Top Perpetual DEXs by Open Interest About $17.2B in open interest sits across the top ten perp DEXs, and nearly half of it is on one venue: • @HyperliquidX – $8.32B • @tradexyz – $3.88B • @Aster_DEX – $1.41B • @variational_io – $909M • @Lighter_xyz – $834M • @edgeX_exchange – $613M • @grvt_io – $470M • @Antarctic_Ex – $357M • @QFEX – $249M • @pendle_fi – $163M The real concentration is higher than the chart shows. tradeXYZ is built on Hyperliquid through HIP-3, so together they hold ~71% of all perp DEX open interest. tradeXYZ's profile is different too. It has the second-highest OI on only $53.7B in volume, because traders hold its stock and commodity positions instead of flipping them. Fees tell a similar story. Hyperliquid made $76.1M in 30 days, roughly 3x the rest of the list combined. It earns ~3.5 basis points on every dollar traded, while Aster, Lighter and edgeX earn about 1. Aster has the second-biggest volume at $69.1B but ranks only third on OI, which points to high-turnover, incentive-driven trading more than positions people hold. 🔗 @DefiLlama