Mainstream Perp DEX Overview: Crypto and Traditional Market Volatility in Sync, Hyperliquid's TVL Reaches Near Three-Month High

May 8th — Per DefiLlama data, the on-chain perpetual DEX (Perp DEX) market’s total trading volume has rebounded. Driven by sharp volatility in recent U.S. stock, commodity, and crypto markets, Hyperliquid’s open interest has continued climbing, hitting its highest level since mid-January 2024 at roughly $91.1 billion. Within the HIP-3 ecosystem, Trade.xyz has seen active trading, with both its 24-hour trading volume and open interest reaching near one-month highs. Below are the current top Perp DEX platforms by 24-hour trading volume: - Hyperliquid (via https://app.hyperliquid.xyz/join/NTOD): ~$82.7 billion in 24-hour trading volume; ~$91.1 billion in open interest - Trade.xyz: ~$33.4 billion in 24-hour trading volume; ~$21.8 billion in open interest - EdgeX: ~$21.9 billion in 24-hour trading volume; ~$9.45 billion in open interest - Aster (via https://www.asterdex.com/zh-CN/referral/aboter): ~$18.7 billion in 24-hour trading volume; ~$23.1 billion in open interest - Lighter (via https://app.lighter.xyz/?referral=70045843): ~$15.9 billion in 24-hour trading volume; ~$7.47 billion in open interest - Pacifica (via https://app.pacifica.fi/?referral=pacbot): ~$4.38 billion in 24-hour trading volume; ~$90.5 million in open interest