According to dYdX Foundation, dYdX’s cumulative all-time trading volume surpassed $1.55 trillion, per its X post on Jan 15, 2026: https://twitter.com/dydxfoundation/status/2011801632153964547. Q4 2025 activity reached about $34.3 billion versus roughly $16 billion in Q2 2025, making Q4 the strongest quarter of the year and reflecting an approximately 114% rebound, per the same source: https://twitter.com/dydxfoundation/status/2011801632153964547. The post describes 2025 as a reset-then-reacceleration period typical of maturing markets, per dYdX Foundation: https://twitter.com/dydxfoundation/status/2011801632153964547.

According to dYdX Foundation, it has released the 2025 dYdX Ecosystem Annual Report with a full-year view of trading activity, protocol development, governance progress, and ecosystem growth across the dYdX ecosystem. Source: dYdX Foundation X post dated Jan 15, 2026; Full report: ecosystem.report/dydx. According to dYdX Foundation, the announcement directs market participants to ecosystem.report/dydx as the primary reference for detailed metrics and documentation on the dYdX ecosystem. Source: dYdX Foundation X post dated Jan 15, 2026; Full report: ecosystem.report/dydx. According to dYdX Foundation, the highlighted sections on trading activity and governance progress are directly relevant for traders monitoring market conditions and policy changes around the dYdX ecosystem and DYDX markets. Source: dYdX Foundation X post dated Jan 15, 2026; Full report: ecosystem.report/dydx.

According to @lookonchain, James Wynn (@JamesWynnReal) closed all PEPE and ETH long positions on Hyperliquid and withdrew most of his funds from the platform (Source: Lookonchain post on X dated Jan 15, 2026). The linked Hyperliquid explorer page for address 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6 shows recent withdrawal transactions consistent with funds leaving the account (Source: Hypurrscan address 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6). As of the reported actions, this address no longer holds PEPE or ETH long exposure on Hyperliquid, removing its contribution to long-side open interest at the time of closure (Source: Lookonchain post on X dated Jan 15, 2026).

According to @ai_9684xtpa, Binance Wallet (Web) has integrated Aster DEX directly in the Portfolio Perpetual Futures module, enabling on-chain perp trading and sharing the same Aster points system. Source: https://twitter.com/ai_9684xtpa/status/2011368077645254843 Binance Wallet confirmed users can trade Perpetual Futures provided by Aster DEX, earn Aster points, and join an exclusive Binance Wallet user campaign to share up to 200,000 USDT in rewards. Source: https://x.com/BinanceWallet/status/2011362778439938493 and https://www.binance.com/en/support/announcement/detail/1ceccd57d31548ff8e62f0cd6b2aa3f5 ASTER rallied about 5% intraday above 0.78 USD around the announcement window, as noted by the author. Source: https://twitter.com/ai_9684xtpa/status/2011368077645254843

According to Binance, Binance Wallet (Web) now supports Perpetual Futures trading via Aster, enabling users to trade and earn Aster points (source: Binance, Jan 14, 2026). For traders, this adds perpetual futures access directly within the wallet’s web interface with Aster point accrual as stated in the announcement (source: Binance, Jan 14, 2026).

According to @OnchainLens, a newly created wallet deposited $3.6 million USDC into HyperLiquid and opened a ZEC long position with 10x leverage, source: @OnchainLens on X dated Jan 13, 2026 and CoinMarketMan HyperTracker wallet 0x99a3db3621b051bbc9cb52cbfa9d969117439912. The same wallet has an open order to further increase the ZEC position between $400 and $401, source: @OnchainLens and CoinMarketMan HyperTracker wallet 0x99a3db3621b051bbc9cb52cbfa9d969117439912. Traders tracking ZEC perps on HyperLiquid can monitor price action and fills around $400-$401 given a large leveraged participant has resting bids there, source: @OnchainLens and CoinMarketMan HyperTracker wallet 0x99a3db3621b051bbc9cb52cbfa9d969117439912.

