Perp DEX交易热度反弹，Aster领跑38亿美元，Hyperliquid未平仓创新高风险预警

TokenSherpa

2026-01-05 10:46:16

Abstract generation in progress

【区块律动】最近Perp DEX市场有点意思。上周整体交易量小幅反弹，头部平台的数据变化还挺明显的。

数据来看，Aster这两天表现最凶，24小时交易量直接冲到38.8亿美元，位列第一梯队。TVL稳定在12.5亿美元，未平仓合约26.3亿美元。体量不算最大，但交易热度确实很高。

Hyperliquid就不一样了，虽然交易量34.8亿美元略低于Aster，但未平仓合约飙升到81.7亿美元，这是几个平台里最高的。更值得注意的是，这个数字较上周上升了约15%，创下近30天新高。这意味着市场杠杆头寸在积累，短期风险确实有所抬升，得留意一下。

Lighter紧跟其后，24小时交易量33.9亿美元，TVL约12.6亿美元，未平仓合约14亿美元。EdgeX、Paradex、Variational这些平台也在活跃，24小时交易量分别在17.8亿、16.1亿美元上下。

底部的Pacifica交易量相对较小，约6.77亿美元，但这也说明整个衍生品DEX赛道的交易量相当可观。从TVL和未平仓合约的比例来看，各平台风险管理差异还是挺大的，这个细节值得关注。

ASTER1,75%

HYPE-0,51%

LIT-1,59%

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SwapWhisperer

· 01-07 01:26

Aster is really fierce this time, with 3.88 billion directly taking off, but I'm still a bit worried about Hyperliquid's 8.17 billion in open interest... The leverage is so high that an incident is bound to happen sooner or later.

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BrokenDAO

· 01-06 19:26

Hyperliquid's 8.17 billion in open interest is a living example of incentive distortion. Low fee rates attract volume, leverage accumulates, and in the end, retail investors are the ones who run away. I've seen it happen too many times.

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AirdropDreamBreaker

· 01-05 22:45

Aster has been really aggressive these days, with 3.88 billion directly taking off, but what I'm more worried about is Hyperliquid's 8.17 billion in open positions. The leverage stacking is quite intense.

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AirdropBlackHole

· 01-05 11:16

Aster's recent move is quite aggressive, directly investing 3.88 billion, but I still can't quite understand where this trading volume is coming from. Hyperliquid's 8.17 billion open contracts are really shocking, with a 15% increase... feels a bit risky, brother.

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ServantOfSatoshi

· 01-05 11:16

Damn, Hyperliquid's open leverage really can't hold up anymore... 8.17 billion and still climbing, something's going to happen.

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GateUser-26d7f434

· 01-05 11:12

Aster's recent move is indeed aggressive, but I still believe in Hyperliquid's long-term potential. It's just that the leverage stacking is a bit intimidating.

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tx_pending_forever

· 01-05 11:07

Aster's recent surge is quite fierce, with 3.88 billion invested and still increasing. Hyperliquid's open interest of 8.17 billion, what kind of leverage would it take to pile that up? The risk is a bit tight.

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