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Perp DEX Rankings
Onchain perpetual futures venues ranked by open interest and by 24-hour trading volume, with each venue's share, its 7 and 30-day open interest change, and a Binance comparison. Data from DefiLlama and CoinGecko, refreshed every day by Castle Labs.
As of 1 November 2026, Hyperliquid leads onchain perps with 57% of open interest ($7.45B), followed by Aster (11%) and Variational (6.9%). Tracked onchain perp open interest is $13.17B, down 9.0% over 30 days.
Hyperliquid traded $2.33B of perps in the last 24 hours, 34% of the $6.97B traded on the onchain perp DEXs we track, ahead of Lighter ($1.26B) and Variational ($541.9M). For scale, Binance futures traded $19.41B, so Hyperliquid did 12% of Binance's volume.
Perp DEXs by open interest
Updated 1 November 2026 · 45 venues tracked| # | Venue | Open interest | Share | 7d | 30d | Chains | Castle research |
|---|---|---|---|---|---|---|---|
| 1 | Hyperliquid | $7.45B | 57% | -2.7% | -11% | Hyperliquid L1 | Perp report: Hyperliquid |
| 2 | Aster | $1.41B | 11% | -0.5% | -2.0% | Offchain | Covered in the perp report |
| 3 | Variational | $905.1M | 6.9% | -2.9% | -14% | Arbitrum | Variational swaps analysis |
| 4 | Lighterincl. Lighter Perps, Lighter Robinhood Perps | $706.8M | 5.4% | -4.6% | -14% | zkLighter, Robinhood Chain | Covered in the perp report |
| 5 | Grvt | $416.9M | 3.2% | -3.6% | -12% | GRVT | - |
| 6 | Antarctic | $337.9M | 2.6% | +3.0% | -4.9% | Offchain | - |
| 7 | GMXincl. GMX EVM, GMX Solana | $246.8M | 1.9% | -9.5% | -20% | Arbitrum, Avalanche | Covered in the perp report |
| 8 | QFEX | $183.0M | 1.4% | +14% | +33% | Offchain | Covered in the perp report |
| 9 | SoDEX | $153.7M | 1.2% | +1.5% | +32% | ValueChain | - |
| 10 | edgeX V2 | $131.9M | 1.0% | -1.1% | -44% | edgeX L1 | Covered in the perp report |
| 11 | Arcus | $119.3M | 0.9% | +3.0% | +169% | Robinhood Chain | - |
| 12 | Polymarket | $107.7M | 0.8% | -0.8% | +41% | Offchain | Covered in the perp report |
| 13 | Ondo | $106.0M | 0.8% | +0.3% | +14% | Offchain | Covered in the perp report |
| 14 | Extended | $94.9M | 0.7% | -4.0% | +1.4% | Ethereum, Starknet | Covered in the perp report |
| 15 | Vest Markets | $88.7M | 0.7% | +0.3% | -6.2% | Offchain | - |
| 16 | PopDEX | $77.0M | 0.6% | +6.7% | n/a | Morph Tachyon | - |
| 17 | Derive V3 | $76.8M | 0.6% | +4.9% | n/a | Derive V3 | - |
| 18 | Apex Omni | $71.5M | 0.5% | -5.0% | -8.5% | Ethereum | - |
| 19 | Pacifica | $55.5M | 0.4% | -12% | -21% | Offchain | Covered in the perp report |
| 20 | Veranta | $49.2M | 0.4% | -28% | -23% | Base | - |
| 21 | Orderly | $48.8M | 0.4% | +10% | +208% | Orderly Network | - |
| 22 | TxFlow | $47.0M | 0.4% | +8.7% | +78% | TxFlow | - |
| 23 | Jupiter Perpetual Exchange | $46.3M | 0.4% | +2.8% | -13% | Solana | Covered in the perp report |
| 24 | RISEx | $42.2M | 0.3% | +3.0% | +15% | RISE | - |
| 25 | Nado | $40.5M | 0.3% | +7.5% | -6.8% | Ink | - |
Source: DefiLlama open interest overview. Prediction markets and options venues excluded. Raw data: perps.json
Perp DEX volume ranking, last 24 hours
Updated 1 November 2026 · $6.97B across 25 venues| # | Venue | 24h volume | Share of DEX volume | vs Binance | Castle research |
|---|---|---|---|---|---|
| 1 | Hyperliquid | $2.33B | 34% | 12% | Perp report: Hyperliquid |
| 2 | Lighter | $1.26B | 18% | 6.5% | Covered in the perp report |
| 3 | Variational | $541.9M | 7.8% | 2.8% | Variational swaps analysis |
| 4 | GRVT | $503.9M | 7.2% | 2.6% | - |
| 5 | Aster | $447.9M | 6.4% | 2.3% | Covered in the perp report |
| 6 | Pacifica | $323.8M | 4.6% | 1.7% | Covered in the perp report |
| 7 | ApeX Omni | $312.1M | 4.5% | 1.6% | - |
| 8 | SoDEX | $206.6M | 3.0% | 1.1% | - |
| 9 | edgeX | $184.7M | 2.7% | 1.0% | Covered in the perp report |
| 10 | Extended | $156.8M | 2.3% | 0.8% | Covered in the perp report |
| 11 | Nado | $133.7M | 1.9% | 0.7% | - |
| 12 | RISEx | $117.4M | 1.7% | 0.6% | - |
