Ranking top perp DEXs by their funding ↓ 1️⃣ @Lighter_xyz Total raised: $68M (Series round, Nov 2025; valuation $1.5B post-money; led by Founders Fund, Ribbit Capital). Current state: Active; reported ~$1B 24h volume; top-4 perp DEX. 2️⃣ @GRVT_Official Total raised: ~$33.3M (Series A $19M, Sep 2025; prior rounds ≈$14.3M). Current state: Top-2 by 24h perp volume, but relatively low OI. 3️⃣ @Ostium Total raised: ~$28M (Series A $20M, Dec 2025; prior ≈$8M). Current state: Focused on RWA perpetuals (metals, energy). Low daily volume (as of @DefiLlama) 4️⃣ @HyperliquidX Total raised: $0 VC Current state: Market-dominant perp DEX by on-chain volume.
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