永续DEX一月行情观察：Hyperliquid未平仓合约逼近96亿美元历史高位

【Decentralized Rhythm】 Recently, the trading activity of perpetual contract DEXs has significantly increased. According to the latest data, as of January 15, the entire Perp DEX sector has shown some interesting market pattern changes over the past 24 hours.

The first noteworthy performance is Hyperliquid. This leading perpetual DEX’s open interest has risen to $9.645 billion, nearly approaching the three-month high (approximately $9.658 billion within three months). In other words, traders’ enthusiasm for leverage trading continues to be high. Meanwhile, the platform’s 24-hour trading volume is about $8.82 billion, maintaining the top position on the Perp DEX leaderboard; its TVL is approximately $4.36 billion, indicating relatively abundant liquidity.

In the second tier, Aster and Lighter also perform well. Aster’s daily trading volume is about $6.47 billion, with a TVL of around $1.25 billion and open interest of approximately $2.79 billion. Lighter records a 24-hour trading volume of about $4.75 billion, a TVL of approximately $1.19 billion, and open interest of around $1.5 billion. These two platforms are gradually gaining market share and becoming important choices for traders.

Looking further, platforms like EdgeX and Variational also have their own user bases. EdgeX’s daily trading volume is about $3.87 billion, with open interest around $1.21 billion; Variational’s 24-hour trading volume is approximately $1.89 billion, maintaining activity despite a smaller size. Extended and Pacifica are more niche options but still attract some traders’ participation.

Overall, the perpetual DEX market currently shows a relatively concentrated characteristic—Hyperliquid holds an absolute advantage, but competition among second-tier platforms is intensifying. This reflects traders’ ongoing demand for leverage trading and the market’s exploration of more diversified DEX options.