diff --git a/apps/trading/components/market-banner/market-successor-proposal-banner.tsx b/apps/trading/components/market-banner/market-successor-proposal-banner.tsx
index 68104fe98..8797909bf 100644
--- a/apps/trading/components/market-banner/market-successor-proposal-banner.tsx
+++ b/apps/trading/components/market-banner/market-successor-proposal-banner.tsx
@@ -1,4 +1,4 @@
-import { useState } from 'react';
+import { Fragment, useState } from 'react';
 import type {
   SuccessorProposalListFieldsFragment,
   NewMarketSuccessorFieldsFragment,
@@ -52,7 +52,7 @@ export const MarketSuccessorProposalBanner = ({
               TOKEN_PROPOSAL.replace(':id', item.id || '')
             );
             return (
-              <>
+              <Fragment key={i}>
                 <ExternalLink href={externalLink} key={i}>
                   {
                     (item.terms?.change as NewMarketSuccessorFieldsFragment)
@@ -60,7 +60,7 @@ export const MarketSuccessorProposalBanner = ({
                   }
                 </ExternalLink>
                 {i < successors.length - 1 && ', '}
-              </>
+              </Fragment>
             );
           })}
         </div>
diff --git a/apps/trading/components/market-header/market-header.tsx b/apps/trading/components/market-header/market-header.tsx
index fe7f684b2..178f67e9d 100644
--- a/apps/trading/components/market-header/market-header.tsx
+++ b/apps/trading/components/market-header/market-header.tsx
@@ -3,7 +3,7 @@ import { Header, HeaderTitle } from '../header';
 import { useParams } from 'react-router-dom';
 import { MarketSelector } from '../../components/market-selector/market-selector';
 import { MarketHeaderStats } from '../../client-pages/market/market-header-stats';
-import { useMarket } from '@vegaprotocol/markets';
+import { useMarket, useMarketList } from '@vegaprotocol/markets';
 import { useState } from 'react';
 
 export const MarketHeader = () => {
@@ -11,6 +11,10 @@ export const MarketHeader = () => {
   const { data } = useMarket(marketId);
   const [open, setOpen] = useState(false);
 
+  // Ensure that markets are kept cached so opening the list
+  // shows all markets instantly
+  useMarketList();
+
   if (!data) return null;
 
   return (
diff --git a/apps/trading/components/market-selector/market-selector.spec.tsx b/apps/trading/components/market-selector/market-selector.spec.tsx
index a3fa3c5c8..faf20a8ff 100644
--- a/apps/trading/components/market-selector/market-selector.spec.tsx
+++ b/apps/trading/components/market-selector/market-selector.spec.tsx
@@ -132,6 +132,7 @@ describe('MarketSelector', () => {
     data: markets,
     loading: false,
     error: undefined,
+    reload: jest.fn(),
   });
 
   it('Button "All" should be selected by default', () => {
diff --git a/apps/trading/components/market-selector/market-selector.tsx b/apps/trading/components/market-selector/market-selector.tsx
index 59ec08fc5..7750ea33d 100644
--- a/apps/trading/components/market-selector/market-selector.tsx
+++ b/apps/trading/components/market-selector/market-selector.tsx
@@ -1,6 +1,6 @@
 import { t } from '@vegaprotocol/i18n';
 import uniqBy from 'lodash/uniqBy';
-import type { MarketMaybeWithDataAndCandles } from '@vegaprotocol/markets';
+import { type MarketMaybeWithDataAndCandles } from '@vegaprotocol/markets';
 import {
   TradingInput,
   TinyScroll,
@@ -8,7 +8,7 @@ import {
   VegaIconNames,
 } from '@vegaprotocol/ui-toolkit';
 import type { CSSProperties } from 'react';
-import { useCallback, useState, useMemo, useRef } from 'react';
+import { useCallback, useState, useMemo, useRef, useEffect } from 'react';
 import { FixedSizeList } from 'react-window';
 import { useMarketSelectorList } from './use-market-selector-list';
 import type { ProductType } from './product-selector';
@@ -44,7 +44,12 @@ export const MarketSelector = ({
     assets: [],
   });
   const allProducts = filter.product === Product.All;
-  const { markets, data, loading, error } = useMarketSelectorList(filter);
+  const { markets, data, loading, error, reload } =
+    useMarketSelectorList(filter);
+
+  useEffect(() => {
+    reload();
+  }, [reload]);
 
