Arbitrum’s $76.3 Billion in Perp Volume Does Not Establish Demand for Its Token

Perpetual decentralized exchanges on Arbitrum recorded $76.3 billion in notional trading volume over a rolling 30-day period, while open interest stood at $1.087 billion in a live snapshot. The same snapshot showed $215.014 billion in volume for Hyperliquid and $51.326 billion for zkLighter, placing Arbitrum between them by 30-day volume. Perp volume measures the notional value of contracts traded and includes leverage. It can count positions larger than the funds committed to them, so the total does not measure net capital entering Arbitrum or money used to buy ARB.