The perpetual decentralized exchange (Perp DEX) market is experiencing a wait-and-see phase as Hyperliquid's open interest reaches its highest level in nearly a month, according to DefiLlama data. Despite a decline in overall trading volumes, leveraged funds have not significantly exited the market, maintaining high open interest levels. Hyperliquid leads the Perp DEX market with a 24-hour trading volume of approximately $6.48 billion and an open interest of about $6.41 billion. Other top Perp DEXs include Aster with a trading volume of $2.43 billion and open interest of $1.94 billion, EdgeX with $1.96 billion in trading volume and $1.08 billion in open interest, Lighter with $1.86 billion in trading volume and $676 million in open interest, Grvt with $1.5 billion in trading volume and $491 million in open interest, and Pacifica with $454 million in trading volume and $67.83 million in open interest.