According to the latest data, the perpetual DEX market has shown an interesting divergence phenomenon over the past 24 hours.

In terms of trading volume, leading platforms performed remarkably. Hyperliquid ranked first with a trading volume of $7.54 billion, followed by Aster with $5.75 billion, and Lighter also recorded $4.66 billion. However, it is worth noting that the growth in trading volume of these platforms has not been positively correlated with open interest—Hyperliquid's TVL is approximately $4.33 billion, corresponding to $9.07 billion in open interest, indicating a somewhat imbalanced data structure.

Secondary platforms such as EdgeX, Variational, and Paradex also remain active, with 24-hour trading volumes of $3.87 billion, $1.59 billion, and $1.57 billion respectively. Overall, although trading activity has indeed increased, market participants' cautious attitude towards leverage exposure remains evident—this reflects traders' continued wait-and-see stance on the current market conditions.