Top Perp DEXs Ranked by Volume & Open Interest (Live)

Ranking	Perp DEX Name	Perp Volume (24H)	Perp Volume (7D)	Perp Volume (30D)	Open Interest	Protocol Revenue (30D)	30D Volume Dominance
1	---	----	----	----	----	----	---

A perpetual DEX is an on-chain derivatives venue that lets you trade perpetual futures from a self custody wallet. You post collateral, go long or short (leverage is optional), and the position stays open until you close it or get liquidated.

Perpetuals do not expire, so the market uses funding payments to keep the perp price close to spot. Risk is enforced by smart contracts: margin requirements, liquidations, and collateral movements are rules based and auditable.

The chain you trade on affects fees, latency, and liquidation reliability. Lighter is built on Ethereum L2 infrastructure designed for low cost trading. Hyperliquid runs on its own purpose built L1. GMX runs on Arbitrum and Avalanche. Drift Protocol is built on Solana.

DeFi perpetual exchanges can be fast and capital efficient, but the risk stack is different from a centralized venue. The biggest risks come from contract code, liquidation mechanics, thin liquidity, and how prices are sourced on-chain.

Smart contract vulnerabilities: A single bug can drain collateral or break accounting. GMX V1 was hit for roughly $42 million in July 2025 through a reentrancy path in the vault and order flow logic, with funds later returned after a bounty arrangement.
Liquidation risk: Perps are leveraged by design, so small spot moves can wipe margin. Liquidations are forced closes, often during volatility, and the fill can be worse than a manual exit when order books thin out or blocks get congested.
Liquidity and slippage risk: On-chain liquidity can disappear quickly, especially in smaller markets. Large orders move price when there is not enough depth, leading to slippage and poor entry or exit pricing.
Oracle and price manipulation: Perps are only as safe as their price feed. Flash loans and TWAP manipulation can skew oracle prices, leading to inaccurate liquidations and incorrect collateral valuation.
MEV, front-running, and sandwiching: Front-running and sandwiching can materially worsen execution. Ethereum has been reported to see over 10,000 unfair trades per day, with user losses exceeding $14 billion per month, according to EigenPhi.
Governance and upgrade key risk: Many perp DEXs can still be changed by privileged roles. Admin keys, multisigs, and upgrade paths can introduce real trust assumptions, especially if there is no timelock or clear emergency process.
Cross-chain and bridge risk: Multi-chain perps add bridge and messaging risk on top of trading risk. Aster operating across Arbitrum and BNB Chain is an example where bridging complexity increases the attack surface.
Recovery and insurance limitations: Post-hack recovery is uncommon and rarely guaranteed. Even when partial returns occur, as in GMX’s recovery, the cost can be borne by liquidity providers or the protocol treasury rather than being made whole by insurance.

Perp DEX risk is mostly about market structure and code, not the token’s price trend. You can still get wrecked by thin liquidity, oracle issues, chain congestion, or liquidation mechanics even if your trade direction is right.

Top Decentralized Perpetual Exchanges (Perp DEXs)

Total 24H Volume

Total 30D Volume

All Time Perp DEX Volume

Total Open Interest

DEX vs CEX Volume Dominance

perp dex volume, open interest, fees & revenue ranked

Perpetual DEXs: Trading Volume

Cumulative Perpetual DEX Trading Volume

DEX-to-CEX Spot Volume Ratio

Decentralized Perpetual Exchange Basics 💡

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