   return (
     <div data-testid="market-selector">
diff --git a/apps/trading/components/market-selector/sort-dropdown.tsx b/apps/trading/components/market-selector/sort-dropdown.tsx
index fbada5c9f..82e6382ea 100644
--- a/apps/trading/components/market-selector/sort-dropdown.tsx
+++ b/apps/trading/components/market-selector/sort-dropdown.tsx
@@ -15,6 +15,7 @@ export const Sort = {
   Gained: 'Gained',
   Lost: 'Lost',
   New: 'New',
+  TopTraded: 'TopTraded',
 } as const;
 
 export type SortType = keyof typeof Sort;
@@ -26,6 +27,7 @@ export const SortTypeMapping: {
   [Sort.Gained]: 'Top gaining',
   [Sort.Lost]: 'Top losing',
   [Sort.New]: 'New markets',
+  [Sort.TopTraded]: 'Top traded',
 };
 
 const SortIconMapping: {
@@ -35,6 +37,7 @@ const SortIconMapping: {
   [Sort.Gained]: VegaIconNames.TREND_UP,
   [Sort.Lost]: VegaIconNames.TREND_DOWN,
   [Sort.New]: VegaIconNames.STAR,
+  [Sort.TopTraded]: VegaIconNames.ARROW_UP,
 };
 
 export const SortDropdown = ({
diff --git a/apps/trading/components/market-selector/use-market-selector-list.ts b/apps/trading/components/market-selector/use-market-selector-list.ts
index a9626fd66..72bef8f54 100644
--- a/apps/trading/components/market-selector/use-market-selector-list.ts
+++ b/apps/trading/components/market-selector/use-market-selector-list.ts
@@ -1,7 +1,11 @@
 import { useMemo } from 'react';
 import orderBy from 'lodash/orderBy';
 import { MarketState } from '@vegaprotocol/types';
-import { calcCandleVolume, useMarketList } from '@vegaprotocol/markets';
+import {
+  calcCandleVolume,
+  calcTradedFactor,
+  useMarketList,
+} from '@vegaprotocol/markets';
 import { priceChangePercentage } from '@vegaprotocol/utils';
 import type { Filter } from '../../components/market-selector/market-selector';
 import { Sort } from './sort-dropdown';
@@ -20,7 +24,7 @@ export const useMarketSelectorList = ({
   sort,
   searchTerm,
 }: Filter) => {
-  const { data, loading, error } = useMarketList();
+  const { data, loading, error, reload } = useMarketList();
 
   const markets = useMemo(() => {
     if (!data?.length) return [];
@@ -94,10 +98,14 @@ export const useMarketSelectorList = ({
       );
     }
 
+    if (sort === Sort.TopTraded) {
+      return orderBy(markets, [(m) => calcTradedFactor(m)], ['desc']);
+    }
+
     return markets;
   }, [data, product, searchTerm, assets, sort]);
 
-  return { markets, data, loading, error };
+  return { markets, data, loading, error, reload };
 };
 
 export const isMarketActive = (state: MarketState) => {
diff --git a/apps/trading/components/navbar/nav-header.tsx b/apps/trading/components/navbar/nav-header.tsx
index ed78eacb1..da12b118a 100644
--- a/apps/trading/components/navbar/nav-header.tsx
+++ b/apps/trading/components/navbar/nav-header.tsx
@@ -1,6 +1,6 @@
 import { VegaIcon, VegaIconNames } from '@vegaprotocol/ui-toolkit';
 import { MarketSelector } from '../market-selector';
-import { useMarket } from '@vegaprotocol/markets';
+import { useMarket, useMarketList } from '@vegaprotocol/markets';
 import { t } from '@vegaprotocol/i18n';
 import { useParams } from 'react-router-dom';
 import * as PopoverPrimitive from '@radix-ui/react-popover';
@@ -14,6 +14,10 @@ export const NavHeader = () => {
   const { data } = useMarket(marketId);
   const [open, setOpen] = useState(false);
 
