Perp DEX Market Sees Significant Volume Increase Amid Cautious Sentiment

Hyperliquid leads Perp DEX trading, reaching $75.4 billion in 24-hour volume on January 9, showcasing high activity despite limited rise in open interest and TVL.

This cautions traders toward short-term engagement, impacting market dynamics with potential shifts in leverage strategies for Bitcoin, Ethereum, and other listed assets.

Hyperliquid’s $75.4 Billion Surge Amid Market Hesitancy

In the past 24 hours, several Perp DEX platforms have observed a remarkable rise in trading volumes. Hyperliquid topped with an approximate volume of $75.4 billion. This increase, however, was not matched by proportional increases in total value locked and open interest.

Traders appear to cautiously approach these platforms, contributing to short-term volatility without committing significant new capital. This discrepancy draws on the current cautious market sentiment.

“On-chain perps have evolved from niche experiments to an indispensable part of the derivatives market” – CoinMarketCap

Speculative Trading and Volatility: Insights and Analysis

Did you know? In 2025, Perp DEX platforms processed approximately $7.9 trillion in volume. Hyperliquid held a substantial market share, which shed light on current trading trends reflecting episodic volume booms without corresponding TVL or open interest bursts.

Bitcoin’s recent price is $90,408.42, with a market cap nearing $1.81 trillion, according to CoinMarketCap. Its market dominance stands at 58.47%. Volatility persists, evidenced by a 24-hour trading volume dip of -8.13%. Over the past 90 days, BTC’s price has decreased by 19.37%.

Coincu research indicates these trading patterns might imply heightened speculative trading. Historical patterns suggest on-chain perpetual markets could increase market volatility without enhancing liquidity. Such patterns have been under regulatory scrutiny, potentially impacting future trading dynamics.