2026-01-09 11:28:22

Recently, trading activity on Perp derivatives DEXs has significantly increased. According to on-chain data, as of January 9th, over the past 24 hours, many platforms have seen rising trading activity, with Hyperliquid soaring to the top of the rankings.

Let's take a look at the specific performance: Hyperliquid leads with a 24-hour trading volume of $7.54 billion, but its TVL is $4.33 billion, and open interest reaches $9.07 billion. Next is Aster, with a trading volume of $5.75 billion, TVL of $1.25 billion, and open interest of $2.61 billion. Lighter follows closely, with a 24-hour trading volume of $4.66 billion, TVL of $1.24 billion, and open interest of $1.42 billion.

EdgeX also performed well, with a daily trading volume of $3.87 billion, but its TVL is only $368 million, and open interest is $1.11 billion. Variational and Paradex have relatively smaller scales, with trading volumes of $1.59 billion and $1.57 billion respectively.

Interestingly, although trading volume is rising, market sentiment appears somewhat cautious. You may notice a phenomenon: most platforms' open interest growth has not kept pace with the increase in trading volume, and the growth in TVL is also not fully synchronized. This suggests that market participants might be controlling risk exposure, favoring short-term quick trades rather than long-term positions. Behind this phenomenon, it actually reflects that the market's confidence in the future trend is not yet firm.

HYPE0,98%

ASTER-1,95%

LIT-2,34%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

8 Likes

Reward
8
8
Repost
Share

Comment

0/400

MEVHunterNoLoss

· Just Now

Trading volume has increased but the open interest hasn't kept up, which is ridiculous. Still afraid of a downturn later on. The data from Hyperliquid is truly terrifying—75 billion in trading volume against 90 billion in open interest, leverage ratio is insane. Basically, no one dares to bet big; it's a quick in and out game, large funds are still on the sidelines. What’s going on with EdgeX’s TVL to trading volume ratio? The leverage used is extremely aggressive. Open interest hasn't increased with the trading volume, what does that mean? No new money is coming in, it's all existing positions being shuffled around. It feels like everyone is waiting for a clear signal. Who would dare to hold heavy positions in this market now? The recent hype around derivatives DEXs feels like a game of nesting dolls—no one’s even sure if the coin prices are stable. Hyperliquid’s 90 billion in open interest is truly frightening—one extreme market could trigger a liquidation wave. Quick in and out trading in the short term isn’t good; it indicates market confidence is still lacking. The real problem is that open interest isn’t growing in sync; trading volume is inflated artificially. Behind these numbers, it’s really just: everyone is gambling, but no one dares to go all in.

View OriginalReply0

TradingNightmare

· 8h ago

Trading volume surges but no one dares to hold on stubbornly. To put it plainly, the market is still hesitating. Hyperliquid's 7.5 billion JPY trading sounds impressive, but the growth rate of TVL and open contracts can't keep up, indicating that everyone is fighting guerrilla battles, making quick profits and then running away. No one wants to be trapped long-term. This is the most genuine signal. Is short-term stimulation interesting? Honestly, I don't recommend long-term heavy positions, not being transparent. It looks lively, but in reality, the market is still on the sidelines. The most feared scenario for leveraged products is this "rising volume, falling confidence" situation, where a small wind can trigger a chain reaction of liquidations. Hyperliquid's leading position is also superficial. When the real trend appears, these data will need to be reshuffled. Those who follow now may end up as bagholders. Market sentiment is cautious, which is actually a signal—everyone is waiting for a trigger point. The contract growth rate can't keep up with trading volume, which is absurd, indicating ample liquidity but poor participation. Smaller platforms like Lighter and EdgeX should be even more cautious, as eating large orders easily leads to explosions. Without real capital coming in, just capital rotation, it's hard to tell how long this heat can last.

