Hyperliquid Trading Volume Rebounds to $11.7 Billion, EdgeX Surpasses Lighter in Daily Trading Volume

Hyperliquid’s trading volume rebounded to $11.7 billion as of February 3, 2026, according to DefiLlama data. This places Hyperliquid at the top of the perpetual decentralized exchange (Perp DEX) category. EdgeX also saw a recent surge in trading activity and now ranks third, surpassing Lighter. The rise in trading volume highlights renewed activity in the market, though open interest has remained stable, indicating position adjustments rather than new openings.

The Perp DEX sector remains competitive, with major platforms like Aster and Lighter recording strong but lower volumes. Aster reported $63.8 billion in trading volume, while Lighter clocked in at $44.4 billion. Extended and Pacifica also held significant, though smaller, shares of the market.

Despite the increased trading activity, open interest has not grown significantly, which suggests that traders are more focused on closing or adjusting existing positions rather than initiating new ones. This trend is a key indicator of market sentiment and liquidity levels.

Why Did This Happen?

Hyperliquid's recent developments are a key reason for the volume rebound. The platform announced the HIP-4 proposal, which includes expanding into prediction markets and bounded options contracts. This move aims to diversify Hyperliquid's offerings beyond commodity trading and compete with platforms like Polymarket and Kalshi.

The introduction of prediction markets aligns with rising retail interest in speculative trading, especially in the context of global financial and geopolitical volatility. This expansion is currently being tested on the testnet and is expected to be rolled out on the mainnet if it proves popular.

How Did Markets React?

The HYPE token, Hyperliquid's native token, saw a notable price increase of over 19% following the announcement of the HIP-4 proposal. The surge in retail interest is reflected in the 27% rise in HYPE futures Open Interest to $1.84 billion over the past 24 hours. This increase signals elevated capital inflows and a bullish sentiment among traders.

Technical indicators also support a bullish outlook for HYPE. The token is trading above key moving averages and is showing strong momentum. A decisive close above $37.07 could open the door to higher resistance levels, potentially leading to a move toward the $50 psychological level.

What Are Analysts Watching Next?

Analysts are closely monitoring DeFi Total Value Locked (TVL) and Open Interest (OI) for further insights. As of February 3, Hyperliquid's DeFi TVL stood at $44.0 billion, suggesting continued confidence in the platform. However, OI in HYPE futures has also seen fluctuations, indicating that some traders are still cautious.

The broader market environment is also a factor. While crypto markets have been volatile, the Perp DEX sector continues to see weekly trading volumes above $200 billion, a significant figure compared to previous years. Analysts are watching to see if this trend continues and how it impacts Hyperliquid's performance relative to its peers.

Investors are also paying attention to how Hyperliquid's new prediction markets feature is received. A successful rollout could further strengthen the platform's position in the DeFi space and attract more institutional and retail traders.

Overall, the developments in Hyperliquid's strategy and the broader DeFi market are shaping up to be key factors for investors and analysts alike as they assess the future of perpetual trading and derivatives in the crypto space.