Hyperliquid dominates DEX perps with massive trading and long-term positions, leaving competitors far behind.
Smaller platforms like tradeXYZ and Variational show steady growth, attracting traders with unique strategies.
Open interest vs. volume reveals trader habits: some prefer long-term bets, others focus on fast, short-term trades.
Hyperliquid is shaking up the decentralized perpetual futures market, recording $6.23 billion in 24-hour trading volume. Its open interest also hit $8.3 billion, more than three times that of its nearest competitor, Aster. The surge highlights where traders are most active and where they are committing significant capital for extended positions.
Aster comes in second with $3.87 billion in daily trading and $2.51 billion in open positions, while Lighter is close behind at $3.75 billion in volume and $1.24 billion in open interest. This shows that top platforms see a good balance of quick trades and longer-term bets.
With $821 million in trading volume, tradeXYZ, a more recent DEX perps platform, entered the top ten, indicating growing competition. Although a few major companies control the majority of the industry, smaller platforms are gradually gaining popularity.
Top Platforms and Trader Behavior
EdgeX handled $2.9 billion in daily trades and has $1.08 billion in open positions, making it one of the bigger players. Grvt came next with $1.85 billion in trading and $514 million in open positions. This shows decent activity, but most trades are short-term, with fewer long-term bets. Paradex saw $1.7 billion in volume and $649 million in open positions, showing steady trading and that many users are keeping their positions open longer.
Extended, which runs on two different blockchains, saw $1.29 billion in trading and $306 million in open positions. Its multi-chain setup brings solid activity, but most trades are short-term. On the other hand, Variational recorded $1.25 billion in volume and $1.06 billion in open positions.
This shows traders are keeping their bets open longer, combining active trading with committed capital. ApeX Protocol also did $1.25 billion in volume, but with only $158 million in open positions, showing that fast, short-term trading dominates its platform.
Market Concentration and Implications
Overall, Hyperliquid leads the market, followed by Aster and Lighter. This concentration shows that traders prefer liquidity and trust when committing large sums.
As a result, smaller platforms are finding their own space by using unique strategies or focusing on specific blockchains. As decentralized perpetual futures keep growing, these numbers give a clear picture of how much traders trust each platform, which platforms are gaining popularity, and the trends shaping the DEX market.
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