According to @52kskew, Perp DEX competition is accelerating into 2026, and current B2B build costs typically range from about 100,000 to 1,000,000 dollars with timelines measured in months, highlighting substantial entry barriers for new derivatives venues, source: @52kskew on X, Jan 12, 2026. OrderlyNetwork states that an influencer built a DEX using Orderly One and sold it for more than eight figures within three months, signaling rapid go-to-market potential for white-label perpetual exchange infrastructure, source: OrderlyNetwork on X, Jan 12, 2026, post 2010629498476384454. For traders, lower build frictions and a rising venue count can drive fee competition and liquidity fragmentation across perpetual markets, impacting execution quality and funding dynamics across platforms, source: @52kskew on X, Jan 12, 2026.

According to @dydxfoundation, dYdX Labs and Foundation leaders used their December Analyst Call Q&A to highlight 2026 priorities of unified spot and derivatives trading, sustained DEX market share growth, and broader partner and institutional engagement, shared via a video post on Jan 12, 2026, source: @dydxfoundation on X, Jan 12, 2026. For trading workflows, unified spot and derivatives trading means both markets are accessible on the same protocol, aligning execution and risk management within one venue for the dYdX ecosystem, source: @dydxfoundation. The emphasis on sustained DEX market share growth directs traders to monitor on-chain liquidity depth, trading volumes, and fee competitiveness across DYDX-linked venues when assessing execution quality, source: @dydxfoundation. The focus on broader partner and institutional engagement highlights a push to serve professional order flow within the dYdX ecosystem, which is a relevant market structure signal for DYDX participants, source: @dydxfoundation.

According to Lookonchain, address 0x10a3 opened 10x perpetual longs on 19.75M FARTCOIN worth $7.76M and 2B PUMP worth $4.77M over the last two hours, verified by Hypurrscan transaction records. Source: Lookonchain on X Jan 10, 2026; hypurrscan.io/address/0x10a3c90abf09cd253a5e3f1f13346cddb8e8854a. This concentrates approximately $12.53M of leveraged long exposure in FARTCOIN and PUMP perps within a short window, indicating notable directional positioning to monitor. Source: Lookonchain; Hypurrscan.

According to @EmberCN, wallet 0x94d...814 transferred 255 BTC (about $21.77M) to Hyperliquid 22 days ago and sold at $85,378, source: @EmberCN; Hyperdash trader page legacy.hyperdash.com/zh-CN/trader/0x94d3735543ecb3d339064151118644501c933814. The address executed 69 trades over the past 22 days with a 62% win rate for $9.9M profit, source: @EmberCN; Hyperdash trader page legacy.hyperdash.com/zh-CN/trader/0x94d3735543ecb3d339064151118644501c933814. In the last two days, the whale built about $310M in long exposure with roughly $1.4M unrealized loss: 1,699 BTC at $90,801; 33,000 ETH at $3,099; 336,000 SOL at $138.6; and 3.777M XRP at $2.13, source: @EmberCN; Hyperdash trader page legacy.hyperdash.com/zh-CN/trader/0x94d3735543ecb3d339064151118644501c933814. A second whale reportedly holds $788M of longs, and together their $1.1B long exposure equals about one-third of all longs on Hyperliquid, source: @EmberCN. The two whales target similar assets with comparable entry prices, highlighting concentrated long positioning on Hyperliquid, source: @EmberCN.

According to @ai_9684xtpa, a trader labeled the post-10/11 flash-crash short seller is showing about 6.4 million dollars in unrealized loss and has paid more than 5.4 million dollars in funding fees, source: @ai_9684xtpa on X and hyperbot.network/trader/0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae. According to @ai_9684xtpa, reported positions and entries are ETH size 203,340.64 worth about 630 million dollars at 3,147.39 dollars with a 9.8 million dollar unrealized loss, BTC size 1,000 worth about 90.55 million dollars at 91,506.7 dollars with a 0.957 million dollar unrealized loss, and SOL size 511,000 worth about 71.01 million dollars at 130.1911 dollars with a 4.41 million dollar unrealized profit, with SOL the only profitable token, source: @ai_9684xtpa on X and hyperbot.network/trader/0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae. According to @ai_9684xtpa, a separate same-day update noted total position value near 819 million dollars with combined unrealized profit above 21.67 million dollars led by ETH profit of 15.39 million dollars and SOL profit of 3.908 million dollars, highlighting significant intraday PnL swings, source: @ai_9684xtpa on X and hyperbot.network/trader/0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae.

