😃 Weekly Exchange Report (Jan 26 ~ Feb 1)



Market Insights

• Overall, weekly trading volumes showed signs of recovery compared to the previous week. However, most exchanges recorded declines or mixed trends in TVL and open interest, suggesting that recent activity was driven more by short-term trading rather than long-term capital commitments.



• Lighter continued to roll out multiple product and infrastructure updates, including staking, EVM integration, and LLP-related developments, which supported higher trading volume. Meanwhile, $LIT has remained under price pressure, leading to mixed sentiment within the community.



• edgeX expanded its product suite with additional equity and commodity listings, supporting a strong rebound in trading activity. The platform is also generating roughly $20M in 30-day revenue, ranking second among perp DEXs after Hyperliquid, which reflects improving monetization and sustained user engagement.



• Backpack began its Epilogue season, and despite the conclusion of Season 4, trading volume did not decline and instead showed a slight increase, indicating continued user participation and steady platform engagement.



• GRVT maintained steady momentum with continued volume growth, supported by rewards distribution, new strategy launches, and trading competitions, reinforcing its position as one of the more active liquidity hubs this week.



• Meanwhile, StandX and Nado posted notable week-over-week volume gains driven by new feature rollouts and seasonal programs, while Extended also recorded strong growth in both trading volume and TVL, indicating renewed liquidity inflows. In contrast, Variational experienced a temporary cooling after prior periods of elevated activity.



🕯️ Lighter

• Perp Volume: 30.738B, up $5.959B from last week

• TVL: $971.84M, down $50.16M from last week

• OI: $1.126B, down $1.256B from last week

• Requiring staked LIT for LLP access

• announce rewards for staking LIT

• Lighter EVM



🪡 edgeX

• Perp Volume: $30.224B, up $7.032B from last week

• TVL: $214.09M, down $24.72M from last week

• OI: $852.85M, down $170.15M from last week

• $AAPL, $AMD, $CRCL, $SLV, $MSTR live

• $SIVER live

• Pre TGE Season Weekly Distribution

• $COPPER live



🎒 Backpack

• Perp Volume: $7.879B, up $0.31B from last week

• OI: $276M, down $50M from last week

• Epilogue week 1 points redistribution

• 25% on TGE 🎒



🍀 GRVT

• Perp Volume: $14.471B, up $2.373B from last week

• TVL: $93.01M, down $3.91M from last week

• OI: $470.15M, down $20.37M from last week

• Rewards Season2 Points distributed

• Pharos Market Maker (PMM) Strategy live

• GRVT Volume trading competition

• weekly product updates



📈 Variational

• Perp Volume: $7.692B, down $1.801B from last week

• OI: $734.12M, down $270.88M from last week

• Weekly Omni Retail Sentiment Index

• Omni is now the largest protocol by gas spending on arbitrum ,

• week 7 of the Omni points distributed



🤩 Extended

• Perp Volume: $16.166B, up $5.496B from last week

• TVL: $213.38M, up $5.26M from last week

• OI: $310.85M down $8.53M from last week

• All-time high with $3.4B in daily trading volume



💨 Nado

• Perp Volume: $4.414B, up $1.276B from last week

• TVL: $48.38M, down $3.73M from last week

• OI: $89.71M down $35.87M from last week

• Private Alpha reward Choice Ended

• Nado’s NFT collection have been minted and distributed

• Nado Open Beta Season 1 start



🇼🇫 StandX

• Perp Volume: $5.337B, up $3.516B from last week

• TVL: $83.95M, down $14.98M from last week

• $1B volume crossed

• Gold & Silver are now live

• Bi-Weekly Updates Roundup



🧡 Based

• Perp Volume: $437.25M, up $128.54M from last week

• Based will make crypto card

• HyENA reached >$37M in 24h volume

• HyENA's total volume has passed $1B.



🏦 Pacifica

• Perp Volume: $6.004B, up $0.532B from last week

• TVL: $42.07M, down $1.11M from last week

• OI: $62.26M down $13.02M from last week

• Pacifica Weekly Update

• Added a trigger price dropdown to the TP/SL section

• Daily deposit limit has been raised to $250k