Mainstream Perp DEX Overview: Hyperliquid's Open Interest Approaches Sum of Other Platforms, Trading Volume Continues to Lead This Month

January 26th — Per DefiLlama data, weekend trading volumes across major perpetual DEXes (Perp DEXes) dropped amid broader market conditions, while open interest on most platforms also declined, with market sentiment turning cautious. Among these, Hyperliquid’s open interest fell roughly 15% week-over-week but still accounts for 48% of total open interest across leading platforms — nearly the sum of all other platforms combined. Additionally, Hyperliquid has held the top spot in trading volume since the start of January; previously, the volume leader changed hands multiple times due to Lighter’s points incentive program. Here’s the latest 24-hour trading volume, TVL (Total Value Locked), and open interest for select Perp DEXes: - Hyperliquid: ~$58.3B volume | ~$44.1B TVL | ~$74.2B open interest [Link: https://app.hyperliquid.xyz/join/NTOD] - Aster: ~$38.1B volume | ~$12.0B TVL | ~$24.3B open interest [Link: https://www.asterdex.com/zh-CN/referral/aboter] - EdgeX: ~$37.1B volume | ~$4.29B TVL | ~$10.2B open interest - Lighter: ~$31.2B volume | ~$10.1B TVL | ~$12.6B open interest [Link: https://app.lighter.xyz/?referral=70045843] - Paradex: ~$30.9B volume | ~$2.18B TVL | ~$7.45B open interest - Extended: ~$16.2B volume | ~$2.07B TVL | ~$3.19B open interest - Pacifica: ~$8.37B volume | ~$45.89M TVL | ~$77.70M open interest [Link: https://app.pacifica.fi/?referral=pacbot]