Perp DEX Open Interest Falls Amid Market Downturn, Hyperliquid Retains Lead

DefiLlama reports minor open interest decline and trading volume rebound, with Hyperliquid sustaining top position among major decentralized derivatives exchanges.

HYPE

Summary

DefiLlama data shows perpetual decentralized exchanges saw a slight drop in open interest over the past 24 hours, while trading volumes improved. Hyperliquid led the sector with $8.97 billion in trading volume, $4.51 billion total value locked, and $8.18 billion open interest. Other leading platforms included Aster, Lighter, EdgeX, Paradex, and Pacifica.

Terms & Concepts
  • Perp DEX: A decentralized exchange offering perpetual futures contracts without an expiry date.
  • Open Interest: The total number of outstanding derivative contracts, such as futures, that have not been settled.
  • TVL (Total Value Locked): The total capital deposited in a decentralized finance protocol, reflecting user participation and trust.