Decline in Trading Volume on Major Perp DEXes Reported

On January 23rd, DefiLlama data reported a significant decline in trading volumes on mainstream Perpetual Decentralized Exchanges (Perp DEXes), with Hyperliquid recording approximately $6.2 billion, down 30%.

This downturn highlights volatility in the decentralized finance sector, affecting liquidity and capital flows, but Hyperliquid maintains its top position despite the drop.

Major DEXes See 30% Drop in Trading Volume

The past 24 hours have seen a significant drop in trading volumes across mainstream Perpetual DEXes, as reported on January 23rd via BlockBeats News and DefiLlama data. Hyperliquid and Aster, the two leading exchanges, recorded a 30% decrease in activity.

This event is critical as it highlights the volatility and challenges within decentralized exchanges. Market observers keenly watch the impact on DeFi protocols and associated tokens.

Based on the provided information, there are no primary source statements or quotes from key players, leadership, or experts related to the recent decline in Perp DEX trading volumes. The details are primarily composed of numerical data and historical context without attributed quotes.

Ethereum and Market Shifts Amid Volume Decline

Did you know? During Q4 2025, Aster and Lighter surpassed Hyperliquid’s monthly trading volumes, indicating dynamic shifts within the Perp DEX sector.

The declines have prompted widespread attention across digital assets markets, though specific reactions from major industry figures remain absent. No critical statements from leading financial figures or regulators have been forthcoming.

Coincu research suggests several scenarios: potential tightening of market regulations and shifts in trading preferences favoring centralized counterparts. These insights draw from historical trends that have seen fluctuating DEX participation, impacting asset allocations.