Perpetual DEX weekend trading is sluggish: Lighter is leading, while Hyperliquid's leverage continues to accumulate.

[Coin World] On December 22, according to the latest data from DefiLlama, the mainstream perpetual DEX market is showing an interesting differentiation.

The weekend effect is obvious, and the overall trading volume is below expectations. In the past 24 hours, the trading volume on major Perp trading platforms has not exceeded $4 billion, indicating a clear decline in liquidity over the weekend.

In the current ranking landscape, Lighter takes the top spot. This platform has a 24-hour trading volume of approximately $3.84 billion, a TVL of $1.41 billion, and an open interest of $1.65 billion. Following closely is Aster, with a trading volume of $3.51 billion, a TVL of $1.3 billion, and an open interest of $2.42 billion. The third place, EdgeX, has a trading volume of $2.45 billion, a TVL of $0.37 billion, and an open interest of $0.761 billion.

The most noteworthy aspect is the performance of Hyperliquid—although the 24-hour trading volume is only about $2.43 billion, the platform's TVL is far ahead at $4.15 billion, with open contracts reaching as high as $7.08 billion. This data contrast reveals a phenomenon: funds are amplifying positions through leverage, and existing funds are increasing their operations.

On other platforms, ApeX trading volume reached $1.61 billion (TVL $46.45 million, open contracts $175 million), Backpack trading volume was $1.21 billion (open contracts $232 million), Variational trading volume was $840 million (TVL $66.18 million, open contracts $472 million), and Pacifica trading volume was $639 million (TVL $41.89 million, open contracts $6 million).

From a market perspective, although trading activity has cooled over the weekend, leveraged positions are quietly increasing, which may set the stage for volatility next week.