| 13 | Antarctic | $80.4M | 1.2% | 0.4% | - |
| 14 | SynFutures | $59.3M | 0.9% | 0.3% | - |
| 15 | Helix | $52.9M | 0.8% | 0.3% | - |
| 16 | GMX | $47.2M | 0.7% | 0.2% | Covered in the perp report |
| 17 | Ondo Perps | $36.4M | 0.5% | 0.2% | Covered in the perp report |
| 18 | QFEX | $34.4M | 0.5% | 0.2% | Covered in the perp report |
| 19 | Polymarket Perps | $30.5M | 0.4% | 0.2% | Covered in the perp report |
| 20 | Orderly | $25.4M | 0.4% | 0.1% | - |
| 21 | Katana Perps | $21.3M | 0.3% | 0.1% | - |
| 22 | BULK | $17.6M | 0.3% | 0.1% | - |
| 23 | Decibel | $14.8M | 0.2% | 0.1% | - |
| 24 | gTrade | $7.0M | 0.1% | 0.0% | - |
| 25 | dYdX | $4.1M | 0.1% | 0.0% | - |
Source: CoinGecko derivatives exchanges, venue-reported 24h volume, with each venue's deployments grouped. Volume can include incentive-driven flow, which open interest is harder to inflate with. Binance futures volume over the same 24 hours: $19.41B.
Beyond open interest
Which venues hold positions, and which churn them?
Open interest shows size. Turnover, take rate and execution cost show quality. Our October 2026 report, Mapping the Perpetual Trading Ecosystem, compares the leading venues on design, fees, slippage, depth and funding with live order-book data.
| Venue | Avg daily volume | Avg daily OI | Turnover (x/day) | Take rate |
|---|---|---|---|---|
| QFEX | $182.4M | $217.6M | 0.84x | Not tracked |
| Hyperliquid | $7.90B | $6.79B | 1.16x | 2.6 bps |
| Variational | $1.29B | $772.9M | 1.66x | Not tracked |
| Polymarket Perps | $94.6M | $49.3M | 1.92x | Not tracked |
| edgeX | $1.38B | $572.7M | 2.42x | 0.9 bps |
| GMX | $86.9M | $32.2M | 2.70x | 2.7 bps |
| Lighter | $1.80B | $629.4M | 2.87x | 0.8 bps |
| Ondo Perps | $133.4M | $46.1M | 2.89x | Not tracked |
| Extended | $258.9M | $87.5M | 2.96x | 2.33 bps |
| Jupiter Perps | $237.8M | $34.8M | 6.83x | 3.7 bps |
| Pacifica | $402.3M | $48.5M | 8.30x | 3.0 bps |
| GMTrade | $796.6M | $90.6M | 8.79x | 0.4 bps |
| Kalshi | $886.0M | $30.7M | 28.86x | Not tracked |
Source: DefiLlama daily volume, open-interest and fee series
Perp DEX FAQs
- Which perp DEX has the most open interest today?
- As of 1 November 2026, Hyperliquid leads onchain perps with 57% of open interest ($7.45B), followed by Aster (11%) and Variational (6.9%). Tracked onchain perp open interest is $13.17B, down 9.0% over 30 days.
- Which perp DEX has the highest trading volume?
- Hyperliquid traded $2.33B of perps in the last 24 hours, 34% of the $6.97B traded on the onchain perp DEXs we track, ahead of Lighter ($1.26B) and Variational ($541.9M). For scale, Binance futures traded $19.41B, so Hyperliquid did 12% of Binance's volume.
- How does Hyperliquid's volume compare with Binance?
- In the last 24 hours Hyperliquid traded $2.33B of perps and Binance futures traded $19.41B, so Hyperliquid did 12% of Binance's volume. All the onchain perp DEXs we track together traded $6.97B, 36% of Binance. Both figures come from CoinGecko and are refreshed daily.
- How is perp DEX market share calculated here?
- Each venue's share is its current open interest divided by the total open interest of the onchain perp venues tracked by DefiLlama's open-interest overview. Prediction markets and options venues are excluded. The data refreshes daily.
- Is open interest the best way to rank perp DEXs?
- Open interest shows how much capital traders keep in positions, so it is harder to inflate with wash trading than volume. Castle's perp report pairs it with turnover (volume divided by open interest), take rate and live execution cost to separate sticky venues from incentive-driven ones.
- Where can I compare perp DEX fees, slippage and depth?
- Castle Labs' report Mapping the Perpetual Trading Ecosystem compares Hyperliquid, Lighter, Variational, TradeXYZ, Ondo and QFEX with Binance, Bybit and OKX on cost to open, slippage, resting depth, funding and index quality using live order-book data.
More perp research in the Perp DEX & Onchain Trading hub.