The trading flows of perpetual DEXs are intensifying despite recent volatility

According to data compiled by DefiLlama and analyzed by BlockBeats, the perpetual DEX sector is experiencing a turbulent period characterized by erratic open interest movements coupled with active trading activity. This situation reveals how decentralized markets adapt to price fluctuations and position adjustments that traders make in real time.

Hyperliquid dominates with massive trading volume

Hyperliquid establishes itself as the undisputed leader in the decentralized perpetual contract market. Over the past 24 hours, this platform recorded an impressive trading volume of $13.08 billion. At the same time, its total value locked (TVL) stands at $4.36 billion, while open positions amount to $5.82 billion. However, on-chain data shows a notable decline: open interest has decreased by approximately 36.2% compared to the previous week, reflecting the current market instability that is prompting participants to gradually reduce their commitments.

Open positions contract under market pressure

This contraction of positions at Hyperliquid is not an isolated phenomenon. It is part of a broader context where traders are constantly adjusting their strategies in response to the erratic movements observed over the past 24 hours. Paradoxically, while open interest is shrinking, trading volume is increasing, suggesting active rebalancing rather than widespread liquidation. Market participants fragment their existing positions into multiple smaller transactions, which mechanically creates a volume effect.

Top platforms ranking: where activity is concentrated

Beyond Hyperliquid, several other perpetual DEXs continue to attract significant trading flows. Aster reports a 24-hour volume of $5.66 billion with a TVL of $1.14 billion and an open interest of $2.0 billion. EdgeX follows with $5.2 billion in volume, $195 million in TVL, and $869 million in open positions. Lighter generates $4.46 billion in daily trading, supported by a TVL of $974 million and $1.05 billion in open interest. Extended rounds out the top 5 with $2.43 billion in activity, while Pacifica, though more modest with $776 million, continues to channel persistent liquidity into the decentralized contracts market.

This fragmentation of activity across multiple platforms demonstrates the maturation of the perpetual DEX ecosystem, where trading is no longer concentrated on a single dominant player but gradually distributed among different protocols offering distinct competitive conditions.