Evidence first.
Conclusions second.

What a rank means

The current table ranks 11 protocols by 30-day perp volume. It measures activity within this universe, not token investment merit or team quality.

Three different measures

Fees are charges paid by users. Protocol revenue is the share attributed to the protocol under the source methodology. Holder revenue measures value reaching token holders. These are distinct, and trading volume is not revenue.

Our fair-value framework

Scenario value per token equals normalized annual value flowing to holders, multiplied by a valuation multiple, divided by expected diluted supply. Risk, revenue durability and distribution rights require separate review. Buybacks already included in holder revenue are not counted twice.

Each valuation must disclose bear/base/bull cases, the data period, multiples, assumptions, dilution horizon and revision history. Multiples are analytical assumptions rather than observed facts. Ranges remain unpublished until inputs are reviewed. Projects without a confirmed token require an FDV scenario rather than a token price.

Weekly comparisons

We compare matching UTC windows and protocol scopes. OI means open positions on the protocol, not futures on its token. RWA analysis accounts for trading calendars. Missing data stays missing; a zero baseline does not produce a percentage change.

Data quality & limitations

The baseline was manually checked against public DefiLlama profiles on 22 September 2026. Exact source calculation times are unknown. Combined TVL, fees and revenue may include multiple products. Conflicting values are withheld. Timestamped TVL history is collected separately from this manual baseline. See the Data page for current coverage and source dates.

Editorial independence

Affiliate links do not affect rank or valuation. Claims about teams, investors, listings and unlocks require primary-source verification before editorial publication.