😃 Weekly Exchange Report (Feb 16 ~ Feb 22)



Market Insights

• Overall, weekly trading activity downed across most exchanges, with many platforms reporting lower perp volumes.



• Lighter experienced a slight decline in volume and TVL, though open interest increased week-over-week. The listing of $LIT/KRW on Bithumb and the expansion of cross-margin support for RWA markets reflect ongoing infrastructure development, even as overall trading activity remained subdued.



• edgeX recorded a noticeable decline in trading volume this week, while TVL and open interest remained relatively stable. The decrease in volume is likely attributable to the absence of major catalyst events during the week, combined with broader market weakness.



• Backpack’s TGE Verified process suggests that the TGE is approaching. Through its partnership with Taxbit, which supports 1099-DA reporting and federal and state tax filings while ensuring accuracy and regulatory compliance amid changing regulations, Backpack is accelerating its expansion into the U.S. market.



• Variational was the only exchange this week to see increases across all major metrics (trading volume and OI), suggesting that it is currently demonstrating standout performance within the perp DEX market.



• Meanwhile, Nado, StandX, Based, and Pacifica generally saw softer trading volumes, though several reported modest increases in OI or TVL. This suggests a more balanced and gradually stabilizing liquidity environment, rather than widespread capital outflows.



🕯️ Lighter

• Perp Volume: $13.486B, down $0.343B from last week

• TVL: $895.44M, down $29.05M from last week

• OI: $741.32M, up $29.19M from last week

• $LIT/KRW listed on Bithumb

• All RWA markets now support cross margin



🪡 edgeX

• Perp Volume: $12.205B, down $8.262B from last week

• TVL: $185.51M, up $1.46M from last week

• OI: $1.028B, up $0.001B from last week

• Pre TGE Season Weekly Distribution



🎒 Backpack

• Perp Volume: $5.466B, down $0.237B from last week

• OI: $217M, up $23.6M from last week

• Time to get TGE Verified

• Taxbix x Backpack

• Epilogue week 4 points redistribution

• Earn 3.66% on unrealized pnl without reducing or closing futures positions



🍀 GRVT

• Perp Volume: $6.949B, down $1.557B from last week

• TVL: $91.09M, down $1.28M from last week

• OI: $412.15M, up $0.98M from last week

• Rewards Season2 Points distributed

• $XAU, $XAG, $XPD, $XPT perps are live

• Trading strategies can now run 24/7



📈 Variational

• Perp Volume: $6.549B, up $1.158B from last week

• OI: $712.64M, up $76.11M from last week

• Weekly Omni Retail Sentiment Index

• Omni is the cheapest place to execute BTC trades of any size

• Week 10 of the Omni points distributed

• Biweekly update



🤩 Extended

• Perp Volume: $4.196B, down $0.864B from last week

• TVL: $212.29M, down $3M from last week

• OI: $312.98M, up $17.28M from last week

• Can trade $COIN and $HOOD with up to 10x leverage



💨 Nado

• Perp Volume: $2.288B, down $0.311B from last week

• TVL: $54.71M, up $2.62M from last week

• OI: $80.52M, down $2.17M from last week

• NLP capacity increases by $2M for NFT holders

• Week 3 points have been distributed



🇼🇫 StandX

• Perp Volume: $3.748B, down $0.349B from last week

• TVL: $73.07M, up $0.72M from last week

• OI: $35.86M, up $1.6M from last week



🧡 Based

• Perp Volume: $327.24M, down $44.41M from last week

• OI: $47.01M, up $3.59M from last week



🏦 Pacifica

• Perp Volume: $3.735B, down $1.112B from last week

• TVL: $35.72M, down $0.74M from last week

• OI: $59.43M, up $5.2M from last week

• PACIFICA PERP WAR IS HERE