TVL of $1.25 billion, and open interest of $2.61 billion. Lighter follows closely, with a 24-hour trading volume of $4.66 billion, TVL of $1.24 billion, and open interest of $1.42 billion.

EdgeX also performed well, with a daily trading volume of $3.87 billion, but its TVL is only $368 million, and open interest is $1.11 billion. Variational and Paradex have relatively smaller scales, with trading volumes of $1.59 billion and $1.57 billion respectively.

Interestingly, although trading volume is rising, market sentiment appears somewhat cautious. You may notice a phenomenon: most platforms' open interest growth has not kept pace with the increase in trading volume, and the growth in TVL is also not fully synchronized. This suggests that market participants might be controlling risk exposure, favoring short-term quick trades rather than long-term positions. Behind this phenomenon, it actually reflects that the market's confidence in the future trend is not yet firm.