【Blockchain Rhythm】Recently, the Perp derivatives market has welcomed a wave of trading enthusiasm. According to the latest data, over the past 24 hours, the trading activity of mainstream perpetual futures exchanges has shown a significant uptick. However, interestingly, the growth in trading volume and the increase in open interest positions are not completely synchronized, and this asymmetric phenomenon reflects a relatively cautious attitude among current market participants.
In the trading volume rankings, Hyperliquid continues to maintain its leading position with 24-hour trading volume reaching $75.4 billion, with corresponding on-chain liquidity (TVL) of $43.3 billion and open interest positions at $90.7 billion. This combination of data suggests that the platform’s leverage ratio is relatively moderate, and capital utilization efficiency is not overly aggressive.
Following closely is Aster with trading volume of $57.5 billion, locked assets of $12.5 billion, and pending contracts of $26.1 billion. Lighter ranks in the third tier with daily trading volume of $46.6 billion, and its TVL of $12.4 billion and open interest of $14.2 billion demonstrate relatively balanced equilibrium.
EdgeX enters the fourth position with trading volume of $38.7 billion, but the notable gap between its liquidity reserve of only $3.68 billion and contract scale of $11.1 billion is noteworthy, indicating that the platform’s leverage application is relatively elevated. Variational, Paradex, and Pacifica respectively contributed daily trading volumes of $15.9 billion, $15.7 billion, and $9.37 billion. The proportion differences between open interest and trading volume on these platforms reveal different risk management strategies.
Overall, the transaction heat in the perpetual contracts market continues to rise, yet participants appear more cautious in controlling their risk exposure, which may signal that the market is entering a more rational adjustment cycle.
Perp DEX取引の熱度は引き続き高まり、Hyperliquidの1日あたりの取引高は75億ドルを突破しました
【Blockchain Rhythm】Recently, the Perp derivatives market has welcomed a wave of trading enthusiasm. According to the latest data, over the past 24 hours, the trading activity of mainstream perpetual futures exchanges has shown a significant uptick. However, interestingly, the growth in trading volume and the increase in open interest positions are not completely synchronized, and this asymmetric phenomenon reflects a relatively cautious attitude among current market participants.
In the trading volume rankings, Hyperliquid continues to maintain its leading position with 24-hour trading volume reaching $75.4 billion, with corresponding on-chain liquidity (TVL) of $43.3 billion and open interest positions at $90.7 billion. This combination of data suggests that the platform’s leverage ratio is relatively moderate, and capital utilization efficiency is not overly aggressive.
Following closely is Aster with trading volume of $57.5 billion, locked assets of $12.5 billion, and pending contracts of $26.1 billion. Lighter ranks in the third tier with daily trading volume of $46.6 billion, and its TVL of $12.4 billion and open interest of $14.2 billion demonstrate relatively balanced equilibrium.
EdgeX enters the fourth position with trading volume of $38.7 billion, but the notable gap between its liquidity reserve of only $3.68 billion and contract scale of $11.1 billion is noteworthy, indicating that the platform’s leverage application is relatively elevated. Variational, Paradex, and Pacifica respectively contributed daily trading volumes of $15.9 billion, $15.7 billion, and $9.37 billion. The proportion differences between open interest and trading volume on these platforms reveal different risk management strategies.
Overall, the transaction heat in the perpetual contracts market continues to rise, yet participants appear more cautious in controlling their risk exposure, which may signal that the market is entering a more rational adjustment cycle.