Top Perpetual DEXs by Open Interest
Open interest shows how much capital is actually sitting in live positions - the truest read on a venue's depth. Current standings:
• Hyperliquid - $12.9B
• Aster - $2.31B
• Variational - $1.43B
• Lighter - $1.12B
• edgeX - $582M
• Grvt - $432M
• Antarctic - $314M
• GMTrade - $266M
• QFEX - $198M
• Derive - $173M
Hyperliquid holds 65% of all open interest across the top 10, more than double the other nine combined, and $62.58M in 30-day fees against $18.4M for everyone else. Its lead is widening, not narrowing.
It sits 3rd on OI with $1.43B while doing $28.75B in volume - less than Lighter, which holds $310M less in positions. And it charges nothing: zero fees on that entire book, since the RFQ model earns the spread instead. TGE still expected in Q4.
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August 26, 2026 1.2K 10
