2026-01-17 12:29:11

A major mainstream DEX derivatives trading volume has achieved impressive growth. The daily average transaction volume reaches $6.56 billion, with a monthly run rate of up to $1.97 trillion. Currently, it has surpassed other similar platforms, becoming the decentralized exchange with the largest derivatives trading volume.

From market indicators, the ratio of open interest to trading volume on this exchange is noteworthy. When this ratio falls below 10%, it usually indicates wash trading; whereas exceeding 20% suggests market participants are continuously building genuine positions, reflecting strong demand from traders.

Interestingly, competitors immediately adjusted their fee structures in response. This rapid market reaction clearly demonstrates the intense competition in the derivatives sector—leading in trading volume is enough to influence the entire ecosystem's strategic game.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

12 Likes

Reward
12
8
Repost
Share

Comment

0/400

ArbitrageBot

· 9h ago

Hey, you really need to keep an eye on this indicator for open interest; otherwise, it's easy to get caught in a trap. Real demand is still driven by wash trading. Data speaks for itself. Monthly turnover of 1970 billion, this number is quite impressive. We need to see how long it can be sustained.

View OriginalReply0

ForkTrooper

· 01-17 12:59

These numbers look intimidating, but we really need to keep an eye on the holdings ratio; otherwise, there might be another round of chopping the leeks. The competitors are getting desperate and changing the fee structure, which shows this guy has really hit a pain point. 197 billion monthly rate? Let's first see what the holdings volume is before jumping to conclusions. The derivatives market is too deep; fake volume tricks are endless. The arms race has started again, and in the end, it's still us retail investors who suffer.

View OriginalReply0

FUDwatcher

· 01-17 12:59

1970 billion monthly rate sounds unbelievable, but the real holding ratio is what matters. Don't fall for another volume manipulation scam. Competitors lowering fees so quickly indicates they're still a bit afraid, haha. Is the trading volume leader driven by genuine demand or just a shakeout? The data will tell. Another round of arms race—players in derivatives are really competing hard. An average of 656 million daily... Honestly, I can't see where the endgame is. A holding ratio over 20% is a good sign, but I'm more concerned about the opening cost. The fee war has started. Is ecosystem competition a good thing or a bad thing? 1970 billion monthly rate—this number feels like it's hitting new highs every month... Competitors rushing to adjust fees shows their position is indeed solidified. The track's popularity is fine, but I'm worried it might be another case of seeming prosperity that is actually superficial.

View OriginalReply0

CryptoPunster

· 01-17 12:58

1970 billion monthly rate? I bet five dollars that at least half of this is just bots spamming and celebrating. A holding ratio over 20% is considered real demand? Then my leveraged account should have been liquidated "real" long ago. Competitors quickly changed fees when they got nervous, showing how fierce this track is fought; those who fall behind are just waiting to be harvested as chives. When a number hits a new high, the entire ecosystem has to tremble along with it. I love seeing this kind of crushing strength. Trading volume is just vanity; the holding ratio is the true king. Unfortunately, we always treat the former as the reason to bet.

View OriginalReply0

BearMarketMonk

· 01-17 12:58

656 million daily average? Damn, this number is a bit scary. I need to see what the actual holdings ratio looks like. Competitors hurriedly cut fees, indicating they've really been hit hard, haha. Boosting volume, whether real or fake, is obvious once you look at the data. If you ask me, the key still depends on genuine positions; otherwise, it's all just paper wealth.

View OriginalReply0

Web3Educator

· 01-17 12:45

ngl the 6.56B daily volume is wild but let me break this down for my students—that open interest ratio is literally the tell-all metric here. under 10% screams wash trading, over 20% means real skin in the game. this is why i always tell people the fundamentals matter more than the hype

Reply0

AlphaLeaker

· 01-17 12:37

Whoa, 197 billion monthly rate? I really need to take a good look at this data. I honestly don't believe anything below 10%.

View OriginalReply0

SchrodingerWallet

· 01-17 12:36

The 197 billion monthly rate is really outrageous. How did this number come about? Could it be another case of fake orders haha --- Wait... only when the holding ratio exceeds 20% is it considered genuine demand? Then most platforms are probably just playing with numbers --- The competitor directly changed the fee structure... indicating that this guy has indeed made a move --- 6.56 billion daily... Are there really that many genuine traders? I feel like something's not quite right --- The derivatives track is heating up, fee wars have started, retail investors might have to take some losses --- Without seeing the data ratio, it's hard to tell if it's real or fake. It feels like these kinds of data can be easily manipulated --- It's a good sign if competitors are getting anxious, indicating they are indeed threatened --- How to monitor the phenomenon of volume inflation? On-chain data seems very easy to fake --- Is the actual trading volume still inflated? I like the idea of watching that ratio indicator --- Has the ecological game pattern really been influenced by trading volume? That might be a bit of an exaggeration

View OriginalReply0