breakdown<\/a>, Hyperliquid captured about 31% of total perp DEX volume over the last 24 hours, with a 24-hour print of $24.699 billion and roughly $248.1 billion traded over 30 days. Aster posted about $11.553 billion in daily volume, up 112% on the day and representing roughly 14.6% of total perp flows. edgeX processed $8.675 billion (+66.3% daily) for nearly 11% share, while Lighter\u2019s $7.537 billion (+86.9% daily) translated into about 9.5% of the market.<\/p>\nThese venues are increasingly driven by incentives and points programs, with edgeX for instance already credited with more than $600 billion in cumulative user trading volume and over $1 billion in open interest in recent campaigns. Volumes of this scale suggest a core mix of BTC, ETH and SOL perps, plus high-beta altcoin pairs that traders use to express directional and basis views; during sharp drawdowns, BTC-USD, ETH-USD and SOL-USD contracts typically dominate notional flow and liquidations, while long-tail pairs add convexity but less absolute size.<\/p>\n
Market backdrop and major coins<\/h2>\n
Spot and perp flows met in a classic deleveraging move. Bitcoin traded near $64,000 on Feb. 6, down around 11\u201312% over 24 hours in some market snapshots. Ethereum hovered in the high $1,800s, after a multi-week slide from above $3,000 and with technicians now eyeing the $1,600\u20132,000 band as a key trading range. Solana changed hands around $79\u201380, off roughly 14% on the day, with a 24-hour range between about $70.6 and $92.8. XRP traded near $1.37, with a 24-hour low of $1.14 and high around $1.38.<\/p>\n
What this day signals<\/h2>\n
The Feb. 5 spike shows perp DEXs are no longer a niche hedge; they are where a large chunk of leveraged crypto risk is now warehoused and unwound. Compared with \u201c1011,\u201d the latest sell-off generated less outright liquidation carnage but pushed structurally higher volumes through Hyperliquid, Aster, edgeX and Lighter, underscoring how much directional positioning has migrated on-chain in under 18 months.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Perpetual DEXs processed over $70B on Feb. 5, their second\u2011biggest day ever, as Hyperliquid, Aster, edgeX and Lighter absorbed a sharp BTC, ETH, SOL\u2011led deleveraging. Summary Per DeFiLlama, perp DEXs…<\/p>\n","protected":false},"author":1,"featured_media":1981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=21497"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21497\/revisions"}],"predecessor-version":[{"id":21498,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21497\/revisions\/21498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/1981"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=21497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=21497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=21497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}