Perp DEX market enters wait-and-see phase as Hyperliquid's open interest reaches a one-month high.

Chainthink

Release Time: 03/12/2026 11:20:48

Summary

Open interest in the Perp DEX market remains elevated as of March 12, 2026, despite a decline in trading volume, indicating that leveraged capital is still actively deployed. Hyperliquid’s open interest has reached a one-month high. The latest 24-hour trading volumes show Hyperliquid at $64.8 billion, Aster at $24.3 billion, EdgeX at $19.6 billion, Lighter at $18.6 billion, Grvt at $15.0 billion, and Pacifica at $454 million. Interest rates have not yet triggered a significant shift in capital flows.

ChainThink news, March 12: According to DefiLlama data, the overall trading volume of on-chain Perp DEXs continues to decline, but open interest remains high, indicating that leveraged funds have not significantly exited. Hyperliquid's open interest has risen again, reaching its highest level in nearly a month. The current top Perp DEXs by trading volume are as follows:

Hyperliquid has a 24-hour trading volume of approximately $6.48 billion and an open interest of approximately $6.41 billion;

Aster has a 24-hour trading volume of approximately $2.43 billion and an open interest of approximately $1.94 billion;

EdgeX has a 24-hour trading volume of approximately $1.96 billion and an open interest of approximately $1.08 billion;

Lighter has a 24-hour trading volume of approximately $1.86 billion and an open interest of approximately $676 million;

Grvt has a 24-hour trading volume of approximately $1.5 billion and an open interest of approximately $491 million;

Pacifica has a 24-hour trading volume of approximately $454 million and an open interest of approximately $67.83 million.

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