Hyperliquid's open interest has fallen below $5 billion as trading activity on perpetual decentralized exchanges (Perp DEX) slows, according to DefiLlama data. Despite maintaining a leading position in trading volume, Hyperliquid's 24-hour trading volume stands at approximately $3.77 billion, with a total value locked (TVL) of about $4.18 billion. Other platforms also reported subdued trading volumes, with Aster recording a 24-hour trading volume of $2.57 billion and an open interest of $1.87 billion. EdgeX saw $2.35 billion in trading volume and $927 million in open interest, while Lighter reported $1.76 billion in trading volume and $719 million in open interest. Apex and Pacifica recorded lower volumes, with Apex at $1.22 billion and Pacifica at $874 million in 24-hour trading volumes, respectively.