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Stacy Muur

06/23 15:30

Volume can be tricky as a single metric.

This is a number that venues publish themselves. As a result, it can be inflated or manipulated.

I think a much better metric is turnover, which essentially measures volume relative to OI and shows whether positions are being held or churned.

Here's how perp platforms rank by turnover:

→ @HyperliquidX: 0.38x
→ @variational_io: 0.61x
→ @Lighter_xyz: 0.97x
→ @edgeX_exchange: 1.18x
→ @grvt_io: 2.29x
→ @JupiterExchange: 2.71x

Lower ratio = sticky positions.
Higher ratio = more churn.

At the top of the list, Hyperliquid holds $9.4B in OI, more than the other five venues combined.

Jupiter has the highest turnover, but it’s a pool venue, so every trade settles against shared liquidity instead of other traders. High turnover is just how pool venues work, and the wash checks confirm the activity is real.

H/t @ax1vc for data.

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