Overview of Mainstream Perp DEXs: Hyperliquid trading volume declines, but position funds still dominate

Mars Finance reports that on January 28, according to DefiLlama data, most platforms experienced an increase in trading volume over the past 24 hours, but Hyperliquid’s trading volume has actually declined, currently ranking first with approximately $6.52 billion. Its open interest remains slightly up at $8.49 billion despite the shrinking trading volume, mainly because funds may have completed their positions in advance, leading to a cooling of short-term trading. During the same period, Lighter rose to second place with a trading volume of about $3.91 billion. The current trading volume situation for some major Perp DEXs is as follows: Hyperliquid 24-hour trading volume around $6.52 billion, TVL approximately $4.57 billion, open interest about $8.49 billion; Lighter 24-hour trading volume around $3.91 billion, TVL approximately $1.01 billion, open interest about $1.27 billion; EdgeX 24-hour trading volume approximately $3.27 billion, TVL about $234 million, open interest approximately $1.05 billion; Aster 24-hour trading volume approximately $2.53 billion, TVL about $1.23 billion, open interest approximately $2.58 billion; Paradex 24-hour trading volume approximately $1.97 billion, TVL about $222 million, open interest approximately $773 million; Extended 24-hour trading volume approximately $1.93 billion, TVL about $209 million, open interest approximately $366 million; Pacifica 24-hour trading volume approximately $824 million, TVL about $42.9 million, open interest approximately $83.8 million.