Perpetual contract decentralized exchange (DEX) open interest surged approximately 76% quarter-over-quarter to reach $24 billion in Q3 2026. Despite the significant rise in open positions, total trading volume declined by about 16% during the same period, settling at roughly $1.4 trillion. Hyperliquid dominated the landscape, with its open interest more than doubling to $13 billion, securing a market share of approximately 53%. Other notable performers included HIP-3 deployer trade[xyz], which recorded $3.9 billion in open interest, while Variational, Lighter, and Aster saw their open interest grow by 78%, 107%, and 66%, respectively. The data indicates that the sector's expansion was primarily driven by the launch of new markets.