Hyperliquid Dominates Perp DEX Market with 48% Open Interest, Leads in January Trading Volume

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As of January 26, 2026, Hyperliquid holds 48% of the open interest in major perpetual decentralized exchanges (Perp DEXs), nearly equaling the combined total of all other platforms. Although open interest declined by 15% on a weekly basis, Hyperliquid still leads in trading volume for January. Competitors such as Aster, EdgeX, Lighter, Paradex, Extended, and Pacifica also reported their 24-hour trading volume and TVL (Total Value Locked) figures.

BlockBeats news: On January 26, according to DefiLlama data, affected by the overall market conditions, the trading volumes of major Perp DEX platforms generally declined over the weekend. The open interest on most platforms also dropped, indicating a more cautious market sentiment.


Among them, Hyperliquid's open interest dropped by about 15% week-over-week compared to last week, but it still accounts for 48% of the total volume across major platforms, nearly equaling the combined total of all other platforms. In addition, since January of this year, Hyperliquid's trading volume has consistently ranked first; previously, due to the Lighter token incentive program, the top trading volume position changed hands multiple times. The current trading volumes of some Perp DEX platforms are as follows:


Hyperliquid 24-hour trading volume is approximately $5.83 billion, TVL is approximately $4.41 billion, and open interest is approximately $7.42 billion;


Aster 24-hour trading volume is approximately $3.81 billion, TVL is approximately $1.2 billion, and open interest is approximately $2.43 billion;


EdgeX 24-hour trading volume is approximately $3.71 billion, TVL is about $429 million, and the open interest is approximately $1.02 billion;


Lighter 24-hour trading volume is approximately $3.12 billion, TVL is approximately $1.01 billion, and open interest is approximately $1.26 billion;


Paradex 24-hour trading volume is approximately $3.09 billion, TVL is approximately $218 million, and the open interest is approximately $745 million.


Extended 24-hour trading volume is approximately $1.62 billion, TVL is about $207 million, and the open interest is approximately $319 million;


Pacifica The 24-hour trading volume is approximately $837 million, TVL is approximately $458.9 million, and the open interest is approximately $777 million.

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