POPA ReconHow Fast Perp DEXs Turn Over Their Open Interest
How Fast Perp DEXs Turn Over Their Open Interest Same volume, very different books: Lighter and Variational each did about $72-73B in 30 days, but Variational holds 30% more open interest. OI is the money actually at risk, and it is far harder to inflate than volume. Around 1 turn a day means real positions: Hyperliquid, Aster, GRVT, Antarctic. Hyperliquid alone holds 61% of the top 15's OI. At 8-10 turns a day the same capital is flipped over and over: the shape wash trading, points farming and paid market making leave on a chart. Veranta (ex-Avantis, zero fees) did $21B on $73M of OI, Nad…
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