Perp DEX market activity increases, Hyperliquid's daily trading volume surpasses $9.8 billion

SignatureVerifier · 2026-01-22T10:44:14+00:00

Recently, the derivatives trading market has been active, with mainstream Perp DEX trading volume and open interest both increasing. Hyperliquid leads with a trading volume of $9.86 billion, followed closely by Aster. Overall, market enthusiasm is rebounding, especially with top-tier platforms performing steadily.

SignatureVerifier

2026-01-22 10:44:14

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【BlockBeats】The derivatives trading market has been quite lively these days. Based on data from January 22, the performance of mainstream Perp DEXs over the past 24 hours has generally been upward—both trading volume and open interest have increased to varying degrees.

Leading the pack is Hyperliquid, with trading volume once again surpassing $9.86 billion, outpacing other platforms in absolute size, holding $4.49 billion in TVL and $8.44 billion in open interest. This gap is quite significant.

Aster follows closely, with a daily trading volume of $6.22 billion, ranking second. Although its TVL is only $1.23 billion, the open interest reaches $2.52 billion, indicating that traders on this platform are more willing to leverage.

Further down the list, platforms like Lighter, EdgeX, Grvt, and Pacifica are also increasing their volumes, ranging from $800 million to $5 billion. Lighter’s trading volume is about $5.06 billion, EdgeX around $4.76 billion, still making some noise. In comparison, Pacifica’s $837 million is smaller, with a TVL of only $45.89 million.

Overall, the trend shows that the Perp DEX market is indeed rebounding, especially with leading platforms like Hyperliquid, where daily trading volume breaking the hundred-billion mark is becoming more and more stable.

HYPE6.78%

ASTER3.23%

LIT-7.84%

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OnchainUndercover

· 14h ago

Hyperliquid's dominant position is really solid, with 9.8 billion just easily leading, other platforms simply can't catch up. Over at Aster, leverage traders are really bold; with such low TVL, trading volume is still so fierce. It's only a matter of time before something goes wrong. Derivatives have indeed gained popularity recently, but in this market condition, caution is still necessary—news of liquidations happen every day.

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Frontrunner

· 01-22 11:14

HL directly crushes, the gap is really outrageous It seems that Aster's buddies are all leverage maniacs This wave of derivatives market has indeed picked up, there might be another big wave of volatility No, how come Hyperliquid is so strong Wait, Lighter and EdgeX are also rising? I didn't notice More and more people are now playing derivatives, I'm a bit scared HL's bloodsucking ability... industry ceiling Small platforms are also starting to have voices, is the market becoming more segmented? 98 billion in trading volume, what kind of concept is that? Aster's guts are really bold, with such low TVL, still daring to leverage Feels like we're about to be caught again, all major platforms are becoming active

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FlashLoanPrince

· 01-22 11:13

Damn, Hyperliquid's data crushes the others, with $9.8 billion taking off directly. Aster dares to leverage, this approach works. Small platforms need to do this to survive. This wave of the Perp market is indeed picking up, it seems everyone is betting on derivatives. Hyperliquid's moat is quite deep, other platforms can't catch up. There are quite a few leveraged players, just looking at the open interest contracts shows how aggressively people are betting.

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SchrödingersNode

· 01-22 11:07

Hyperliquid is so powerful, with 9.8 billion directly surpassing the other markets Aster leverage traders are indeed bold, the ratio is a bit fierce Derivatives are on the rise this round, it feels like the market is brewing something Wait, Pacifica is only 800 million, the gap is a bit outrageous Alright, keep watching, who can challenge HL's position

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RumbleValidator

· 01-22 10:57

Hyperliquid's data is indeed impressive—$9.86 billion in daily trading volume, 8.44 billion open interest contracts. The scale difference here makes them hardly competitors. The real question is, what is the leverage ratio implied by Aster's $2.52 billion open interest compared to $1.23 billion TVL? How exaggerated is that? Can the system's stability hold up?

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PrivacyMaximalist

· 01-22 10:50

Hyperliquid's data is indeed quite outrageous, nearing 10 billion. Other platforms are still trying to catch up. --- Aster dares to play with leverage? This is truly the look of a serious derivatives trader. --- 98.6 billion... How many people are gambling in this trading volume? --- 44.9 billion TVL dominates the scene. Hyperliquid's monopoly position is truly unmatched. --- From 800 million to 5 billion, the volume has been increasing. Derivatives are really heating up. --- Aster's leverage is so high, aren't they afraid of liquidation? Quite bold. --- Oh my, Hyperliquid's open interest is 8.44 billion. How risky must that be? --- Wow, 8.44 billion in open interest, how many people have been wiped out by the market turbulence? --- Perp DEX is really getting more competitive; the volume is increasing. --- No way, how can Hyperliquid hold so much? Is there that much money on-chain?

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SchrodingerPrivateKey

· 01-22 10:45

Speaking of Hyperliquid's 9.8 billion figure, can we really see it? Outperforming other platforms is just a matter of course. Aster and these guys are really daring to challenge. With a TVL of only 1.2 billion, they still managed to create 2.5 billion in open interest. The big bosses have quite a bold spirit. The trading volumes of the platforms below are so different; it seems their overall scale is still a bit small. Wait, is this data about to collapse again? The human fundamentals still seem to be holding strong.

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ProposalDetective

· 01-22 10:45

98 billion dollars, Hyperliquid is aiming to dominate the derivatives market There are quite a few crazy leverage traders, with a 6.2 billion trading volume and only this much TVL, they must be pretty bold Actually, only Hyperliquid and Aster are competing, the other platforms seem to be somewhat fallen behind Leverage players are starting to get restless again Does Hyperliquid have to be so ruthless, completely crushing the scene, no one can beat it

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