Every perp DEX.
Ranked daily.
Open interest, volume, fees and whether each decentralized perpetual exchange is growing or fading. Every figure shows its source and time.
Data updated 08 Nov 2026 · 00:26 UTC. “—” means a source has no value, never zero.
Which perp DEX fits me? Start the finder → New to perps? What is a perp DEX ↗
All perp DEXs, ranked
See all 50 venues ↗Ranked by open interest (DefiLlama, 08 Nov 2026 · 00:25 UTC), with the 30-day change and a growth reading. Combined open interest of tracked DEXs: $12.54B.
- 1
Hyperliquid$7.42B-4.4%Stable - 2
Aster$1.37B-0.8%Stable - 3
Variational$847.87M+0.4%Stable - 4
Lighter$689.89M-7.8%Stable - 5
GRVT$401.14M-5.9%Stable - 6
Antarctic$338.49M-4.7%Stable - 7
edgeX$158.00M-37.9%Declining - 8
SoDEX$145.38M+82.5%Growing - 9
Polymarket Perps$117.25M+56.3%Growing - 10
Arcus$107.27M+265.9%Growing
Fastest-growing perp DEXs ↗ Losing activity ↗ RWA perp DEXs ↗ Head-to-head comparisons ↗ Data reports ↗ Today’s moves ↗ Funding rates ↗ ★ My watchlist ↗ Points programs ↗ News ↗ Weekly reports ↗
Who is gaining share
- Hyperliquid 59.1%
- Aster 10.9%
- Variational 6.8%
- Lighter 5.5%
- GRVT 3.2%
- Antarctic 2.7%
Daily share of combined open interest for today’s 6 largest venues, 20 Aug 2026 – 06 Nov 2026. Shares are computed among the venues DefiLlama reports on each day (42–49 venues); days on which fewer than 85% of venues report are left out. Source: DefiLlama daily open interest.
Biggest gainers
Biggest decliners
Only venues with at least $5M average open interest and 95% daily coverage. Average OI over the last 30 days vs the previous 30 days.
Data reports
All reports ↗- Best perp DEXs in 2026: shortlist by liquidity and track record9 venues pass our liquidity and track-record rules.
- Hyperliquid alternatives: the largest other perp DEXs compared12 largest venues after Hyperliquid, compared.
- Perp DEX volume ranking: top DEXs by 24h trading volumeHyperliquid leads 24h volume with 32.4%.
- Perp DEX tokens: prices, market caps and 30-day change19 venue tokens worth about $22.06B combined.
- Perp DEX fee comparison: lowest and zero-fee DEXsMedian base taker fee 0.04% across 48 venues.
- Perp DEX teams and investors: who is behind each exchange30 of 49 name their team; 22 disclose funding amounts.
- Highest-leverage perp DEXs: maximum leverage by venueMedian maximum 50×; 9 venues above 100×.
- Perp DEX restricted countries: USA, UK, Canada and more43 of 50 exclude the US; 29 name the UK.
- Perp DEX market share by open interestHyperliquid holds 59.2%; the top ten hold 92.4%.
- Which perp DEXs earn the most fees$126.23M in 30-day fees; Hyperliquid took 67.3%.
- Perp DEX volume vs open interest: turnover ratioMedian venue trades 0.7× its open interest per day; 0 above 25×.
- Perp DEXs without a token yet, ranked by open interest24 venues with $1.07B of open interest and no verified token.
- Perp DEXs by blockchain: where open interest settlesHyperliquid L1 leads single-chain open interest; 38 chains in total.
- RWA perp DEXs: who offers stocks, gold and FX perpetuals42 venues with traditional-asset perps; Hyperliquid is the largest.
Browse
- Fastest-growing perp DEXs8 venues growing on our 30/90-day rules
- RWA perps: stocks, gold, FX42 venues with traditional-asset markets
- Funding rates comparedBTC, ETH and SOL funding across DEXs, updated hourly
- Liquidation & funding calculatorsLiquidation price and funding cost for any perp position
- Perp DEXs losing activityOpen interest drawdowns from the 180-day peak
- Head-to-head comparisonsThe largest venues side by side
- Evidence deskToken rights, supply and money-flow detail for 11 venues
By chain
Research
Research library ↗Ondo Perps: stock perps, spot collateral and the ONDO token boundary
Ondo Perps explained: equity perpetuals, stock collateral, enclave execution, omnibus custody and the separate rights of the ONDO token.
Read analysis →Updated 2026-11-02VENUE PROFILEGMTrade and GMX Solana: markets, fees and data scope
GMTrade explained: Solana liquidity pools, the GMX relationship, GT token boundaries and checks needed before combining provider data.
Read analysis →Updated 2026-11-02PROTOCOL RESEARCHVariational Omni analysis: VAR tokenomics, OLP and TradFi perps
Variational analysis: Q4 2026 VAR TGE plan, announced token allocation, OLP spreads and treasury economics, comparable open interest, and pre-TGE valuation risks.
Read analysis →Updated 2026-10-08COVERAGE AUDITVelocity perps: the new Solana program after Drift
Velocity perp execution, its break from paused Drift, USDT scope and the evidence needed before any comparable volume ranking.
Read analysis →Updated 2026-10-07Market data, not investment advice. Some venue links may be referral links; they never change rankings. Disclosure