I noticed that the volumes on perpetual exchanges DEXs have dropped by about a third in recent days. It sounds pretty scary, but here’s the interesting part — open interest remains in place, there’s no panic with withdrawals. It seems to be just a lull in trading.

Looking at the leaders — Hyperliquid still dominates with $7.34 billion in daily volume. But EdgeX fought hard and took second place with $3.04 billion. Next are Aster ($2.77 billion), Lighter ($2.13 billion), Grvt ($1.71 billion), and Pacifica ($454 million). DEX exchanges are clearly undergoing a reformatting, but the basic stability is holding. It’s interesting to watch how liquidity is distributed among the players.