Decentralized Derivatives Trading 24/7: Mainstream Platform Trading Volumes Rise Collective, Leverage Utilization Climbing

【Blockchain Rhythms】On December 10th, according to data from DefiLlama, the decentralized derivatives trading sector has been quite lively over the past 24 hours.

Trading volumes for several mainstream Perp DEXs are on the rise, open interest has increased again, but TVL remains relatively stable. What does this indicate? Existing funds are still active on the platform, and leverage is being increased even more.

Looking at the specific data from each platform: Lighter achieved a trading volume of $8.83 billion today, with a TVL of $1.39 billion and open interest of $1.73 billion. Hyperliquid follows closely with $8.52 billion in trading volume, but its TVL and open interest are larger — $4.46 billion locked and $6.79 billion in positions. Aster is also competitive, with $7.6 billion in trading volume, a TVL of $1.38 billion, and open interest of $2.72 billion.

Among mid-tier platforms, EdgeX processed $6.13 billion in trading volume, with a TVL just over $400 million, and open interest of $830 million; ApeX recorded $3.29 billion in transactions, but its TVL only remains around $47 million, with $93 million in positions. Backpack has a trading volume of $1.21 billion, with undisclosed TVL, and open interest of $200 million; Variational traded $1.03 billion, with a TVL of over $7 million, and $320 million in positions; Pacifica concluded with $712 million in trading volume, over $42 million in TVL, and $71 million in positions.

From these figures, it can be seen that top-tier platforms have deep capital deposits, while small and medium platforms rely more on high leverage to boost trading volume. The flavor of a battle over existing capital is becoming more prominent.