Hyperliquid
alternatives.
The 12 largest perp DEXs after Hyperliquid by open interest, with fees, leverage, markets and trend for each. Updated daily from public data.
By PerpsAtlas Research · Data as of . The text below is calculated from the same capture as the directory and changes when the data does.
- Hyperliquid share of OI60%
- Alternatives listed12
- Largest alternativeAster
- Its open interest$1.35B
Why look beyond Hyperliquid
Hyperliquid holds $8.33B of open interest, 60% of all the perp DEXs we track. People look for alternatives for different reasons: other chains, stock and FX markets, lower fees on some markets, different collateral, or simply not keeping everything on one venue.
Below are the 12 next-largest venues by open interest, with the facts that most often decide a switch. Each links to a full profile with fees, restrictions, team and how to start.
Before moving funds, compare the venue’s fee page and maintenance margin for the markets you trade, and check its restricted-country list. A smaller venue can have wider spreads on large orders.
The largest alternatives
| # | Venue | Open interest | Key facts | Trend |
|---|---|---|---|---|
| 1 |  AsterChain not listed | $1.35B | 0.04% taker fee; up to 1001× leverage; about 592 markets incl. stocks/commodities/FX | Stable |
| 2 |  VariationalArbitrum | $1.08B | 0% taker fee; up to 50× leverage; about 568 markets incl. stocks/commodities/FX | Growing |
| 3 |  LighterRobinhood Chain, zkLighter | $857.12M | 0% taker fee; up to 50× leverage; about 213 markets incl. stocks/commodities/FX | Growing |
| 4 |  GRVTGRVT | $461.92M | 0.045% taker fee; up to 50× leverage; about 184 markets incl. stocks/commodities/FX | Stable |
| 5 | AntarcticChain not listed | $349.81M | 0.05% taker fee; up to 500× leverage; about 33 markets incl. stocks/commodities/FX | Not enough data |
| 6 |  edgeXedgeX L1 | $221.71M | up to 100× leverage; about 181 markets incl. stocks/commodities/FX; KYC not required | Stable |
| 7 |  SoDEXValueChain | $115.01M | 0.04% taker fee; up to 40× leverage; about 92 markets incl. stocks/commodities/FX | Growing |
| 8 |  ExtendedEthereum, Starknet | $96.78M | 0.025% taker fee; up to 100× leverage; about 326 markets incl. stocks/commodities/FX | Stable |
| 9 |  VestChain not listed | $93.69M | 0.01% taker fee; up to 100× leverage; about 88 markets incl. stocks/commodities/FX | Stable |
| 10 |  Polymarket PerpsChain not listed | $92.42M | 0.04% taker fee; up to 50× leverage; about 88 markets incl. stocks/commodities/FX | Not enough data |
| 11 |  ApeX OmniArbitrum, Ethereum | $79.38M | 0.05% taker fee; up to 100× leverage; about 126 markets incl. stocks/commodities/FX | Stable |
| 12 |  ArcusRobinhood Chain | $76.74M | 0.0225% taker fee; up to 50× leverage; about 60 markets incl. stocks/commodities/FX | Growing |
Common questions
What is the best Hyperliquid alternative?
By open interest the largest alternatives are Aster, Variational and Lighter. The best fit depends on the markets, chain and fees you need.
Is there a Hyperliquid alternative with stock perps?
Yes. Several venues in the table list stock, commodity or FX perpetuals; see the RWA perps page for the full list.
More data reports
- Best perp DEXs in 2026: shortlist by liquidity and track record
- Perp DEX trading fees compared: maker and taker
- Perp DEX teams and investors: who is behind each exchange
- Highest-leverage perp DEXs: maximum leverage by venue
- Perp DEX restricted countries: US, UK, Canada and more
- Perp DEX market share by open interest
- Which perp DEXs earn the most fees
- Perp DEX volume vs open interest: turnover ratio
- Perp DEXs without a token yet, ranked by open interest
- Perp DEXs by blockchain: where open interest settles
- RWA perp DEXs: who offers stocks, gold and FX perpetuals
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 14:43 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 14:43 UTC. Token prices and 30-day price change: CoinGecko, at the time shown on each venue page; a parent-project or chain token is labelled and is not evidence of a claim on exchange revenue. Changes compare the last 30 days with the previous 30 days (OI as a daily average, fees as a total) and need at least 95% daily coverage. A trend label needs the 30-day move to pass a threshold (OI ±25%, fees ±30%) on a minimum base (OI ≥ $5M, fees ≥ $100K per 30 days); with 90 days of history both horizons must agree. Venue-reported volume is not audited; ⚑ marks volume above 25× open interest. “—” means unavailable, never zero. Full method ↗
Market data, not investment advice. Venue links in the directory may be referral links; they never change rankings. Disclosure