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Hyperliquid Leads Perpetual DEX Trading With $2.97 Billion Daily Volume

DefiLlama data on January 12 shows muted activity across perpetual DEXs, with none surpassing $3B in daily volume as market caution persists.

HYPE

Summary

On January 12, DefiLlama reported subdued trading on perpetual decentralized exchanges, with Hyperliquid leading at $2.97 billion in daily volume, alongside $4.22 billion in total value locked (TVL) and $8.34 billion open interest. EdgeX and Aster recorded lower figures, and no platform exceeded $3 billion volume that day, signaling continued cautious sentiment in the market.

Terms & Concepts
  • Perpetual DEX: A decentralized exchange for perpetual futures (contracts without expiration) allowing crypto traders to speculate on asset prices.
  • Open Interest: The total number of outstanding derivative contracts, such as futures or options, that have not been settled.
  • TVL (Total Value Locked): The overall value of assets deposited in a DeFi (decentralized finance) protocol, measuring its size or usage level.