+  // Ensure that markets are kept cached so opening the list
+  // shows all markets instantly
+  useMarketList();
+
   if (!marketId) return null;
 
   return (
diff --git a/libs/markets/src/lib/market-utils.spec.tsx b/libs/markets/src/lib/market-utils.spec.tsx
index a58abcffb..b974098c8 100644
--- a/libs/markets/src/lib/market-utils.spec.tsx
+++ b/libs/markets/src/lib/market-utils.spec.tsx
@@ -1,6 +1,10 @@
 import * as Schema from '@vegaprotocol/types';
-import type { Market } from './markets-provider';
-import { filterAndSortMarkets, totalFeesPercentage } from './market-utils';
+import type { Market, MarketMaybeWithDataAndCandles } from './markets-provider';
+import {
+  calcTradedFactor,
+  filterAndSortMarkets,
+  totalFeesPercentage,
+} from './market-utils';
 const { MarketState, MarketTradingMode } = Schema;
 
 const MARKET_A: Partial<Market> = {
@@ -77,3 +81,52 @@ describe('totalFees', () => {
     expect(totalFeesPercentage(i)).toEqual(o);
   });
 });
+
+describe('calcTradedFactor', () => {
+  const marketA = {
+    data: {
+      markPrice: '10',
+    },
+    candles: [
+      {
+        volume: '1000',
+      },
+    ],
+    tradableInstrument: {
+      instrument: {
+        product: {
+          settlementAsset: {
+            decimals: 18,
+            quantum: '1000000000000000000', // 1
+          },
+        },
+      },
+    },
+  };
+  const marketB = {
+    data: {
+      markPrice: '10',
+    },
+    candles: [
+      {
+        volume: '1000',
+      },
+    ],
+    tradableInstrument: {
+      instrument: {
+        product: {
+          settlementAsset: {
+            decimals: 18,
+            quantum: '1', // 0.0000000000000000001
+          },
+        },
+      },
+    },
+  };
+  it('a is "traded" more than b', () => {
+    const fa = calcTradedFactor(marketA as MarketMaybeWithDataAndCandles);
+    const fb = calcTradedFactor(marketB as MarketMaybeWithDataAndCandles);
+    // it should be true because market a's asset is "more valuable" than b's
+    expect(fa > fb).toBeTruthy();
+  });
+});
diff --git a/libs/markets/src/lib/market-utils.ts b/libs/markets/src/lib/market-utils.ts
index 871f2afa4..448acf247 100644
--- a/libs/markets/src/lib/market-utils.ts
+++ b/libs/markets/src/lib/market-utils.ts
@@ -1,8 +1,13 @@
-import { formatNumberPercentage } from '@vegaprotocol/utils';
+import { formatNumberPercentage, toBigNum } from '@vegaprotocol/utils';
 import * as Schema from '@vegaprotocol/types';
 import BigNumber from 'bignumber.js';
 import orderBy from 'lodash/orderBy';
-import type { Market, Candle, MarketMaybeWithData } from '../';
+import type {
+  Market,
+  Candle,
+  MarketMaybeWithData,
+  MarketMaybeWithDataAndCandles,
+} from '../';
 const { MarketState, MarketTradingMode } = Schema;
 
 export const totalFees = (fees: Market['fees']['factors']) => {
@@ -86,3 +91,18 @@ export const calcCandleHigh = (candles: Candle[]): string | undefined => {
 export const calcCandleVolume = (candles: Candle[]): string | undefined =>
   candles &&
   candles.reduce((acc, c) => new BigNumber(acc).plus(c.volume).toString(), '0');
+
+export const calcTradedFactor = (m: MarketMaybeWithDataAndCandles) => {
+  const volume = Number(calcCandleVolume(m.candles || []) || 0);
+  const price = m.data?.markPrice ? Number(m.data.markPrice) : 0;
+  const quantum = Number(
+    m.tradableInstrument.instrument.product.settlementAsset.quantum
+  );
+  const decimals = Number(
+    m.tradableInstrument.instrument.product.settlementAsset.decimals
+  );
+  const fp = toBigNum(price, decimals);
+  const fq = toBigNum(quantum, decimals);
+  const factor = fq.multipliedBy(fp).multipliedBy(volume);
+  return factor.toNumber();
+};