Same volume, very different books: Lighter and Variational each did about $72-73B in 30 days, but Variational holds 30% more open interest.

OI is the money actually at risk, and it is far harder to inflate than volume. Around 1 turn a day means real positions: Hyperliquid, Aster, GRVT, Antarctic. Hyperliquid alone holds 61% of the top 15's OI.

At 8-10 turns a day the same capital is flipped over and over: the shape wash trading, points farming and paid market making leave on a chart. Veranta (ex-Avantis, zero fees) did $21B on $73M of OI, Nado $10.6B on $42M.

High turnover doesn't prove fake volume, but it shows how much of a ranking is backed by real positions. The median top-15 DEX turns its OI 3 times a day.