Perp DEX Ranking by Open Interest and Volume
The biggest decentralised perpetual futures exchanges side by side: live open interest, 24h volume, each venue's share of the three, how many markets it lists and its 10 largest markets. Read from each exchange's own public API.
Hyperliquid leads the 3 perp DEXs tracked here with $6.61B of open interest, 79.8% of the $8.28B combined. It also leads 24h volume with $10.02B (73.0%). Volume turns over open interest 4.0x a day on Lighter against 1.4x on Aster: the higher the ratio, the shorter-lived the positions. HIP-3 builder markets (stocks, commodities) hold $2.34B of Hyperliquid's open interest across 170 markets.
Perp DEXs ranked by open interest
3 DEXs| # | DEX | Open interest | OI share | Volume 24h | Vol share | Vol / OI | Markets |
|---|---|---|---|---|---|---|---|
| 1 | Hyperliquid | $6.61B | 79.8% | $10.02B | 73.0% | 1.52x | 349 |
| 2 | Aster stale | $1.17B* covers 95.3% of volume | 14.2% | $1.74B | 12.7% | 1.41x | 638 |
| 3 | Lighter stale | $496.97M | 6.0% | $1.97B | 14.3% | 3.96x | 209 |
* Aster: open interest of its 30 most-traded markets (95.3% of its volume).
Top 10 markets on each DEX
Hyperliquid $6.61B OI · 349 markets
| # | Market | Open interest | Share | Volume 24h | Price |
|---|---|---|---|---|---|
| 1 | BTC | $1.48B | 22.4% | $2.75B | 73,765 |
| 2 | ETH | $792.16M | 12.0% | $685.72M | 2,056.3 |
| 3 | HYPE | $769.32M | 11.6% | $306.79M | 72.111 |
| 4 | xyz:NVDA HIP-3 | $265.22M | 4.0% | $1.11B | 162.27 |
| 5 | xyz:SP500 HIP-3 | $223.97M | 3.4% | $367.91M | 7,592.5 |
| 6 | ZEC | $199.99M | 3.0% | $383.10M | 991.50 |
| 7 | SOL | $185.05M | 2.8% | $167.51M | 83.295 |
| 8 | xyz:SKHX HIP-3 | $155.60M | 2.4% | $449.72M | 969.00 |
| 9 | xyz:GOLD HIP-3 | $149.56M | 2.3% | $57.40M | 3,981.5 |
| 10 | xyz:BRENTOIL HIP-3 | $147.68M | 2.2% | $133.09M | 90.257 |
Aster $1.17B OI · 638 markets
| # | Market | Open interest | Share | Volume 24h | Price |
|---|---|---|---|---|---|
| 1 | BTCUSDT | $460.53M | 39.3% | $433.47M | 73,833.3 |
| 2 | ETHUSDT | $185.96M | 15.9% | $346.41M | 2,058.1 |
| 3 | SOLUSDT | $132.44M | 11.3% | $72.70M | 83.540 |
| 4 | ASTERUSDT | $105.32M | 9.0% | $27.59M | 0.6578 |
| 5 | XAUUSD1 | $83.34M | 7.1% | $345.10M | 3,994.4 |
| 6 | XRPUSDT | $28.67M | 2.4% | $24.51M | 1.053 |
| 7 | XAGUSD1 | $27.12M | 2.3% | $4.16M | 51.850 |
| 8 | CLUSD1 | $19.59M | 1.7% | $25.08M | 85.150 |
| 9 | MUUSD1 | $19.30M | 1.6% | $49.95M | 805.01 |
| 10 | SPCXUSD1 | $18.98M | 1.6% | $4.79M | 140.24 |
Lighter $496.97M OI · 209 markets
| # | Market | Open interest | Share | Volume 24h | Price |
|---|---|---|---|---|---|
| 1 | BTC | $153.28M | 30.8% | $844.87M | 73,852.3 |
| 2 | ETH | $62.39M | 12.6% | $464.61M | 2,058.3 |
| 3 | LIT | $37.45M | 7.5% | $12.42M | 3.288 |
| 4 | HYPE | $21.99M | 4.4% | $54.06M | 72.204 |
| 5 | NVDA | $12.37M | 2.5% | $81.50M | 161.49 |
| 6 | QQQ | $12.07M | 2.4% | $29.57M | 686.97 |
| 7 | XAU | $12.06M | 2.4% | $41.40M | 3,987.4 |
| 8 | SOL | $11.05M | 2.2% | $38.91M | 83.542 |
| 9 | ZEC | $10.84M | 2.2% | $57.84M | 1,001.4 |
| 10 | SPY | $9.32M | 1.9% | $24.16M | 757.82 |
Data coverage
3 of 3 DEXs live| DEX | Status | Coverage | Source |
|---|---|---|---|
| Hyperliquid | live | All 349 perps, including 170 HIP-3 builder-deployed markets (stocks, commodities and more). | Hyperliquid info API (metaAndAssetCtxs), read live by this site's data engine |
| Aster | stale (43 minutes old) | 24h volume for all 638 markets; open interest for the 30 largest by volume, 95.3% of Aster's volume. The rest of its OI is not counted. | Aster public futures API: /fapi/v1/ticker/24hr and /fapi/v1/openInterest |
| Lighter | stale (43 minutes old) | All 209 active perps. | Lighter public API: /api/v1/orderBookDetails |
How it's counted. Open interest is the USD value of open perpetual positions counting one side only (total longs, which equal total shorts), valued at each market's current price, on the same basis for all three DEXs: Lighter's and Aster's APIs report one side; Hyperliquid's API counts both sides, so its figure is halved. We checked each API against individual trades in September 2026. Aster's open interest covers its 30 most-traded markets, 95.3% of its 24h volume. 24h volume is quote notional traded in the last 24 hours. Stablecoin quotes (USDT, USDC, USD1) count as $1. Shares are of the DEXs shown: a DEX whose API is unreachable is marked and left out rather than estimated. Aster and Lighter refresh every 5 minutes; Hyperliquid is live. For centralised exchanges see exchanges ranked by open interest.
Perp DEX FAQ
What is a perp DEX?
A decentralised exchange for perpetual futures: traders post collateral on-chain (or on the exchange's own chain) and trade perps without handing funds to a company. Hyperliquid runs its own L1; Aster and Lighter are the next largest by open interest.
Which perp DEX has the most open interest?
The table ranks Hyperliquid, Aster and Lighter by the USD value of open perpetual positions, read live from each exchange's public API. The leader and each venue's share update every few minutes. See all exchanges for centralised venues.
How are open interest and volume counted?
Open interest is one side of every open position (total longs, which equal total shorts), valued at the market's current price, on the same basis for all three DEXs: Lighter and Aster report one side, and Hyperliquid's API counts both, so its figure is halved. 24h volume is the quote-currency notional traded in the last 24 hours. Aster publishes open interest one market at a time, so its figure covers its 30 most-traded markets, which the coverage table quantifies. Hyperliquid includes its HIP-3 builder-deployed markets.
Why do these numbers differ from DefiLlama or the exchanges' own sites?
Some trackers count both the long and the short side of open interest, or 30-day rather than 24-hour volume. Stablecoin-quoted prices are treated as $1, and a venue that is unreachable is left out of the shares rather than guessed. Nothing here is financial advice.