COINOTAG News, citing DefiLlama, notes that in the past 24 hours the open interest across Perp DEX platforms rose even as TVL contracted, which may indicate renewed leverage and position-building amid rising risk appetite.

Platform snapshots show a broad spectrum of activity: Lighter — 24-hour volume around $86.1B, TVL $13.6B, open interest $17.4B; Hyperliquid — $62B, TVL $43.8B, open interest $65.4B; Aster — $57.8B, TVL $13.9B, open interest $26.1B; EdgeX — $47.1B, TVL $4.06B, open interest $8.1B. ApeX — $33.5B, TVL $46.6M, open interest $90.82M; Backpack — $11B, TVL undisclosed, open interest $2.07B; Variational — $10.3B, TVL $72.86M, open interest $32B; Pacifica — $6.82B, TVL $42.24M, open interest $66.66M.

Going forward, traders should monitor open interest versus TVL trajectories to assess leverage risk and liquidity dynamics within the crypto derivatives ecosystem.