Key Highlights:
- Data from DefiLlama shows Perp DEX volumes declining, with Hyperliquid down about 15.5% in 24 hours.
- Despite the drop, Hyperliquid still leads with about $60B daily volume, ahead of Aster and EdgeX.
- Softer crypto prices and an upcoming $8.9B options expiry are reducing leverage demand and weighing on derivatives activity.
Trading activity across major perpetual futures decentralized exchanges (DEXs) has slowed down, as the global crypto market sentiments remain weak since 2025. Data from DefiLlama shows that volumes across leading Perp DEX platforms dipped over the past 24 hours, with the largest platform, Hyperliquid, seeing a drop of about 15.5% compared with the previous day.
Hyperliquid remains the largest venue by a wide margin. The platform processed roughly $60.3 billion in trading volume over the last day. Its total value locked stands near $42.4 billion, and open interest is around $54.8 billion. The numbers still place Hyperliquid at the center of leveraged trading activity for both retail and institutional participants, even as short term volumes soften.
Perp DEX Volumes Slip
Behind Hyperliquid, Aster retained second place with about $24.6 billion in daily volume and a TVL of $10.6 billion. Open interest on Aster was recorded at approx $18.7 billion. The platform has held relatively steady compared with peers. This implies that more stable trading flows over the same period.
Other platforms also saw moderate activity. EdgeX processed close to $22.7 billion in 24 hour trading volume, with a TVL of about $1.82 billion and open interest around $1.04 billion. Lighter followed with roughly $20.8 billion in daily volume and a TVL of $8.7 billion, while open interest stood at $7.12 billion.
Further down the rankings, Grvt recorded approximately $12.7 billion in volume, with TVL near $95.76 million and open interest at $4.08 billion. Pacifica saw around $7.18 billion in daily volume, with TVL of $36.23 million and open interest near $61.6 million.
The slowdown in trading has come alongside a broader cooling in crypto markets. The global crypto market cap currently stands at about $2.36 trillion after slipping roughly 2.4 percent over the past day. Price action among major assets has been subdued. Bitcoin traded near $65,996, while Ethereum hovered around $1,961. Both assets dipped about 1 percent over the same period.
Major altcoins like XRP, Solana, Dogecoin, Cardano, BNB and Hyperliquid’s native token fell by around 1 percent. Tron was a minor exception, edging slightly higher with a gain of about 0.1 percent. On the other hand, the market overall is being cautious with traders curbing trading on larger deals. The drop in Perp DEX volumes, analysts say, may signal a change in leverage utilization. So traders are reducing risk more frequently and unwinding leveraged positions, while there is less trading activity. Other market watchers say macroeconomic uncertainty and changing investor sentiment are key reasons for the slowdown.
Note that an options expiry worth about $8.9 billion in Bitcoin and Ethereum contracts is nearing. It’s a volatile event in the short term at the front end of the day, with traders repositioning before settlement. This expiry could weigh on price moves and derivatives volumes in the subsequent sessions, market desks have said. Bitcoin attracted ETFs as strong inflows in ETFs early this week supported prices. But profit taking and macro risk concerns have constrained gains. The choppy signals partly explain uneven activity in spot and derivatives markets. There may still be external influences that affect trading actions. Geopolitical events and policy teases are constant concerns. Traders are scanning for news about worldwide negotiations whose near term deadlines are approaching and who need to be prepared to go to market with close quarters. Also, comments anticipated from Federal Reserve officials later in the day could help set risk appetite. There has been little direction from economic data. Weekly jobless claims in the US came in close to expectations, leaving investors without too much surprise.
Also Read: Vitalik Buterin Sells 19,318 ETH worth $38.5M; Surpassing Expectations
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