Weekend Mainstream Perp DEX Overview: Platform Trading Volumes Cool Off Across the Board, Hyperliquid Position Size Shrinks Slightly
March 23 — Perpetual DEX platforms saw a broad slowdown in trading activity over the weekend, per DefiLlama data.
Among top players:
- Hyperliquid’s trading volume dropped nearly 50% from Friday to ~$4.9B, though open interest remained elevated at ~$68.3B.
- EdgeX ranked second with ~$2.97B in 24-hour volume.
Latest 24-hour trading volume and open interest rankings:
1. Hyperliquid: ~$49.0B (volume) | ~$68.3B (open interest)
2. EdgeX: ~$29.7B | ~$11.1B
3. Aster: ~$25.0B | ~$18.1B
4. Lighter: ~$13.8B | ~$6.72B
5. Grvt: ~$9.44B | ~$4.73B
6. Backpack: ~$8.14B | ~$2.17B
7. Pacifica: ~$2.68B | ~$68.52M
Links:
[Hyperliquid](https://app.hyperliquid.xyz/join/NTOD)
[Aster](https://www.asterdex.com/zh-CN/referral/aboter)
[Lighter](https://app.lighter.xyz/?referral=70045843)
[Pacifica](https://app.pacifica.fi/?referral=pacbot)
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Bernstein: As Smart Contract Pay Becomes Mainstream, Circle and Coinbase Emerge as “Best Proxy Play” Beneficiaries of Stablecoin Growth
March 23rd, The Block reported that analysts at research and brokerage firm Bernstein have named Circle and Coinbase key drivers of stablecoin growth—fueled by their USDC partnership and the emerging role of stablecoins in "smart agent payments," which could become a major future growth lever.
Lead analyst Gautam Chhugani noted in a Monday report: “We view smart agent payments as an upside optionality for stablecoins. It doesn’t materially impact current stablecoin demand, but stablecoins could play a critical role in the future smart agent economy.” The analyst clarified that “machine payments”—transactions initiated, authorized, and completed by software or autonomous devices (not humans)—are fundamentally distinct from automated bill pay or subscriptions. They’re programmatic, enabling real-time decision-making, price negotiation, and instant settlement without human input.
Bernstein argues stablecoins have a natural edge here thanks to their programmability, instant settlemen
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BlackRock deposits 839 BTC and 14,802 ETH into Coinbase
As of March 23, Onchain Lens data indicates BlackRock has deposited 839 BTC (~$57.4 million) and 14,802 ETH (~$30.3 million) to Coinbase, with further deposits expected.
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「Whale Takes Profits in Three Major Markets」 by Unwinding $2.1M USD Equities Long Position, or Shifts to WTI Amid Weakening Brent Spread
March 23rd — Data from HyperInsight monitoring shows a whale address (0x8af, known for heavy positions across three major markets) has partially closed hedged positions in WTIOIL (WTI Crude Oil) and BRENTOIL (Brent Crude Oil) over the past hour, totaling approximately $2.1 million.
Notably, the address closed ~$1.05 million worth of WTIOIL long positions and an equal amount of BRENTOIL short positions each.
As of now, the address still holds:
- A 5x leveraged WTIOIL long position with a $5 million notional value, averaged at $96.2 per barrel;
- A 5x leveraged BRENTOIL short position with a $6.68 million notional value, averaged at $107.7 per barrel.
Following this adjustment, the floating profit on its hedged positions has narrowed to $80,000.
(Source:
HyperInsight monitoring)
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Meme Coin '4' Market Cap Surges Above $9 Million, 24-hour Growth Reaches 20%
On March 23rd, GMGN monitoring data shows the BSC-based meme coin “4” has continued to surge overnight and into this morning.
Its market capitalization climbed from $7.5 million to a peak of $9.7 million, currently sitting at $9.2 million—marking a 20% 24-hour gain—with a corresponding trading volume of $1.6 million over the same period.
**BlockBeats Note**: Meme coins are extremely volatile, largely driven by market sentiment and concept-focused hype, and lack tangible value or practical use cases. Investors should be mindful of these risks.
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Mad Labs floor price drops to 11.1 SOL, down 25.36% in the last 24 hours
On March 23rd, per Magic Eden market data, Mad Labs’ floor price has dropped to 11.1 SOL, marking a 24-hour decline of 25.36%.
Today, Backpack has announced the launch of its token claim and staking page. Mad Labs holders are eligible to claim their airdrop allocations, while trading for the BP token will go live at 8:00 PM ET today.
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