Perp DEX market share
by open interest.
How open interest is split across 70 perpetual DEXs: leader share, top-3 and top-10 concentration, size tiers and 30-day moves. Updated daily from DefiLlama.
By PerpsAtlas Research · Data as of . The text below is calculated from the same capture as the directory and changes when the data does.
- Tracked open interest$14.35B
- Hyperliquid share58.0%
- Top-3 share75.3%
- Venues for 50%1
What the data shows
On 08 Oct 2026 · 12:17 UTC, the 70 perpetual DEXs in our directory that report open interest held $14.35B of open positions combined. Hyperliquid alone accounted for 58.0%, 6.1 times the open interest of the second-largest venue, Aster ($1.37B).
The market is concentrated. The three largest venues (Hyperliquid, Aster and Variational) hold 75.3% of the total and the ten largest hold 91.3%. One venue covers half of all tracked open interest and 9 cover 90%. The Herfindahl–Hirschman index on these shares is 3,576 (above 2,500 is usually called highly concentrated).
By size: 3 venues above $1B of open interest, 7 between $100M and $1B, 24 between $10M and $100M, and 36 below $10M. 21 venues in the directory have no open-interest figure at capture time and are excluded rather than counted as zero.
Hyperliquid’s average open interest over the last 30 days was +23.8% versus the previous 30 days. Among the 20 largest venues, Variational, Lighter, QFEX, SoDEX, Arcus and Veranta (Avantis) grew average open interest by 25% or more over the same comparison.
How shares have moved
- Hyperliquid 59.0%
- Aster 9.5%
- Variational 7.3%
- Lighter 5.9%
- GRVT 3.1%
- Antarctic 2.4%
- edgeX 1.5%
- GMX 1.1%
Daily share of combined open interest for today’s 8 largest venues, 05 Jul 2026 – 07 Oct 2026. Shares are computed among the venues DefiLlama reports on each day (61–71 venues); days on which fewer than 85% of venues report are left out. Source: DefiLlama daily open interest.
The 25 largest perp DEXs by open interest
| # | Venue | Open interest | Share | Cumulative | OI 30d |
|---|---|---|---|---|---|
| 1 |  HyperliquidHyperliquid L1 | $8.33B | 58.0% | 58.0% | +23.8% |
| 2 |  AsterChain not listed | $1.37B | 9.5% | 67.5% | +22.3% |
| 3 |  VariationalArbitrum | $1.11B | 7.7% | 75.3% | +27.2% |
| 4 |  LighterRobinhood Chain, zkLighter | $860.41M | 6.0% | 81.3% | +42.6% |
| 5 |  GRVTGRVT | $461.30M | 3.2% | 84.5% | +13.1% |
| 6 | AntarcticChain not listed | $352.16M | 2.5% | 86.9% | — |
| 7 |  edgeXedgeX L1 | $218.35M | 1.5% | 88.4% | — |
| 8 |  GMXArbitrum, Avalanche | $159.30M | 1.1% | 89.6% | -0.7% |
| 9 |  QFEXChain not listed | $140.23M | 1.0% | 90.5% | +38.9% |
| 10 |  SoDEXValueChain | $115.01M | 0.8% | 91.3% | +251.1% |
| 11 |  ExtendedEthereum, Starknet | $96.78M | 0.7% | 92.0% | +5.7% |
| 12 |  VestChain not listed | $93.95M | 0.7% | 92.7% | +9.4% |
| 13 |  Polymarket PerpsChain not listed | $92.37M | 0.6% | 93.3% | — |
| 14 |  Ondo PerpsChain not listed | $90.93M | 0.6% | 93.9% | -4.5% |
| 15 |  DeriveDerive Chain | $84.63M | 0.6% | 94.5% | +8.4% |
| 16 |  ApeX OmniArbitrum, Ethereum | $79.38M | 0.6% | 95.1% | +11.9% |
| 17 |  ArcusRobinhood Chain | $74.30M | 0.5% | 95.6% | +122.9% |
| 18 |  Veranta (Avantis)Base | $65.43M | 0.5% | 96.1% | +363.7% |
| 19 |  PacificaChain not listed | $64.78M | 0.5% | 96.5% | +21.1% |
| 20 |  PrimitAvalanche | $63.48M | 0.4% | 97.0% | — |
| 21 |  Jupiter PerpsSolana | $54.46M | 0.4% | 97.3% | +15.4% |
| 22 |  NadoInk | $41.87M | 0.3% | 97.6% | +12.1% |
| 23 |  dYdXdYdX | $39.64M | 0.3% | 97.9% | -13.1% |
| 24 |  RISExRISE | $39.11M | 0.3% | 98.2% | +27.0% |
| 25 |  PopDEXMorph_tachyon | $39.09M | 0.3% | 98.4% | — |
Shares are of the open interest reported by the venues in this directory, not of the whole derivatives market; centralized exchanges are excluded.
Common questions
Which perp DEX has the largest market share?
By open interest, Hyperliquid, with $8.33B or 58.0% of the open interest across the 70 perp DEXs we track (08 Oct 2026 · 12:17 UTC).
How concentrated is the perp DEX market?
The top three venues hold 75.3% and the top ten hold 91.3% of tracked open interest; 1 venue(s) make up half of it.
Why measure market share by open interest and not volume?
Open interest is the value of positions actually held open. Reported volume is easier to inflate with incentives or self-trading, and it is not available for every venue.
More data reports
Open interest and fees: DefiLlama, captured 08 Oct 2026 · 12:17 UTC. 24h volume: CoinGecko derivatives exchange data (rolling 24 hours, converted from BTC), captured 08 Oct 2026 · 12:16 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