Perp DEX Market Sees Significant Volume Increase Amid Cautious Sentiment

2 mins mins

Key Points:

Surge in Perp DEX trading volume, led by Hyperliquid.
Market sentiment remains cautious, open interest not rising similarly.
Potential market volatility increases due to high turnover.

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%.

bitcoin-daily-chart-5512 — Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 10:41 UTC on January 9, 2026. *Source: CoinMarketCap*

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.