The DEX Market Permanently Detects Instability Signals Amid Volatility

Data from DefiLlama shows that perpetual decentralized exchanges are currently undergoing a correction phase. According to blockchain analysis from BlockBeats, recent 24-hour market volatility has directly impacted trading activity on these platforms, causing positive and negative movements to occur simultaneously.

Hyperliquid Leads Despite Warning Signs

In the perpetual DEX rankings, Hyperliquid continues to hold the top position in trading volume. The latest report indicates that this platform recorded a 24-hour trading volume of $13.08 billion, with a total value locked (TVL) of approximately $4.36 billion. However, Hyperliquid’s open interest has decreased by about 36.2% compared to last week, currently standing at $5.82 billion. This decline reflects traders adjusting their positions amid market volatility, even as trading volume remains high.

Rising Competition Among Rivals

Competition in the perpetual DEX market is heating up as other platforms ramp up their activity. Aster reported a 24-hour trading volume of $5.66 billion, with a TVL of $1.14 billion and open interest of $2.0 billion. EdgeX also performed strongly, with $5.2 billion in trading volume, a TVL of $195 million, and open interest of $869 million. Lighter reported a 24-hour trading volume of approximately $4.46 billion, TVL of $974 million, and open interest of $1.05 billion.

Smaller platforms are also continuously active. Extended has a trading volume of $2.43 billion, TVL of $218 million, and open interest of $309 million. Pacifica, though a smaller player, still maintains a trading volume of $776 million, with a TVL of $41.93 million and open interest of $59.77 million.

Overall, the landscape of perpetual DEXs currently reflects a dynamic market with both opportunities and challenges, as platforms fiercely compete to maintain their positions.