Mainstream Perp DEX Roundup: Weekend Trading Volume Sluggish Across Platforms, Hyperliquid Open Interest Up 10% From Last Week

Perpetual decentralized exchange (DEX) trading volume remained subdued across major platforms during the weekend of January 3–4, 2026. While platforms like dYdX and Hyperliquid maintained their positions, liquidity activity failed to accelerate despite recent updates. This trend reflects ongoing caution among traders ahead of key macroeconomic developments.

Hyperliquid, however, saw a notable increase in open interest, with positions rising 10% week-on-week to $1.5 billion as of January 4. The platform's performance contrasts with the broader stagnation, suggesting growing adoption among traders seeking leverage in volatile markets.

Mainstream investors continue to monitor legal actions against Primo Brands Corporation (NYSE: PRMB), where two law firms — the Schall Law Firm and Hagens Berman — are separately investigating alleged misrepresentations regarding the merger with BlueTriton Brands according to reports. The lawsuits, which cover multiple trading periods, could influence investor sentiment in the short term if new disclosures arise.

MiniDoge (MINIDOGE) announced the launch of its DEX 2.0 testnet on January 2, 2026, introducing one-click trading for 50+ tokens and staking rewards in DOGE according to the announcement. The upgrade positions the platform as a core infrastructure layer, with liquidity features expected to roll out during the test phase. While testnets typically use limited liquidity, the launch is a key milestone for the project's development roadmap.

Why Did Trading Volume Remain Low?

Market participants have largely avoided aggressive positions ahead of macroeconomic uncertainty. With U.S. government shutdown fears easing — as prediction markets now show a 26% chance of a January shutdown — crypto traders have maintained a neutral stance according to analysis. This environment has reduced speculative flows into leveraged products, contributing to flat volume levels across perpetual DEXs.

The broader market also saw mixed reactions to geopolitical developments, including a U.S. military operation in Venezuela and the announcement of AMT DeFi's renewable energy yield program for XRP holders as reported. While some traders rotated into high-risk assets like memecoins, overall liquidity remained fragmented.

What Are Analysts Watching Next?

Analysts are closely tracking Hyperliquid's ability to sustain its 10% open interest growth, particularly as it continues to expand its token offerings according to analysts. The platform's success could signal a broader shift toward decentralized leverage products, especially if institutional adoption follows.

Investor attention is also turning toward upcoming earnings reports and corporate developments in the crypto sector. Sharplink Gaming (SBET), for instance, is set to release its Q4 2025 results on February 25, with analysts watching for updates on its Ethereum treasury strategy and planned Fusaka upgrade according to market reports.

Meanwhile, legal proceedings against PRMB remain a focal point. Hagens Berman has urged investors to meet the January 12 deadline to seek lead plaintiff status in the securities class action according to the firm's statement. If the case moves forward, it could prompt further volatility in the stock and affect broader retail investor confidence.

What Is the Outlook for DEX Innovation and Adoption?

The MiniDoge DEX 2.0 testnet launch marks a significant technical advancement for the platform according to the announcement. If the test phase proves successful, the team has stated that it may integrate the new settlement layer into the mainnet with incentives tied to MINIDOGE usage. This could drive demand for the token, especially if trading fees or governance rights are introduced.

The broader DEX ecosystem also appears to be benefiting from growing institutional interest in crypto markets. With more than 265 M&A deals and 11 IPOs in 2025, the industry is showing signs of maturation according to industry data. Analysts suggest that this trend will continue into 2026, with more infrastructure-focused projects likely to raise capital through traditional and crypto-specific financing mechanisms.

In the short term, however, traders are expected to remain cautious. With Bitcoin and Ethereum consolidating near key support levels, the market is waiting for a clear catalyst — whether macroeconomic clarity, regulatory updates, or a major product launch — to drive the next wave of momentum.