Volume versus
open interest.
24-hour volume divided by open interest for 33 perpetual DEXs: which venues turn over the most, the median ratio and which volumes to treat with caution.
By PerpsAtlas Research · Data as of . The text below is calculated from the same capture as the directory and changes when the data does.
- Venues measured33
- Median turnover3.4×
- Above 25× (⚑)2
- Below 0.5×1
What the data shows
Turnover compares how much a venue trades in a day with how much is held open. We divide CoinGecko’s rolling 24-hour volume (08 Oct 2026 · 12:16 UTC) by DefiLlama open interest for the 33 perp DEXs that have both figures and at least $1M of open interest. The median venue traded 3.4× its open interest in 24 hours. Among venues with $100M or more of open interest the median was 2.1×.
The highest ratios were at SynFutures, Injective Perps (Helix) and Decibel (84.3×, 40.2×, 16.3×); the lowest at Astros, Polymarket Perps and Aevo (0.6×, 0.6×, 0.2×).
2 venues reported volume above 25× open interest (SynFutures and Injective Perps (Helix)). We flag this level with ⚑ in the directory. Very high turnover can come from points or rebate campaigns, market-maker activity, very short holding periods or self-trading; the data alone cannot tell these apart, so treat reported volume there with caution.
1 venue traded less than half of its open interest in a day. Low turnover usually means positions are held longer, or that the venue’s volume feed is incomplete. 32 venues with open interest have no volume figure from CoinGecko and are not included.
Turnover for every measurable venue
| # | Venue | Volume 24h | Open interest | Turnover |
|---|---|---|---|---|
| 1 |  SynFuturesBase, Blast | $90.53M | $1.07M | 84.3× ⚑ |
| 2 |  Injective Perps (Helix)Injective | $60.46M | $1.50M | 40.2× ⚑ |
| 3 |  DecibelAptos | $58.40M | $3.58M | 16.3× |
| 4 | StandXStandX | $337.24M | $20.75M | 16.3× |
| 5 |  PacificaChain not listed | $884.65M | $64.78M | 13.7× |
| 6 |  gTrade (Gains Network)ApeChain, Arbitrum | $26.48M | $2.52M | 10.5× |
| 7 |  NadoInk | $431.57M | $41.87M | 10.3× |
| 8 |  ArcusRobinhood Chain | $639.39M | $74.30M | 8.6× |
| 9 |  GMXArbitrum, Avalanche | $1.08B | $159.30M | 6.8× |
| 10 |  ExtendedEthereum, Starknet | $556.67M | $96.78M | 5.8× |
| 11 |  ApeX OmniArbitrum, Ethereum | $372.01M | $79.38M | 4.7× |
| 12 |  Strike FinanceCardano | $5.30M | $1.14M | 4.6× |
| 13 |  Gate Perp DEXGateLayer | $38.58M | $8.52M | 4.5× |
| 14 |  edgeXedgeX L1 | $847.61M | $218.35M | 3.9× |
| 15 |  LighterRobinhood Chain, zkLighter | $3.12B | $860.41M | 3.6× |
| 16 |  RISExRISE | $134.87M | $39.11M | 3.4× |
| 17 |  VariationalArbitrum | $3.81B | $1.11B | 3.4× |
| 18 |  BULKBulk | $35.66M | $11.59M | 3.1× |
| 19 |  QFEXChain not listed | $351.13M | $140.23M | 2.5× |
| 20 |  OrderlyOrderly Network | $46.10M | $18.77M | 2.5× |
| 21 |  Ondo PerpsChain not listed | $200.54M | $90.93M | 2.2× |
| 22 |  SoDEXValueChain | $191.11M | $115.01M | 1.7× |
| 23 |  AsterChain not listed | $1.96B | $1.37B | 1.4× |
| 24 |  DeriveDerive Chain | $112.68M | $84.63M | 1.3× |
| 25 |  VestChain not listed | $113.57M | $93.95M | 1.2× |
| 26 |  GRVTGRVT | $499.82M | $461.30M | 1.1× |
| 27 |  HyperliquidHyperliquid L1 | $8.44B | $8.33B | 1.0× |
| 28 |  ParadexEthereum, Paradex | $10.52M | $11.04M | 1.0× |
| 29 | AntarcticChain not listed | $316.26M | $352.16M | 0.9× |
| 30 |  dYdXdYdX | $32.13M | $39.64M | 0.8× |
| 31 |  AstrosChain not listed | $8.44M | $13.36M | 0.6× |
| 32 |  Polymarket PerpsChain not listed | $57.24M | $92.37M | 0.6× |
| 33 |  AevoEthereum | $2.57M | $12.05M | 0.2× |
Common questions
What is a normal volume-to-open-interest ratio for a perp DEX?
Across the 33 venues we can measure, the median was 3.4× on 08 Oct 2026 · 12:16 UTC. The figure moves with market conditions and incentive programs.
Does high volume mean wash trading?
Not by itself. Incentive campaigns, market makers and short-term traders all raise turnover. A very high ratio is a reason to look closer, not proof of manipulation.
Where does the volume figure come from?
CoinGecko’s derivatives-exchange data, reported by the venues over a rolling 24 hours and converted from BTC to USD at the same capture. It is not independently audited.
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