Weekend Perp DEX Roundup: Hyperliquid Leads in Trading Volume, All Platforms Below $3 Billion
January 19th — Perpetual DEX (Perp DEX) trading volume remained low over the weekend, per DefiLlama data. Hyperliquid continues to lead the space, followed by Lighter, with minimal changes in open interest across all platforms.
Key 24-hour metrics for major Perp DEXs (as of Jan 19):
- Hyperliquid (https://app.hyperliquid.xyz/join/NTOD): ~$27.9B trading volume | ~$45.9B TVL | ~$96.3B open interest
- Lighter (https://app.lighter.xyz/?referral=70045843): ~$22.6B trading volume | ~$10.8B TVL | ~$13.2B open interest
- EdgeX: ~$21.5B trading volume | ~$4.29B TVL | ~$11.6B open interest
- Aster (https://www.asterdex.com/zh-CN/referral/aboter): ~$17.4B trading volume | ~$12.5B TVL | ~$27.3B open interest
- Variational: ~$16B trading volume | ~$66.18M TVL | ~$11.9B open interest
- Paradex: ~$15.9B trading volume | ~$2.27B TVL | ~$6.33B open interest
- Pacifica (https://app.pacifica.fi/?referral=pacbot): ~$9.66B trading volume | ~$46.52M TVL | ~$87.04M open interest
Note: TVL
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Securities and Futures Commission Hong Kong: Support Mandatory Registration for CARF Implementation, Propose Simplifying Zero Reporting, and Introducing an API Automated Reporting Mechanism
January 19: The Hong Kong Securities and Futures Professional Association has submitted a consultation paper on implementing the Cryptocurrency Asset Reporting Framework (CARF) and amending the Common Reporting Standard (CRS) in Hong Kong.
The association backs mandatory registration for Registered Crypto Asset Service Providers (RCASP) and Reportable Financial Institutions (RFI) to align with OECD standards and preserve Hong Kong’s standing as a global financial hub. It’s proposing a simplified, streamlined registration and reporting process for “zero-reporting” entities to cut compliance costs, and recommends an administrative penalty framework over criminal liability.
Additionally, the association supports a default “dual reporting” setup for CARF and CRS to reduce system complexity and reporting errors. It’s also calling for an API-based reporting interface to meet the automated compliance needs of large cryptocurrency firms.
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Whale Trader's "Buy the Dip" Strategy Keeps Increasing Long Positions in BTC and ETH, Total Position Size Reaches $272 Million
**January 19 – Per Coinbob Popular Address Monitoring, the "Strategy Whale" address (0x94d) has ramped up BTC and ETH long positions over the past few hours, pushing its total position value to $272 million. The positions were opened just over two hours ago.**
**Key position breakdown:**
- 15x ETH long: ~$221M position value, avg. entry $3,213, unrealized loss ~$240k
- 20x BTC long: ~$43.7M position value, avg. entry $93,000, unrealized loss ~$30k
**Earlier today, the address was liquidated amid market volatility, posting losses of over $15.3M across three major cryptos. It then bottom-fished with 20x leverage to open BTC/ETH longs, with related positions briefly hitting $53M. All these longs were closed around 3 PM ET today, marking another dip-buy attempt.**
**The address began accumulating assets in December 2023 with an initial account size of ~$20M, then gradually built short positions on mainstream coins like BTC/ETH. Market watchers peg it as a clear "on-chain count
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A new address withdrew $25 million from a CEX, borrowing 400,000 HYPE coins.
On January 19, Onchain Lens monitoring shows a newly created address withdrew 25 million USDT/USDC from Binance and OKX, deposited 5 million USDC into HyperLiquid, supplied 20 million USDT to HyperLend, and borrowed 400,000 HYPE.
Additionally, the whale has transferred 5 million USDC to HyperLiquid’s spot trading platform.
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Merciless Backstab of Hyperliquid, Trove Operations Team Accused of Iranian Background
On January 19, Trove—a project planning to build a perpetual contract DEX focused on leveraged trading of non-traditional assets like collectibles, real-world assets (RWAs), stocks, and prediction markets—originally launched on the Hyperliquid ecosystem and completed an ICO earlier this month, raising roughly $11.5 million.
During this period, the community flagged controversies including claims that the project paid KOLs for promotion (with funds flowing to an entertainment platform’s deposit address) and that the ICO fundraising deadline was repeatedly changed.
Recently, the project abruptly announced it was ditching the Hyperliquid route to rebuild its entire perp DEX on Solana. At the same time, the Trove team began dumping HYPE. Facing community outrage, the official explanation was that a liquidity provider (LP) closed a 500,000 HYPE position due to "recent negative sentiment," which altered the project’s trajectory.
Amid these eyebrow-raising moves, blockchain analyst @
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