Recently, the perpetual contract market has been warming up, and trading activity on mainstream DEX platforms has significantly increased this week. According to DeFiLlama data, in the past 24 hours, the overall trading volume in the Perp DEX sector has experienced a collective rebound.

Let's look at the specific rankings. Hyperliquid remains firmly in the top spot, with a 24-hour trading volume of $8.97 billion, its TVL is approximately $4.51 billion, and open interest is $8.18 billion (a slight decrease of 6% compared to the previous day). The performance of the following platforms is also impressive: Aster with a trading volume of $6.1 billion, Lighter approaching $5 billion, EdgeX around $4.6 billion, and Paradex, Pacifica, among others, maintaining stable trading scales.

There is an interesting phenomenon worth noting — trading volume is rising, but open interest has slightly declined. This usually indicates that short-term traders in the market are more active, engaging in more swing trading rather than opening leveraged long-term positions. In other words, current market participants tend to prefer quick in and out trades, with a relatively cautious risk tolerance.