Hyperliquid topped the list with a 7-day trading volume of 40.7 billion, regaining its leading position on the Perp DEX.

According to Mars Finance, with the completion of the Lighter airdrop, the platform's trading volume plummeted by nearly three times from its peak, allowing Hyperliquid to reclaim the top spot on the Perp DEX. CryptoRank data shows that as of January 18th, Hyperliquid's trading volume over the past seven days reached $40.7 billion, with 24-hour open interest of $9.57 billion, ranking first in both trading volume and open interest. Competitors Aster and Lighter recorded 7-day trading volumes of $31.7 billion and $25.3 billion, respectively. Notably, newcomer Variational has surged into the top five, currently boasting a daily trading volume of $1 billion and 24-hour open interest of $1.32 billion, becoming a dark horse in the decentralized derivatives sector.