Mainstream Perpetual Futures DEXs Show Minimal Volume Variance, Hyperliquid Maintains High Performance

Perpetual futures trading on decentralized exchanges (DEXs) remains stable, with minimal volume variation across platforms. Hyperliquid leads in real-world asset (RWA) trading, particularly in oil derivatives. DEXTools is launching PerpTools, a new perpetual futures DEX, supported by a $3M raise.

Hyperliquid's HYPE token surged 20% this week, driven by increased demand for RWA perpetuals and geopolitical tensions in the Middle East. Open interest in RWA derivatives reached $1.5 billion, with crude oil contracts accounting for much of the volume.

MEXC reported $175 million in net capital inflows in February, ranking fourth among major centralized exchanges. The platform's product strategy, including expanded derivatives in precious metals and zero-fee trading, attracted investors during a period of market uncertainty.

Why Did This Happen?

Hyperliquid's surge is primarily attributed to rising geopolitical tensions and increased demand for 24/7 trading of commodities. Middle East tensions have caused volatility in oil prices, driving more activity on Hyperliquid's platform.

DEXTools is leveraging its existing user base of 30 million and analytics tools to launch PerpTools. The platform aims to offer direct liquidity pools, reducing reliance on external trading.

MEXC's capital inflows were supported by its expanded product offerings. The platform increased leverage limits and liquidity while maintaining a zero-fee trading policy, helping investors manage risk during global developments.

How Did Markets Respond?

Hyperliquid's open interest in RWA perpetuals reached $1.5 billion, with $1.17 billion in oil trading volume. The platform's 24/7 trading model attracted both retail and institutional investors.

DEXTools' PerpTools aims to capitalize on the growing demand for perpetual futures DEX platforms. The closed beta achieved $150M in trading volume, and the open beta is expected in late Q2 2026.

MEXC's inflows highlight the platform's appeal during market uncertainty. The expansion of derivatives in precious metals and zero-fee trading attracted capital despite weak Bitcoin price momentum.

What Are Analysts Watching Next?

Analysts are monitoring Hyperliquid's ability to sustain its price momentum and expand RWA trading. The platform's current price is near the $40 resistance level, with a potential breakout expected to trigger further bullish momentum.

PerpTools' open beta in late Q2 2026 will be closely watched for its performance and adoption rate. The platform's integration with DEXTools' analytics and user base may give it a competitive edge.

MEXC's continued product expansion and promotional offers will be key indicators of its ability to retain and attract capital. The platform's zero-fee trading policy and expanded derivatives in precious metals are significant draws.