According to Lookonchain, two wallets (0x6ef9 and 0x089f) opened 1x long perpetual positions totaling 27,985 ZEC with USD 11.1M notional yesterday, as recorded on Hypurr perps. Source: Lookonchain; Hypurrscan. Those positions now show an unrealized loss exceeding USD 2.2M, highlighting sizable underwater ZEC long exposure in derivatives markets. Source: Lookonchain. The Hypurr perps pages for both addresses confirm the position size and current PnL. Source: Hypurrscan.

According to @EmberCN, rolling trader James Wynn compounded floating PnL from a $10,000 starting balance to $940,000 (93x) by running high-leverage longs on BTC and PEPE during the recent rebound, highlighting aggressive rolling-compounding mechanics for derivatives traders. Source: @EmberCN on X https://twitter.com/EmberCN/status/2009072760186917373; Hyperdash trader page https://legacy.hyperdash.com/zh-CN/trader/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6. @EmberCN reports the strategy kept liquidation levels close to spot due to consistently elevated leverage, so a modest BTC retracement last night triggered liquidation on the position. Source: @EmberCN on X https://twitter.com/EmberCN/status/2009072760186917373. Post-liquidation, reported profit shrank from $940,000 to $160,000, underscoring extreme drawdown risk in high-leverage rolling structures amid BTC volatility. Source: @EmberCN on X https://twitter.com/EmberCN/status/2009072760186917373; Hyperdash trader page https://legacy.hyperdash.com/zh-CN/trader/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6. For traders in BTC and PEPE perpetuals, the case evidences how small pullbacks can erase large floating gains when liquidation prices are near spot, making risk controls and position sizing critical. Source: @EmberCN on X https://twitter.com/EmberCN/status/2009072760186917373.

According to @lookonchain, trader James Wynn (@JamesWynnReal) was liquidated 12 times in the past 24 hours during the market decline, with a direct link to the Hyperliquid trade history for address 0x5078C2fBeA2b2aD61bc840Bc023E35Fce56BeDb6 provided as evidence (source: Lookonchain; Hyperliquid trade history). The cited Hyperliquid trade history shows multiple liquidation entries over the stated period for that address, confirming repeated forced position closures on the platform (source: Hyperliquid trade history via Lookonchain).

According to @ai_9684xtpa, three long positions now show over $21.67 million in unrealized profit with the total position value up to $819 million (source: @ai_9684xtpa on X). According to @ai_9684xtpa, ETH accounts for 80% of the book with $15.39 million in unrealized gains, while a $70.52 million SOL long holds $3.908 million in unrealized profit (source: @ai_9684xtpa on X). According to @ai_9684xtpa, the unrealized gains can already cover $4.612 million in cumulative funding fees, indicating positive carry on the current positioning (source: @ai_9684xtpa on X). Based on @ai_9684xtpa, the 80% ETH concentration makes ETH price action the primary PnL driver for this whale, while funding coverage reduces immediate funding pressure on holding the longs (source: @ai_9684xtpa on X).

According to @OnchainLens, a newly created wallet deposited $5M USDC into HyperLiquid and opened long positions in LINK at 5x leverage and DOGE at 10x leverage, as shown on the CoinMarketMan Hypertracker app.coinmarketman.com/hypertracker/wallet/0x10Ea105d5149383b73ebd8A214819f3b08c198B7. The combined position is valued at $28.2M with an unrealized loss of roughly $600K, per @OnchainLens and the CoinMarketMan Hypertracker. Based on these reported figures, the account is running an aggregate effective leverage of about 5.6x on ~$5M capital, concentrating long exposure in LINK and DOGE perps on HyperLiquid and elevating liquidation and funding sensitivity for that account, as derived from @OnchainLens and visible on CoinMarketMan Hypertracker.

