Puff DEX Open Interest Reaches $20.9 Billion, Setting a Record High for the Year

Puff DEX's open interest reached $20.9 billion in mid-August, marking a record high for the year. As trading volumes decline, the phenomenon of leverage positions not decreasing has highlighted structural changes in the on-chain derivatives market. Puff DEX's open interest exceeded approximately $14.8 billion at the start, with Hyperliquid accounting for between $12.25 billion and $13.22 billion, and Aster around $2 billion. However, according to DeFiLlama's public dashboard, as of the 22nd, Puff DEX's total open interest was reported to be between $17.664 billion and $17.839 billion. Open interest refers to the total size of derivative contracts that have not been settled, and if open interest does not significantly decrease despite a drop in trading volume, it can be interpreted as existing positions being held longer. Bitcoin World reported that Puff DEX's average daily trading volume decreased by 34% from $32.4 billion to $21.4 billion over six months. CoinGecko predicts that the average monthly trading volume in 2026 will be $611.57 billion, estimating Puff DEX's trading volume ratio compared to centralized exchanges at 10%. Hyperliquid accounts for more than half of Puff DEX's open interest, with physically-backed perpetual futures contributing to its growth. The expansion of open interest indicates market entry for on-chain exchanges, but the high dependency on Hyperliquid necessitates caution.

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