Decentralized Exchange (DEX) Rankings
On-chain perpetual DEXs ranked by 24h trading volume · open interest, liquidations and funding rate · refreshed every minute
Click column headers to sort
| # | DEX | 24h Volume ▾ | Open Interest | Taker Fee | Maker Fee | 24h Liquidations | OI/24h Vol |
|---|---|---|---|---|---|---|---|
| 1 | Hyperliquid | $3.83B | $7.66B | 0.045% | 0.015% | $18.45M | 2.0003 |
| 2 | tradeXYZ | $2.10B | $2.23B | 0.09% | 0.03% | — | 1.0619 |
| 3 | AsteriAster open interest reflects the exchange's official single-sided figures; some platforms display double-sided values (~2x). | $1.33B | $968.87M | 0.04% | 0% | $990.9K | 0.7274 |
| 4 | Lighter | $1.20B | $436.22M | 0% | 0% | $928.1K | 0.3626 |
| 5 | edgeX | $168.57M | $419.98M | 0.038% | 0.018% | — | 2.4915 |
| 6 | dYdX | $15.01M | $38.83M | 0.05% | 0.01% | — | 2.5870 |
| 7 | Paradex | $8.09M | $9.30M | 0.045% | 0.003% | — | 1.1504 |
About DEX Rankings
What is a decentralized exchange (DEX) perpetual?
A DEX perpetual is a futures contract with no expiry that settles on-chain via smart contracts instead of a centralized order book operator. Trades, funding and liquidations are executed transparently on public infrastructure, and users typically keep custody of their funds until a position is opened.
What's the difference between a DEX and a CEX?
On a CEX (centralized exchange) the operator custodies user funds and matches orders off-chain. On a DEX, settlement happens on-chain (or on an app-specific chain/validator set), positions and liquidations are publicly verifiable, and users generally don't need to deposit funds into a company-controlled wallet.
Which DEX has the highest trading volume right now?
Hyperliquid currently leads DEX perpetual trading with $3.83B in 24h volume. Rankings change frequently — see the live table above for the current order.
Volume and open interest are pulled from each DEX's official on-chain contracts or public API. Liquidation totals only include orders pushed via each venue's public liquidation feed and are a lower bound.