According to @52kskew, BTC spot and perpetual futures are showing near 1:1 symmetry, with spot TWAP buying likely linked to long positioning in perps, source: @52kskew. Rolling VWAP indicates sustained bid depth and continuous buying since the yearly open, source: @52kskew. Supply areas are showing clear profit-taking and risk reduction against this flow, source: @52kskew. The majority of inflows since slightly before the yearly open have occurred via TWAPs as participants incrementally add BTC exposure, source: @52kskew. This flow context is highlighted as important for current price action and the developing market structure in January 2026, source: @52kskew.

According to @OnchainLens, James Wynn increased his $BTC long to 40x and continues to hold a 10x $PEPE long on HyperLiquid, as disclosed in an update on X on Jan 5, 2026 (source: Onchain Lens on X https://x.com/OnchainLens/status/2008047806540632173). The combined position value is approximately $14 million with more than $750,000 in unrealized profit, as reported by @OnchainLens and reflected on CoinMarketMan HyperTracker for wallet 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6 (sources: Onchain Lens on X; CoinMarketMan HyperTracker https://app.coinmarketman.com/hypertracker/wallet/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6). The HyperBot trader profile for address 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6 attributed to James Wynn shows active long positions in $BTC and $PEPE consistent with the update, offering real-time tracking for traders (source: HyperBot trader page https://hyperbot.network/trader/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6).

According to @lookonchain, trader 0x419f deposited $58.7K into Hyperliquid seven days ago and opened a 10x long on $PEPE as the token rallied, compounding by rolling profits into the position; source: Lookonchain on X, Jan 4, 2026. The position expanded to 221.96M kPEPE with a notional value of $1.52M at the time cited; source: Lookonchain on X, Jan 4, 2026. Account equity increased from $58.7K to $489.9K, equating to a 734% return over one week; source: Lookonchain on X, Jan 4, 2026. Position and account details can be reviewed via the referenced Hyperdash page: legacy.hyperdash.com/trader/0x419faf18c082ab1b0fce9ff447c38168a9f45593; source: Lookonchain on X, Jan 4, 2026.

According to @ai_9684xtpa, a well-known $PIPPIN short nicknamed Mystery Small K Line is still holding the position with unrealized losses exceeding $2.843M, excluding hourly funding fees that are estimated in the millions, source: x.com/ai_9684xtpa/status/2007721536766263388. On Jan 2, PIPPIN briefly dropped to $0.35 and rebounded to $0.4883 today, source: x.com/ai_9684xtpa/status/2007721536766263388. The short campaign reportedly started on Nov 22, 2024 and has run for 45 days, with funding mostly negative since Nov 30, source: x.com/ai_9684xtpa/status/2007721536766263388. The Binance derivatives live panel for this trader shows a cumulative loss of $4.945M and a one-month PnL curve trending down, source: binance.com/zh-CN/smart-money/profile/4736946588198249472?rankingType=PNL&timeRange=24h. Price action printed an intraday wick to $0.7661, source: x.com/ai_9684xtpa/status/2007721536766263388. The short reportedly holds about 14.6M tokens with an average entry of $0.2913, avoided liquidation due to sufficient margin, and posted a sudden loss increase of $6.068M between 15:00–19:00, source: x.com/ai_9684xtpa/status/2007721536766263388 and binance.com/zh-CN/smart-money/profile/4736946588198249472?rankingType=PNL&timeRange=24h. The trader stated on Binance Square that they will neither close nor add to the position, source: x.com/ai_9684xtpa/status/2007721536766263388. Key trading levels cited include $0.35 (recent low), $0.4883 (current rebound), and $0.7661 (wick high), source: x.com/ai_9684xtpa/status/2007721536766263388.