Mainstream Perp DEX Overview: Hyperliquid Hits Record High with 10.11% Dive, Only TradeXYZ's TVL Surpasses Other Platforms

As of May 29, data from DefiLlama shows the total trading volume of the on-chain perpetual decentralized exchange (perp DEX) market has bounced back. Fueled by recent active trading in the on-chain equities sector and a major rally in the HYPE token, open interest on the Hyperliquid platform has kept rising, hitting a new peak not seen since the October 11 crash at roughly $96.6 billion. Trading activity on TradeXYZ—part of the HIP-3 ecosystem—has also picked up, with its open interest posting consecutive all-time highs to outperform other platforms. Below are the key 24-hour trading volume rankings for perpetual DEXs: - Hyperliquid (https://app.hyperliquid.xyz/join/NTOD): ~$74.7 billion in 24-hour trading volume, open interest of $96.6 billion - TradeXYZ: ~$20.8 billion in 24-hour volume, open interest of $27.3 billion - ApeX: ~$17.8 billion in 24-hour volume, open interest of $1.27 billion - EdgeX: ~$17.5 billion in 24-hour volume, open interest of $8.3 billion - Lighter (https://app.lighter.xyz/?referral=70045843): ~$16.6 billion in 24-hour volume, open interest of $7.81 billion - Pacifica (https://app.pacifica.fi/?referral=pacbot): ~$4.38 billion in 24-hour volume, open interest of $90.05 million