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The full map of perpetual futures DEXs.

Rankings, fees, and funding rates across every major on-chain perp exchange — plus the plain-language guides to understand what you're actually trading. No CEX. No custodians. Just the order books.

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TOP BY 24H VOLUME LIVE
The rankings

Compare every major perp DEX

Sort by what matters to you — volume, fees, or leverage. Data refreshes from DefiLlama on page load. Click any column header to sort.

# Exchange Chain 24h Volume ▾ Taker Fee Maker Fee Max Leverage Open Interest Vault TVL Execution
Loading live data from DefiLlama… Fee tiers shown are base-tier (lowest volume tier, before any token/staking discounts). Open Interest with a ● is live from that exchange's own API, others are reference snapshots. "Vault TVL" only applies to exchanges with a single protocol-owned liquidity vault (HLP, JLP, GM pools) — pure order-book exchanges show "—". Some platforms don't use a classic maker/taker model (oracle-AMM venues charge an open/close or opening fee instead) — figures are normalized for comparison but check each exchange's own docs before trading. Badges marked ⚠ flag a known operational issue; amber badges flag fee or leverage figures we couldn't independently verify from primary sources.
Market data

Volume & Open Interest, by exchange

Bar, pie, and historical trend views of trading volume and open interest across all tracked perp DEXs — volume is live from DefiLlama on every load; open interest is a reference snapshot (see note below).

24h Volume by Exchange

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On Open Interest & Vault TVL: Open Interest for Hyperliquid and dYdX v4 is fetched live, directly from each exchange's own public API, on every page load — look for the green dot in the comparison table. Every other exchange's OI is a reference snapshot from DefiLlama's free Open Interest dashboard. "Vault TVL" is only shown for exchanges built around a single protocol-owned liquidity vault that acts as counterparty to trades (Hyperliquid's HLP, Jupiter's JLP, GMX's GM pools) — that's the one TVL figure that means something comparable across venues. Pure order-book exchanges like dYdX or Lighter don't have an equivalent single number, so they're shown with a dash rather than a misleading chain-wide TVL figure.
Live funding

Current BTC & ETH funding rates

Funding flips between positive and negative as sentiment shifts — positive means longs are paying shorts. Rates pulled directly from each exchange's own public API where available; everything else shown is the last reliably reported rate.

Exchange Market Funding Rate (hourly) Annualized Status
Connecting to exchange APIs… Each row fetches from that exchange's own public API independently — one being unreachable doesn't affect the others.
Start here

How perpetual futures actually work

No expiry date, funded by a fee between longs and shorts, settled entirely by code. Here's the mental model.

01

No expiry, ever

A traditional futures contract settles on a fixed date. A perpetual never expires — you can hold a position for an hour or for years, as long as your margin covers it.

02

The funding rate is the glue

Since there's no expiry to force the price back to spot, perps use a periodic payment between longs and shorts — the funding rate — to keep the contract price tethered to the real market price.

03

Leverage cuts both ways

10x leverage means a 10% move against you wipes your margin. DEXs enforce this with on-chain liquidation engines — there's no broker to call you with a margin warning.

04

Order book vs. oracle-AMM

Some DEXs (Hyperliquid, dYdX, Lighter) run a real central limit order book on-chain. Others (GMX-style) price trades off an oracle against a shared liquidity pool — zero slippage, but LPs take the other side of your trade.

05

Self-custody, always

You trade from your own wallet. No exchange ever holds your funds — which also means no customer support line if you fat-finger a transaction.

06

Liquidations are public

Every liquidation happens transparently on-chain. You can watch the chain's risk engine work in real time — a level of transparency no centralized exchange offers.

Reference

Glossary

The terms you'll hit immediately on any perp DEX interface.

Funding Rate
A periodic payment (often hourly) exchanged between long and short positions to keep the perp price anchored to spot. Positive funding means longs pay shorts.
Open Interest (OI)
The total value of all outstanding perp positions on a given market — a gauge of how much leveraged exposure is currently live.
Maker / Taker Fee
Makers add liquidity (limit orders that don't fill immediately); takers remove it (market orders). Makers are usually charged less, sometimes paid a rebate.
Liquidation Price
The price at which your margin can no longer cover your position's losses, triggering automatic on-chain closure.
HLP / Vault
A protocol-owned liquidity pool (like Hyperliquid's HLP) that acts as counterparty and backstop during volatile liquidation cascades.
Central Limit Order Book (CLOB)
A traditional bid/ask order book, run fully on-chain or via a hybrid off-chain matching engine with on-chain settlement.
Cross vs. Isolated Margin
Cross margin shares collateral across all your open positions; isolated margin walls off collateral per-position, capping your loss on that one trade.
Slippage
The gap between a trade's expected price and its actual fill price, caused by order size relative to available liquidity.
⚠️

Before you trade perps

Leverage amplifies losses as fast as gains, and most retail accounts that use high leverage lose money over time. This site is informational — it is not financial advice, and nothing here is a recommendation to trade any specific exchange or asset. Protocols can have smart contract risk, oracle risk, and bridge risk even though they're non-custodial. Do your own research, and only risk capital you can afford to lose.