📊 Top 15 DeFi Protocols by Open Interest – December 17, 2025  

DeFi perpetuals are where the real action is right now! Total OI sits at $14.8B, with a slight 1.97% dip over the last 30 days – but some protocols are exploding with growth.  

Quick Facts:  

— Hyperliquid leads massively at $7.24B OI  

— Aster follows strong at $2.52B  

— Lighter holds third with $1.69B  

— Standouts include Kalshi (+306% in 30 days) and GMX (+161%)  

Full Top 15 Breakdown:  

— Hyperliquid ($HYPE): $7.24B (-8.80%)  

— Aster: $2.52B (+10.5%)  

— Lighter: $1.69B (-2.95%)  

— edgeX: $762M (+15.4%)  

— Paradex: $513M (+26.8%)  

— Derive: $501M (+56.3%)  

— Drift: $366M (-19.6%)  

— Kalshi: $312M (+306%)  

— Grvt: $232M (+32.0%)  

— Ostium: $169M (-68.7%)  

— Boros: $119M (+7.85%)  

— GMX: $106M (+161%)  

— Extended Protocol: $89.5M (+12.4%)  

— ApeX Protocol: $87.8M (-0.06%)  

— dYdX: $85.2M (+16.8%)  

Why It Matters  

Open interest shows real trader conviction and leverage in the market. While the leader maintains dominance, massive gains from newcomers signal shifting liquidity and potential opportunities in underdogs.  

Which protocol are you watching closest right now – the giant or the risers? Drop your thoughts below! 👇  

Disclaimer: Not financial advice. Crypto markets are volatile – trade responsibly.  

#DeFi #Perpetuals #CryptoTrading #OpenInterest #Derivatives