COINOTAG News, citing DefiLlama data on December 9, observes mixed signals in the Perp DEX space: open interest across leading platforms climbs while TVL retreats, suggesting rising leverage and shifting risk appetite in crypto derivatives.

Several platforms report elevated activity: Lighter posts 24-hour turnover of about $86.1B, TVL around $13.6B, and OI near $17.4B; Hyperliquid shows roughly $62B in volume, TVL around $43.8B, and OI near $65.4B; Aster records about $57.8B in volume, TVL around $13.9B, with OI near $26.1B.

On the lower-liquidity side, EdgeX logs $47.1B in 24-hour volume, TVL around $4.06B, and OI around $8.1B; ApeX shows $33.5B volume, TVL around $46.6M, and OI about $90.82M; Backpack records $11B in volume with OI at $2.07B (TVL undisclosed); Variational reports $10.3B volume, TVL around $72.86M, and OI near $32B; Pacifica shows $6.82B volume, TVL around $42.24M, and OI near $66.66M. The dispersion in liquidity and leverage underscores a broader uptake of perpetual contracts and highlights the need for disciplined risk controls.