😃 Weekly Exchange Report (Jan 12 ~ Jan 18)



🕯️ Lighter

• Perp Volume: $25.796B, down $2.007B from last week

• TVL: $1.111B, down $0.108B from last week

• OI: $1.325B, down $0.056B from last week

• Lighter Mobile app launch

• staking of LIT on Lighter

• Trade $LIT On Robinhood

• Trade $LIT On Coinbase

• Trade $LIT On OKX



🪡 edgeX

• Perp Volume: $20.405B, down $2.9B from last week

• TVL: $428.87M, up $50.75M from last week

• OI: $1.165B, up $0.036B from last week

• Pre-TGE Season Weekly Distribution



🎒 Backpack

• Perp Volume: $9.655B, down $0.545B from last week

• OI: $304M, up $33M from last week

• Redacted Private Beta open

• Grid bots live

• Fogo New Listing & Perps with 0-Fee first 7 days

• badge holders $FOGO airdrop

• Season4, Week 8 point distributions

• 0% Fee on-ramp & off-ramp



🍀 GRVT

• Perp Volume: 10.964B, up $1.064B from last week

• TVL: $12.22M, up $9.16M from last week

• OI: 539.09M, up $147.68M from last week

• A new epoch Start for Season 2.0

• Capital Efficiency Trading Competition Live



📈 Variational

• Perp Volume: $11.047B, down $0.666B from last week

• OI: $1.137B, down $0.043B from last week

• For week 5 of the Omni points, 150,000 points distributed

• Users across rewards tiers



🤩 Extended

• Perp Volume: $11.374B, up $0.982B from last week

• TVL: $202.81M, down $32.98M from last week

• OI: $279.66M up $4.67M from last week

• all-time high with $2.61B in daily trading volume

• Extended reached $200M TVL

• Increased contribution of Extended Vault Shares (XVS) to 90$ for both Trading Equity and Available Balance



💨 Nado

• Perp Volume: $5.132B, up $1.607B from last week

• TVL: $52.19M, up $7.38M from last week

• OI: $133.33M down $9.13M from last week

• all-time high of $1B in 24h trading volume

• Nado’s Private Alpha has officially ended



🇼🇫 StandX

• Perp Volume: 1.393B, up $0.6866B from last week

• TVL: $104.94M, down $1.19M from last week

• BTC-USD minimum tick size will change from 0.1 to 1 $DUSD

• eligible Maker Uptime hours are now displayed in the Points section

• Now offers self-custodial API access for programmatic trading



🧡 Based

• Perp Volume: 422.13M, up $47.27M from last week

• Feature Explorer Giveaway

• HIP 3 market by kinetiq is live for trading on Based Web Terminal



🏦 Pacifica

• Perp Volume: $5.847B, up $0.21B from last week

• TVL: $46.77M, up $1.13M from last week

• OI: $85.86M down $0.63M from last week

• Pacifica Weekly Update

• Pacifica AI EVELED up



Market Summary

• Lighter rolled out several product and distribution updates this week, including the mobile app launch, $LIT staking, and trading support on major CEXs such as Robinhood, Coinbase, and OKX. However, as the platform moves into the post-TGE phase, weekly trading volume and key metrics entered a consolidation period.



• edgeX saw a moderate decline in perp volume, while TVL and open interest both increased, indicating that capital inflows ahead of the Pre-TGE season remain intact.



• Backpack experienced a slight decrease in trading volume, but open interest continued to rise, suggesting sustained user engagement driven by new features such as Grid Bots, the Private Beta, and recent listings.



• GRVT recorded the most notable growth this week, with increases across trading volume, TVL, and open interest. The launch of a new Season 2.0 epoch and the Capital Efficiency Trading Competition appear to have contributed to stronger liquidity inflows.



• Variational continued its points distribution program while experiencing mild pullbacks in both volume and open interest, indicating a transition into a more stable operational phase rather than a period driven by major catalyst events.



• Extended and Nado each posted new all-time highs in daily trading volume, reflecting short-term spikes in trading activity, while StandX also saw increased volume alongside ongoing feature improvements.