MetaMask
diff --git a/‎app/components/UI/Perps/hooks/usePerpsMarketStats.test.ts‎
Lines changed: 127 additions & 3 deletions b/‎app/components/UI/Perps/hooks/usePerpsMarketStats.test.ts‎
Lines changed: 127 additions & 3 deletions
diff --git a/‎app/components/UI/Perps/hooks/usePerpsMarketStats.ts‎
Lines changed: 20 additions & 14 deletions b/‎app/components/UI/Perps/hooks/usePerpsMarketStats.ts‎
Lines changed: 20 additions & 14 deletions
@@ -1,5 +1,5 @@
 import { renderHook } from '@testing-library/react-hooks';
-import { CandlePeriod } from '@metamask/perps-controller';
+import { CandlePeriod, PERPS_CONSTANTS } from '@metamask/perps-controller';
 import { usePerpsMarketStats } from './usePerpsMarketStats';
 
 // Mock Engine
@@ -11,20 +11,36 @@ jest.mock('../../../../core/Engine', () => ({
   },
 }));
 
+jest.mock('./usePerpsConnection', () => ({
+  usePerpsConnection: jest.fn(() => ({ isInitialized: true })),
+}));
+
 // Mock the dependent hooks
 jest.mock('./stream/usePerpsLiveCandles');
 
 import Engine from '../../../../core/Engine';
 import { usePerpsLiveCandles } from './stream/usePerpsLiveCandles';
+import { usePerpsConnection } from './usePerpsConnection';
 
 const mockedUsePerpsLiveCandles = jest.mocked(usePerpsLiveCandles);
+const mockedUsePerpsConnection = jest.mocked(usePerpsConnection);
 const mockSubscribeToPrices = Engine.context.PerpsController
   .subscribeToPrices as jest.Mock;
 
 describe('usePerpsMarketStats', () => {
   beforeEach(() => {
     jest.clearAllMocks();
     jest.useFakeTimers();
+    mockedUsePerpsConnection.mockReturnValue({
+      isInitialized: true,
+      isConnected: true,
+      isConnecting: false,
+      error: null,
+      connect: jest.fn(),
+      disconnect: jest.fn(),
+      resetError: jest.fn(),
+      reconnectWithNewContext: jest.fn(),
+    });
   });
 
   afterEach(() => {
@@ -138,8 +154,10 @@ describe('usePerpsMarketStats', () => {
     // PRICE_RANGES_UNIVERSAL: trailing zeros removed, so $0.00 → $0
     expect(result.current.high24h).toBe('$0');
     expect(result.current.low24h).toBe('$0');
-    expect(result.current.volume24h).toBe('$0.00'); // formatVolume keeps .00 for zero
-    expect(result.current.openInterest).toBe('$0.00'); // formatLargeNumber keeps .00 for zero
+    expect(result.current.volume24h).toBe(PERPS_CONSTANTS.FallbackPriceDisplay);
+    expect(result.current.openInterest).toBe(
+      PERPS_CONSTANTS.FallbackPriceDisplay,
+    );
     expect(result.current.fundingRate).toBe('0.0000%');
   });
 
