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 | $4.59B | $11.60B | 0.045% | 0.015% | $30.74M | 2.5260 |
| 2 | tradeXYZ | $1.78B | $2.33B | 0.09% | 0.03% | — | 1.3096 |
| 3 | Lighter | $1.64B | $493.01M | 0% | 0% | $437.9K | 0.3006 |
| 4 | AsteriAster open interest reflects the exchange's official single-sided figures; some platforms display double-sided values (~2x). | $832.46M | $1.09B | 0.04% | 0% | $3.15M | 1.3138 |
| 5 | dYdX | $39.60M | $40.47M | 0.05% | 0.01% | — | 1.0221 |
| 6 | Paradex | $5.68M | $11.90M | 0.045% | 0.003% | — | 2.0932 |
| 7 | edgeX | $0 | $10.70M | 0.038% | 0.018% | — | — |
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 $4.59B 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.