Overview of Major Perp DEXs: Unfilled Contract Volume Increases Across Platforms While TVL Declines, Indicating Elevated Market Risk Appetite

Overview of Major Perp DEXs: Unfilled Contract Volume Increases Across Platforms While TVL Declines, Indicating Elevated Market Risk Appetite

2025-12-09 18:52

ChainThink report, December 9: According to DefiLlama data, open interest across various Perp DEX platforms rose over the past 24 hours, accompanied by a decline in TVL, indicating slight capital outflow. However, existing or new capital is increasing leverage or opening new positions, reflecting heightened market speculation and risk appetite. Current 24-hour trading volumes for selected Perp DEXs are as follows:


Lighter 24-hour volume ~$8.61 billion, TVL ~$1.36 billion, open interest ~$1.74 billion;


Hyperliquid 24-hour volume ~$6.2 billion, TVL ~$4.38 billion, open interest ~$6.54 billion;


Aster 24-hour volume ~$5.78 billion, TVL ~$1.39 billion, open interest ~$2.61 billion;


EdgeX 24-hour volume ~$4.71 billion, TVL ~$406 million, open interest ~$810 million;


ApeX 24-hour volume ~$3.35 billion, TVL ~$46.6 million, open interest ~$90.82 million;


Backpack 24-hour volume ~$1.1 billion, TVL not yet disclosed, open interest ~$207 million;


Variational 24-hour volume ~$1.03 billion, TVL ~$72.86 million, open interest ~$320 million;


Pacifica 24-hour volume ~$682 million, TVL ~$42.24 million, open interest ~$66.66 million.

#Aster

Disclaimer: Contains third-party opinions, does not constitute financial advice

Recommended Reading
Phantom hints at launching a prediction market
Phantom hints at launching a prediction market
RaveDAO Receives Dual Boost from Aster and WLFI, RAVE/USD1 Set to Launch on Aster on December 12th, Unveiling the Most Powerful Trading Incentive Program in History
RaveDAO Receives Dual Boost from Aster and WLFI, RAVE/USD1 Set to Launch on Aster on December 12th, Unveiling the Most Powerful Trading Incentive Program in History
Multiple whales have reached consensus on the Lighter platform that an airdrop will be issued within the next 3 weeks
Multiple whales have reached consensus on the Lighter platform that an airdrop will be issued within the next 3 weeks
Aster platform's US equity perpetual contract trading now fully achieves 0 trading fees
Aster platform's US equity perpetual contract trading now fully achieves 0 trading fees
Brevis Announces Collaboration with Aster, Bringing ZK Security and Privacy to On-Chain Transactions
Brevis Announces Collaboration with Aster, Bringing ZK Security and Privacy to On-Chain Transactions
      glassnode: Bitcoin Shows Signs of Recovery, But Market Sentiment and Positions Remain Cautious
glassnode: Bitcoin Shows Signs of Recovery, But Market Sentiment and Positions Remain Cautious
QCP: Market Focus Shifts to This Week's Fed Meeting, Bitcoin's Year-End Liquidity Bottom Triggers Severe Volatility
QCP: Market Focus Shifts to This Week's Fed Meeting, Bitcoin's Year-End Liquidity Bottom Triggers Severe Volatility