CashboardGlossary · Trading
What is trading volume?
Trading volume is the total value traded in a market over a period, usually the last 24 hours. It shows how much a market is actually being used.
How is trading volume measured?
Volume adds up every trade in a window. If 10,000 SOL change hands at an average of $150 in a day, that venue did $1.5 million of 24h volume. Aggregators add venues and pools together for a market-wide figure.
More volume usually means tighter spreads and easier exits. A breakout on heavy volume gets taken more seriously than the same candle on thin volume. Spikes mark events, too: a listing, an unlock, a liquidation cascade, a memecoin that suddenly has everyone's attention.
It is also the easiest number to fake. In wash trading one party trades with itself to inflate volume, and bots cycle new tokens back and forth to climb trending lists. Treat big volume on a pool that is a few hours old with suspicion. And volume is a different thing from open interest: a perp can print huge volume while open interest barely moves.
Where the volume trades says who leads the price. Take a made-up split of 80 percent of a token's daily volume on a perp venue and 20 percent in spot pools. Then the perp market is probably setting the price and spot is following it.
Also called: volume, 24h volume.
Where does trading volume show up in Cashboard?
The Funding rates widget shows 24h volume for Hyperliquid markets. Solana edge splits volume between Solana spot and Hyperliquid perps for each asset it tracks, so you can see where most of the trading happens. Raydium pools and Trending on-chain both sort by 24h volume, and Trending shows pool liquidity next to it. Chain pulse gives 24h spot DEX volume on Base or Robinhood Chain and lists up to six of the busiest DEXs with each one's share, leaving out the launchpads and prediction markets DefiLlama files in the same list.
Frequently asked questions
Is high trading volume bullish?
Not by itself. Volume measures activity, not direction, and heavy volume on a drop is just heavy selling. Read it next to the price move, and on new tokens check whether the volume looks organic at all.
Where can you read more about trading volume?
Related terms
Last reviewed . Market data in Cashboard comes from the providers named on each widget and may be delayed. Nothing here is financial advice.