Major perpetual decentralized exchanges (Perp DEXs) are witnessing a decline in open interest and total value locked (TVL), signaling a market trend towards deleveraging, according to DefiLlama data. Despite maintaining significant trading activity, platforms like Hyperliquid have seen a notable drop in open interest, down approximately 30% from previous levels. Hyperliquid's 24-hour trading volume stands at approximately $8.3 billion, with a TVL of $4.39 billion and open interest of $5.91 billion. Other major platforms also report substantial trading volumes: Aster with $4.78 billion, EdgeX with $4.61 billion, Lighter with $4.05 billion, Extended with $2.2 billion, and Pacifica with $1.08 billion. These figures reflect a broader trend of reduced leverage across the Perp DEX market.