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Hyperliquid Leads Perp DEX Activity as Weekend Volume Softens

Perp DEX volume rebounded by March 17 while open interest kept rising across platforms, with DefiLlama data showing Hyperliquid extending its lead in both trading activity and outstanding positions.

HYPE

Summary

Perpetual decentralized exchange activity recovered after the weekend slowdown, while open interest continued to rise across platforms. DefiLlama data for March 17 showed Hyperliquid leading the sector with $8.45 billion in 24-hour trading volume and $6.99 billion in open interest, with positions up 27.8% since early March. The update adds to the prior March 16 snapshot, when Hyperliquid recorded $3.89 billion in volume and $6.71 billion in open interest. DefiLlama also ranked Aster, EdgeX, Lighter, Apex and Pacifica behind Hyperliquid on March 17.

Terms & Concepts
  • Perp DEX: A perpetual decentralized exchange is a crypto trading platform for perpetual futures that operates on blockchain-based infrastructure rather than a centralized intermediary.
  • Open interest: The total value or number of active derivatives positions that have not been closed or settled, used to track participation and positioning in the market.
  • Perpetual decentralized exchange: A decentralized venue for trading perpetual futures, which are derivatives contracts without an expiry date and are commonly used for leveraged crypto exposure.