Perp DEX Today Market Overview: Market Decline Weighs on Open Interest, Hyperliquid Still Leads the Industry

2026-01-20 10:38:12

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【Blockchain Rhythm】Latest data shows that on January 20th, the Perp DEX market was affected by the overall market decline, with all major platforms experiencing a pullback in open interest. Among them, the trading volume leader Hyperliquid decreased by approximately 9% week-on-week, but still maintains its position as the market leader.

From the current industry landscape, Hyperliquid leads with an absolute advantage. The platform’s 24-hour trading volume is about $6.36 billion, with a total value locked (TVL) of $4.57 billion, and open interest of approximately $8.77 billion — a figure far surpassing other competitors.

The second-tier platform Aster is also not to be underestimated. Its 24-hour trading volume is about $4.66 billion, TVL around $1.25 billion, and open interest approximately $2.61 billion, demonstrating strong market appeal.

Platforms like Lighter, EdgeX, and Paradex each have their own focus. Lighter’s 24-hour trading volume is about $3.36 billion, with TVL and open interest at approximately $1.07 billion and $1.33 billion respectively; EdgeX’s trading volume is about $2.82 billion, with a TVL of approximately $427 million; Paradex, although approaching $2.72 billion in trading volume, has a relatively small TVL of about $226 million and open interest of around $641 million.

Additionally, Pacifica, as a new platform, has a trading volume of about $922 million, a TVL of approximately $46.54 million, and open interest of $82.95 million. Its scale is relatively small but it maintains growth momentum.

Overall, despite market fluctuations, the Perp DEX ecosystem remains active, with a clear differentiation in competitive strategies between leading platforms and emerging ones.

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ShitcoinArbitrageur

· 18h ago

Regarding the market downturn, Hyperliquid can still maintain its number one position, which is truly impressive. The 8.77 billion in open interest directly surpasses other competitors. Aster is performing quite well. At this rate, can it shake up the position?

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FortuneTeller42

· 18h ago

Hyperliquid's gap is really outrageous, it feels like other platforms can't catch up no matter how hard they try. Actually, Aster's upward momentum is pretty good; if the market were more favorable, it might go even further. This round of decline has really shrunk the contract size significantly. When will it rebound? With an open interest of 8.77 billion, Hyperliquid's position is unshakable. By the way, have Lighter and EdgeX made any new moves recently? It feels like their popularity is declining more and more. When the market is bad, it's easiest to see who the real leader is.

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MetaverseLandlord

· 18h ago

hyperliquid is really impressive, with an open interest of $8.77 billion, truly ahead of other platforms by a mile. When the market drops, it can still maintain the top spot, which shows strong underlying logic. Aster feels like it still needs to hustle a bit to catch up; $2.61 billion is probably just a small fraction of what others have. As for those other platforms... hmm, each has its own way of doing things.

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SundayDegen

· 19h ago

Oh no, Hyperliquid is still so strong, a 9% drop couldn't even hold it down Hyperliquid really outpaces other platforms by a mile... 8.77 billion in open interest, the gap is huge Aster wants to catch up but has to run wildly, is there really a chance with such a big gap? It feels like the Perp DEX market is just two tiers, one Hyperliquid and others A 9% decline still leading the pack, this is the power of a top player What should other platforms do? They can't catch up Honestly, just looking at the data, you can see why so many people use Hyperliquid Aster, keep going, you're the most hopeful! By the way, how are Lighter and EdgeX? Is anyone using them? A 9% drop might be a disaster for others, but for Hyperliquid, it's just a drizzle It seems very unlikely that a next giant will emerge in this market

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NFTregretter

· 19h ago

hyperliquid these numbers look a bit exaggerated, is 8.77 billion in open interest real or not? aster is catching up quite quickly behind, but the gap is indeed still large. The market is declining but still holding the number one spot, which shows the moat is indeed strong. The question is, how much of these trading volumes are inflated? If the market continues like this, who can hold up?

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