@@ -225,4 +243,110 @@ describe('usePerpsMarketStats', () => {
 
     expect(result.current.fundingRate).toBe('-0.5000%');
   });
+
+  it('displays formatted zero when volume and open interest are actually zero', () => {
+    // Arrange: confirmed zero volume and open interest (not missing data)
+    mockSubscribeToPrices.mockImplementation(({ callback }) => {
+      callback([
+        {
+          ...mockPriceData.BTC,
+          volume24h: 0,
+          openInterest: 0,
+        },
+      ]);
+      return jest.fn();
+    });
+    mockedUsePerpsLiveCandles.mockReturnValue({
+      candleData: mockCandleData,
+      isLoading: false,
+      isLoadingMore: false,
+      hasHistoricalData: true,
+      error: null,
+      fetchMoreHistory: jest.fn(),
+    });
+
+    // Act
+    const { result } = renderHook(() => usePerpsMarketStats('BTC'));
+
+    // Assert: actual zeros format as $0, not the missing-data placeholder
+    expect(result.current.volume24h).toBe('$0');
+    expect(result.current.openInterest).toBe('$0');
+  });
+
+  it('does not subscribe until the Perps connection is initialized', () => {
+    // Arrange: connection has not finished initializing
+    mockedUsePerpsConnection.mockReturnValue({
+      isInitialized: false,
+      isConnected: false,
+      isConnecting: true,
+      error: null,
+      connect: jest.fn(),
+      disconnect: jest.fn(),
+      resetError: jest.fn(),
+      reconnectWithNewContext: jest.fn(),
+    });
+    mockedUsePerpsLiveCandles.mockReturnValue({
+      candleData: mockCandleData,
+      isLoading: false,
+      isLoadingMore: false,
+      hasHistoricalData: true,
+      error: null,
+      fetchMoreHistory: jest.fn(),
+    });
+
+    // Act
+    renderHook(() => usePerpsMarketStats('BTC'));
+
+    // Assert: subscribe is deferred until init so a fast Perps open can retry
+    expect(mockSubscribeToPrices).not.toHaveBeenCalled();
+  });
+
+  it('subscribes after the Perps connection initializes', () => {
+    // Arrange: start uninitialized, then flip to initialized
+    mockedUsePerpsConnection.mockReturnValue({
+      isInitialized: false,
+      isConnected: false,
+      isConnecting: true,
+      error: null,
+      connect: jest.fn(),
+      disconnect: jest.fn(),
+      resetError: jest.fn(),
+      reconnectWithNewContext: jest.fn(),
+    });
+    mockedUsePerpsLiveCandles.mockReturnValue({
+      candleData: mockCandleData,
+      isLoading: false,
+      isLoadingMore: false,
+      hasHistoricalData: true,
+      error: null,
+      fetchMoreHistory: jest.fn(),
+    });
+    mockSubscribeToPrices.mockReturnValue(jest.fn());
+
+    // Act: first render before init, then rerender after init
+    const { rerender } = renderHook(() => usePerpsMarketStats('BTC'));
+
+    expect(mockSubscribeToPrices).not.toHaveBeenCalled();
+
+    mockedUsePerpsConnection.mockReturnValue({
+      isInitialized: true,
+      isConnected: true,
+      isConnecting: false,
+      error: null,
+      connect: jest.fn(),
+      disconnect: jest.fn(),
+      resetError: jest.fn(),
+      reconnectWithNewContext: jest.fn(),
+    });
+    rerender();
+
+    // Assert: subscribe retries once the client is ready
+    expect(mockSubscribeToPrices).toHaveBeenCalledTimes(1);
+    expect(mockSubscribeToPrices).toHaveBeenCalledWith(
+      expect.objectContaining({
+        symbols: ['BTC'],
+        includeMarketData: true,
+      }),
+    );
+  });
 });
@@ -2,6 +2,7 @@ import { useCallback, useEffect, useMemo, useRef, useState } from 'react';
 import Engine from '../../../../core/Engine';
 import {
   CandlePeriod,
+  PERPS_CONSTANTS,
   TimeDuration,
   calculate24hHighLow,
   type PriceUpdate,
@@ -13,6 +14,7 @@ import {
   LARGE_NUMBER_RANGES_DETAILED,
   PRICE_RANGES_UNIVERSAL,
 } from '../utils/formatUtils';
+import { usePerpsConnection } from './usePerpsConnection';
 import { usePerpsLiveCandles } from './stream/usePerpsLiveCandles';
 
 interface MarketStats {
@@ -41,6 +43,7 @@ export interface UsePerpsMarketStatsReturn extends MarketStats {
 export const usePerpsMarketStats = (
   symbol: string,
 ): UsePerpsMarketStatsReturn => {
+  const { isInitialized } = usePerpsConnection();
   const [marketData, setMarketData] = useState<MarketDataUpdate>({});
   const [initialPrice, setInitialPrice] = useState<number | undefined>();
   // Track whether the initial price has been captured without making it a
@@ -57,10 +60,11 @@ export const usePerpsMarketStats = (
     throttleMs: 1000,
   });
 
-  // Subscribe to market data updates (funding, open interest, volume)
-  // Note: We still subscribe to prices but only extract market metadata, not price itself
+  // Subscribe to market data updates (funding, open interest, volume).
+  // Gate on isInitialized so a fast Perps open after wallet unlock does not
+  // get a no-op subscribe with no retry (same pattern as usePerpsPrices).
   useEffect(() => {
-    if (!symbol) return;
+    if (!symbol || !isInitialized) return;
 
     let unsubscribe: (() => void) | undefined;
     const findSymbol = (update: PriceUpdate) => update.symbol === symbol;
@@ -114,7 +118,7 @@ export const usePerpsMarketStats = (
         unsubscribe();
       }
     };
-  }, [symbol]);
+  }, [symbol, isInitialized]);
 
   // Calculate all statistics
   const stats = useMemo<MarketStats>(() => {
@@ -135,16 +139,18 @@ export const usePerpsMarketStats = (
           : formatPerpsFiat(fallbackPrice, {
               ranges: PRICE_RANGES_UNIVERSAL,
             }),
-      volume24h: marketData.volume24h
-        ? `$${formatLargeNumber(marketData.volume24h, {
-            ranges: LARGE_NUMBER_RANGES_DETAILED,
-          })}`
-        : '$0.00',
-      openInterest: marketData.openInterest
-        ? `$${formatLargeNumber(marketData.openInterest, {
-            ranges: LARGE_NUMBER_RANGES_DETAILED,
-          })}`
-        : '$0.00',
+      volume24h:
+        marketData.volume24h !== undefined
+          ? `$${formatLargeNumber(marketData.volume24h, {
+              ranges: LARGE_NUMBER_RANGES_DETAILED,
+            })}`
+          : PERPS_CONSTANTS.FallbackPriceDisplay,
+      openInterest:
+        marketData.openInterest !== undefined
+          ? `$${formatLargeNumber(marketData.openInterest, {
+              ranges: LARGE_NUMBER_RANGES_DETAILED,
+            })}`
+          : PERPS_CONSTANTS.FallbackPriceDisplay,
       fundingRate: formatFundingRate(marketData.funding),
       currentPrice: fallbackPrice,
       isLoading: !candleData,