Perps.AI

🆕 New Featured project on Perps.AI: Variational Omni One perps app for crypto and traditional assets. @variational_io runs Omni on Arbitrum, with $75.0B in 30-day perp volume and $916M open interest on DefiLlama.

Hyperliquid did $222.6B in perp volume over the last 30 days, about 35% of the $637.9B across all perp DEXs, per DefiLlama. The race for second is close. Variational is at $75.0B and Lighter at $70.5B, with Aster next at $47.1B. That gap behind Hyperliquid is still huge.

Lighter's LIT hitting $8 before 2027 is down to 6% on Polyguana. It started October near 16% and peaked around 21%. LIT trades near $2.82 on Hyperliquid, so it would need almost a 3x in two months. About $108K has traded on this one. 6% sounds about right to me. polyguana.net/market/pm-1067…

Hyperliquid has about $10.9B in open interest across 179 main perps markets right now. BTC leads with $3.22B, then ETH at $2.22B and HYPE at $2.00B. Those three make up about 68%. ZEC is fourth at $634M, ahead of SOL at $512M. That one stands out to me.

Funding on Hyperliquid is split right now. HYPE longs are paying about 56% a year to hold, with $2B in open interest. kPEPE and XMR are near 25%. BNB and ONDO are on the other side at about -47% and -46%, so shorts are paying longs. BTC sits near 3%.

HYPE at $100 by Dec 31 jumped to 82% on Polyguana today. It was around 21% early this morning. HYPE traded near $79 overnight and hit $97.11 on Hyperliquid today, so it now needs only about 3% more. About $773K has traded on this market. 82% looks about right from here. polyguana.net/market/pm-7017…

Hyperliquid holds $7.87B of the $13.83B in open interest across perp DEXs, per DefiLlama. That's about 57%. It also did $8.6B of the $23.2B in perp DEX volume over the last 24 hours. Total perp DEX volume is down 10.9% this week. Hyperliquid's lead still looks solid.

🆕New project featured on Perps.AI: Arcus @arcus_xyz offers stock-token spot trading and perps on Robinhood Chain, still in beta. DefiLlama shows $11.7B in perp volume over 30 days, $120M in open interest, and $64.75M TVL, up from $27M a month ago. perps.ai/projects/arcus

Extended's XTEN token doesn't exist yet, but three rival perp DEXs list it. Lighter added pre-launch perps on Oct 26. Hyperliquid and Aster followed on Oct 27. All three trade near $0.27. In the last 24h, Hyperliquid did about $2.2M in volume, Lighter $731K and Aster $45K.

Hyperliquid's permissioned perp markets are now on testnet, and Kraken's parent, Payward, is the first company lined up to use them. Existing HIP-3 markets stay open to anyone and already hold about $4B in open interest, nearly all on one deployer.