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Perp volume just jumped +52.5% WoW.
• $36.3B (24h) traded in perps
• $883.5B (30d) total
• Open interest: $19.7B
That mix matters.
Volume is expanding faster than OI → risk is turning over, not stacking. Traders are hedging and rotating exposure, not leaning one-way.
Activity is concentrated: @HyperliquidX, @Aster_DEX, @Lighter_xyz, @edgeX_exchange are carrying most of the flow. That’s where price discovery lives right now.
This is why spot looks quiet.
When derivatives dominate, price stability can coexist with heavy risk exchange. Spot becomes a lagging indicator. Moves happen mechanically once positioning breaks, not when narratives shift.
Not liquidity waiting.
Execution has just moved upstream.
That defines the market state.