Zico

breaking down perp dexs. deep dives, briefs, and commentary. dms open for perp teams.

[Zico @zicoyz]

24H Perp DEX Briefing - Oct. 23, 2026.

Total Onchain Perp Volume: $25.4B

Top 5 Volume Leaders:

1. @HyperliquidX - $10.339B (both reported & normalized)

2. @Aster_DEX - $1.609B (both reported & normalized)

3. @variational_io - $2.451B (reported)

4. @Lighter_xyz - $2.304B (normalized)

5. @grvt_io - $472.49M (normalized)

total onchain perp volume rose by about $850M (roughly 3.5%) to $25.4B in the last 24H.

Hyperliquid led the surge, jumping $1.71B to $10.339B, up almost 20% and above the $10B mark.

Lighter gained the most in percentage terms, up about 25% to $2.304B.

Aster added $146M (around 10%), hitting $1.609B.

Variational was the only venue among the top 4 to fall, dropping $710M (about 22%) to $2.451B.

Grvt slipped slightly to $472.49M, down about $9M.

Data via @DefiLlama.

[Zico @zicoyz]

@DaBozzzzzzz fresh skis

[Zico @zicoyz]

24H Perp DEX Briefing - Oct. 23, 2026.

Total Onchain Perp Volume: $25.4B

Top 5 Volume Leaders:

1. @HyperliquidX - $10.339B (both reported & normalized)

2. @Aster_DEX - $1.609B (both reported & normalized)

3. @variational_io - $2.451B (reported)

4. @Lighter_xyz - $2.304B (normalized)

5. @grvt_io - $472.49M (normalized)

total onchain perp volume rose by about $850M (roughly 3.5%) to $25.4B in the last 24H.

Hyperliquid led the surge, jumping $1.71B to $10.339B, up almost 20% and above the $10B mark.

Lighter gained the most in percentage terms, up about 25% to $2.304B.

Aster added $146M (around 10%), hitting $1.609B.

Variational was the only venue among the top 4 to fall, dropping $710M (about 22%) to $2.451B.

Grvt slipped slightly to $472.49M, down about $9M.

Data via @DefiLlama.

[Zico @zicoyz]

@KunalxWeb3 @duelbetcasino big win, damn

[Zico @zicoyz]

@Romeo_Onchain wasn't there

good luck to the winners, hehe

[Zico @zicoyz]

@BuzzMalx thanks for sharing, mann

'bouta utilize it even more

[Zico @zicoyz]

@bywrny peak explanation

too peak

most projects these days burn, which is healthy for their tokens

[wrny @bywrny]

now here's the thing ↯

a buyback is when a project uses its own money (usually revenue from fees or treasury funds) to buy its own tokens from the open market

here's how it works ↯

⇢ the project earns money from trading fees or uses treasury funds
⇢ it spends that money to purchase its token on exchanges or DEXes
⇢ what happens next depends on the plan either they hold, redistribute, or burn

here's how injective's own buyback happens ↯

⇢every month the chain collects real fees from people using it (me, onyedika and co)
⇢eligible users commit some of their INJ
⇢and in return, they get a pro-rata share of that month’s collected revenue
⇢ then all the INJ that was committed gets permanently burned

and the results so far ↯

over 7.27 million INJ has already been permanently burned (old auction + the new Community BuyBack combined)

thanks for reading 🙃

[Zico @zicoyz]

@bywrny @HyperliquidX @Aster_DEX @variational_io @Lighter_xyz cemented position 😄

[Zico @zicoyz]

24H Perp DEX Briefing - Oct. 23, 2026.

Total Onchain Perp Volume: $25.4B

Top 5 Volume Leaders:

1. @HyperliquidX - $10.339B (both reported & normalized)

2. @Aster_DEX - $1.609B (both reported & normalized)

3. @variational_io - $2.451B (reported)

4. @Lighter_xyz - $2.304B (normalized)

5. @grvt_io - $472.49M (normalized)

total onchain perp volume rose by about $850M (roughly 3.5%) to $25.4B in the last 24H.

Hyperliquid led the surge, jumping $1.71B to $10.339B, up almost 20% and above the $10B mark.

Lighter gained the most in percentage terms, up about 25% to $2.304B.

Aster added $146M (around 10%), hitting $1.609B.

Variational was the only venue among the top 4 to fall, dropping $710M (about 22%) to $2.451B.

Grvt slipped slightly to $472.49M, down about $9M.

Data via @DefiLlama.

[Zico @zicoyz]

@TeznOnchain @HyperliquidX @Aster_DEX @variational_io @Lighter_xyz at the very least, still amongst these top 5 in volume

I'm gonna read up on them tomorrow or so on their plans

i hope they can keep the momentum going or take it higher

[Zico @zicoyz]

@TeznOnchain @HyperliquidX @Aster_DEX @variational_io @Lighter_xyz man, trying to

should be better by tomorrow, hopefully

ty, bro

[Zico @zicoyz]

@wmiosd gutter behavior, tbh

[Zico @zicoyz]

@0xClaudz no lies, bro

[Zico @zicoyz]

@Toobbss night, Tobi

[Zico @zicoyz]

@Emmakun985 something you should be saying at the white house presidential press conference, you're saying on X, smh

preach!

it's the unawareness of the fact you've become a "potential" man instead of an "action" man for me

[Zico @zicoyz]

@Ryanhlx @PayBox @embercurve congrats to the finalists

[Zico @zicoyz]

@BankzNo1 God is good 💙

[Zico @zicoyz]

@BankzNo1 late gm

[Zico @zicoyz]

@tobbex334 gn, bruv

[Zico @zicoyz]

@Romeo_Onchain @gamdom smooth transitionnn

[Zico @zicoyz]

@Un_defeated001 we keep grinding, man

the pressure is real