View OriginalReply0

GoldDiggerDuck

· 01-09 11:58

Hyperliquid's trading volume is indeed fierce, but the TVL and open interest are not proportional, it feels like just cutting leeks. Quick in and out is so aggressive, and they still talk about firm judgments, but actually everyone is just scared. This wave of Perp hype has gone up, but the confidence is insufficient; one reverse can cause a collapse. High trading volume doesn't necessarily mean genuine optimism; instead, it indicates the market is testing the waters. It sounds like a high fever, and a retreat is inevitable.

View OriginalReply0

ZeroRushCaptain

· 01-09 11:58

Trading volume increases, contracts haven't kept up, TVL remains the same. Isn't this the same routine I used last year? Quick in and out, but none of the positions have been closed successfully. Hyperliquid's daily trading volume has already reached 7.5 billion. I'm just wondering who is making money there. Is the market cautious? It's not caution, it's everyone waiting for the next reason to get cut in half. Unrealized contract growth can't keep up? Haha, that's the survival instinct of old hands, they are scared. Reverse indicators clearly signal, should I go all in or withdraw to do spot trading activities? With such a small TVL and such large contracts, that leverage ratio makes me nervous. Trading enthusiasm heats up but no one dares to hold positions? It shows everyone is well aware—this is the last stumble before bottom fishing.

View OriginalReply0

ExpectationFarmer

· 01-09 11:55

Hyperliquid's data is a bit outrageous, with a trading volume of 7.54 billion but a TVL of only 4.33 billion, leverage being pushed to the max... --- Quick in and out trading still seems a bit timid; you can tell by the rising trading volume but stagnant positions. --- By the way, the growth rate of open interest hasn't kept up, which really shows the market is still on the sidelines. --- Hyperliquid is truly outstanding, with a scale that surpasses other platforms, but the TVL comparison is a bit questionable. --- Everyone's quick in and out, indicating the bottom hasn't been reached yet, and no one is confident. --- The rise of derivatives is a good thing, but I can sense the cautiousness behind these numbers. --- Open interest isn't keeping pace with the growth in trading volume, which means the market isn't fully convinced yet. --- Hyperliquid's leading position is a fact, but I always feel there's some emptiness behind this rapid growth. --- The short-term quick in and out strategy, once the market reverses, will lead to chaos; being cautious is also wise.

View OriginalReply0

AirdropBlackHole

· 01-09 11:53

Trading volume surges but TVL doesn't keep up, this is a typical quick in and out, nobody really dares to hold heavy positions Hyperliquid is indeed fierce, but it feels like everyone is just testing the waters, not many people are really throwing money in The growth of open interest can't keep up with trading volume, what does that mean... everyone probably knows Can this wave of popularity last, or is it just another prelude to a rinse and repeat? Watching $7.5 billion in trading volume sounds impressive, but that's the usual pattern in derivatives, most of it is leverage trading

View OriginalReply0

ETH_Maxi_Taxi

· 01-09 11:41

It's hot, but the TVL and open interest data are so far apart... It feels like everyone is just chasing quick profits. Trading volume has increased, but the contracts haven't kept up, indicating it's just short-term speculation, and no one dares to hold heavy positions. Hyperliquid's 7.54 billion daily trading volume is indeed impressive, but it's better to be cautious—after all, leverage is playing with fire. By the way, why not just trade spot directly... why bother with derivatives? This wave feels very superficial; traders are just herding sheep.

View OriginalReply0

MEV_Whisperer

· 01-09 11:39

Hyperliquid these numbers are a bit scary, 7.5 billion in trading volume but only 4.3 billion in TVL. What are they doing... such high leverage? The short-term trading style actually indicates that everyone is watching and no one is really optimistic about the future. EdgeX's leverage ratio is incredible, with a TVL of only 360 million but a daily trading volume of 3.8 billion. How crazy is that? It seems like they're just hyping up the heat; the actual locked-in amount of real money can't keep up with the trading volume, so it's a bit questionable. Aster's data ratio is still relatively healthy; other platforms seem a bit inflated.

View OriginalReply0