2026-01-21 11:10:16

#数字资产市场动态 Perpetual Contract DEXs have started to become active again recently. As of the latest data, on-chain figures show that the trading volumes of major perpetual contract decentralized exchanges have rebounded to varying degrees over the past day. Although open interest (unsettled contracts) has slightly pulled back compared to the previous day, overall market enthusiasm is indeed recovering.

Let's take a look at the specific performance of each platform:

**Hyperliquid** continues to hold the top spot, with a 24-hour trading volume reaching $8.97 billion, total account funds approximately $4.51 billion, and open interest around $8.18 billion (a 6% decrease compared to the previous period).

**Aster** follows closely, with a trading volume of about $6.10 billion, total funds around $1.23 billion, and open interest approximately $2.46 billion.

**Lighter** has a trading volume of about $4.92 billion, total funds around $1.06 billion, and open interest roughly $1.22 billion.

**EdgeX** reports a trading volume of about $4.59 billion, total funds approximately $422 million, and open interest around $1.06 billion.

The remaining platforms, **Paradex** ($1.76 billion) and **Pacifica** ($832 million), are relatively smaller but are still operating normally.

Interestingly, the situation where trading volume increases but open interest declines actually reflects a very realistic market mentality — traders now prefer short-term trading, aiming to profit from short-term fluctuations rather than holding positions long-term. In other words, during market volatility, quick in-and-out trading methods are more attractive than long-term holdings.

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FOMOrektGuy

· 18h ago

Short-term fluctuations, long-term positions? We are all now cautious people; who still dares to sleep in this market? --- Hyperliquid is still the leader, with a trading volume of 8.97 billion, but the open interest has actually decreased, which is ridiculous. --- Quick in and out is the way to go. Look at who still wants to buy the dip and hold long-term positions like a fool—are they out of their minds? --- This data clearly shows the market is testing the bottom. The rebound in trading activity indicates that some are starting to buy the dip. --- Lighter is almost at 5 billion, indicating that the trend of diversification in the sector has already formed. The days of Hyperliquid being the only dominant player are coming to an end. --- Open interest is decreasing while trading volume is rising. Basically, the retail investors are all getting liquidated, yet they keep rushing in—laughable. --- EdgeX only has 420 million in funds but can achieve a trading volume of 4.5 billion. Their leverage use is really aggressive.

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MerkleTreeHugger

· 18h ago

It's the era of quick in and out, who still wants to bottom fish until the end of time haha

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FloorPriceNightmare

· 18h ago

It's that time again to harvest the little guys. The perpetual contract DEX is active again. Basically, retail investors are starting to get restless. Quick in and out for short-term trading? That's just asking to be wiped out by the big players. I think they'll be liquidated sooner or later. Hyperliquid's daily trading volume of 8.97 billion yuan looks impressive, but how many people are actually making money?

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DisillusiionOracle

· 18h ago

There are more and more people trying to buy the bottom and sell the top in the short term. Who would dare to sleep holding their positions? --- Hyperliquid dominates alone, and other platforms can't catch up even if they try. --- Trading volume rises while holdings decline? It's a classic pump-and-dump rhythm. Big players are running, retail investors are still buying in. --- Quick in and out sounds exciting, but in reality, it's just a cycle of being harvested. --- No matter how you look at these data, it seems like the market is just releasing smoke screens. What's the point of restoring popularity? It's still institutions shaking the market. --- The growth rate of Aster and Lighter is interesting. Hyperliquid's monopoly is really getting a bit excessive. --- Trading short-term with volatility? I just want to ask everyone, how much have you lost? Don't tell me stories about making money. --- Perpetual contract DEXs are becoming active, but my wallet is actively shrinking. --- Many short-term trades indicate that no one is optimistic about the long-term market. --- Is Paradex's small scale still worth paying attention to? It feels like it's about to disappear.

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