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Hyperliquid Tops Perpetual DEX Volumes with $6.06 Billion in Daily Trades

DefiLlama data on February 12 shows perpetual DEX trading volume rebounding, with Hyperliquid leading at $7.53 billion in daily volume, while open interest and total value locked remain relatively low across platforms.

HYPE

Summary

DefiLlama data released on February 12 showed a recovery in perpetual decentralized exchange (perp DEX) trading volumes, led by Hyperliquid with $7.53 billion in daily volume. Despite the rebound in trading activity, overall open interest (OI) and total value locked (TVL) across platforms remained relatively low, suggesting that leverage and capital deployment have not increased significantly. The data indicates that while trading demand has strengthened, broader perp DEX market conditions remain stable rather than overheated.

Terms & Concepts
  • Perpetual Decentralized Exchange (Perp DEX): A decentralized trading platform offering perpetual futures contracts, which have no expiration date.
  • Open Interest (OI): The total value of outstanding derivative contracts, such as futures, that have not been settled or closed.
  • Total Value Locked (TVL): The total value of assets deposited or staked in a DeFi protocol, often used as a measure of liquidity and user capital commitment.