Mainstream Perp DEX Overview: Platform Trading Volume Declines Across the Board During Macro Event Lull, 33% Pullback in Crude Oil Contracts on Hyperliquid

March 11th — Per DefiLlama data, the overall trading volume of on-chain perpetual futures DEXs (Perp DEXs) has seen a slight decline, but open interest remains elevated, indicating leveraged positions haven’t unwound. Previously fueled by macro developments, the market’s trading volume surged sharply; currently, amid a lull in news flow, the market lacks clear directional momentum. **Key Details:** Hyperliquid’s 24-hour trading volume is down ~21% from yesterday, with its WTI crude oil contract volume dropping 33% to ~$1.2 billion. Below is the ranking of major Perp DEXs by 24-hour trading volume: - **Hyperliquid** [https://app.hyperliquid.xyz/join/NTOD]: ~$79.5B (24h vol) | ~$45.1B (TVL) | ~$60.9B (open interest) - **Aster** [https://www.asterdex.com/en/referral/aboter]: ~$30.6B | ~$9.42B | ~$20.2B - **EdgeX**: ~$26.7B | ~$1.78B | ~$10.7B - **Lighter** [https://app.lighter.xyz/?referral=70045843]: ~$22.8B | ~$6.26B | ~$6.46B - **Grvt**: ~$15.1B | ~$1.04B | ~$4.90B - **Pacifica** [https://app.pacifica.fi/?referral=pacbot]: ~$4.85B | ~$36.18M | ~$66.24M ### Notes on American English Adaptations: 1. **Conciseness**: Used bullet points, ~ (approximate) shorthand, and abbreviations (B = billion, M = million) for readability. 2. **Terminology**: Replaced "size" with "elevated" (standard for open interest), "exited" with "unwound" (accurate for leveraged positions), and "directionless state" with "clear directional momentum" (common in financial writing). 3. **Flow**: Structured with a headline-style opening, key context, then ranked data (aligned with U.S. financial news conventions). 4. **Link Placement**: Kept referral links inline (standard for crypto platform mentions in U.S. content).