Perpetual DEX Market Update: Hyperliquid Leads in Trading Volume and Open Interest

As of January 9, 2026, perpetual decentralized exchange (Perp DEX) activity has shown notable shifts in volume and open interest. Hyperliquid remains at the forefront, with a 24-hour trading volume of approximately $75.4 billion. This leadership is supported by its elevated open interest of $90.7 billion, though its Total Value Locked (TVL) at $43.3 billion has not risen in line with volume, indicating cautious market sentiment.

Aster has emerged as a strong second-place contender, with trading volume reaching $57.5 billion. Despite this, its open interest is significantly lower at $26.1 billion, and its TVL stands at $12.5 billion. This suggests that while Aster is attracting trading activity, it is less effective in locking down capital compared to Hyperliquid.

Lighter and EdgeX follow in third and fourth positions, with trading volumes of $46.6 billion and $38.7 billion respectively. Hyperliquid's dominance is reinforced by its consistent growth in open interest, which has risen to a nearly 30-day high, signaling increased short-term risk and interest in leveraged positions.

Why Did This Happen?

The recent trends in Perp DEX trading reflect a broader shift in the market toward leveraged positions and speculative trading. Hyperliquid's open interest has climbed steadily, with a week-over-week increase of approximately 15%. This rise is driven by a combination of high-volume trading and the platform's ability to attract and retain capital in leveraged instruments.

Aster's surge in trading volume, despite lower TVL and open interest, suggests a focus on facilitating high-volume trades rather than capital retention. This could indicate a strategic shift in how platforms are attracting users and generating trading activity. The market is increasingly prioritizing volume over capital lock-up, which could influence future platform strategies.

How Did Markets React?

The heightened trading activity on Perp DEX platforms has not been uniform across all platforms. Lighter and Paradex have seen notable increases in volume, with Lighter recording a 24-hour volume of $46.6 billion and Paradex at $15.7 billion. This indicates that multiple platforms are gaining traction, but the concentration of volume remains heavily skewed toward Hyperliquid and Aster.

EdgeX, with a 24-hour volume of $38.7 billion, has also shown consistent growth, suggesting that the Perp DEX market is becoming more competitive. This competition is likely to drive innovation and improvements in user experience as platforms seek to differentiate themselves.

What Are Analysts Watching Next?

Analysts are closely monitoring the relationship between trading volume, TVL, and open interest across Perp DEX platforms. Hyperliquid's TVL has remained stable while its open interest has surged, indicating that capital is shifting toward leveraged positions rather than being locked in staking or liquidity pools. This could be a sign of increased risk-taking among traders, which might impact broader market stability.

Aster's performance is also under scrutiny, particularly given its high trading volume and relatively low TVL. The platform's ability to convert high-volume trading into sustained capital lock-up will be a key factor in determining its long-term competitiveness. If Aster can bridge this gap, it may challenge Hyperliquid's dominance in the Perp DEX space.

The overall trends suggest that the Perp DEX market is evolving rapidly, with platforms adapting to changing user preferences and market conditions. Investors and analysts will be watching closely to see how these dynamics unfold in the coming weeks, particularly as the market continues to navigate macroeconomic uncertainties and technological advancements.