Total Perp Volume
$108.54bCEX rows + DEX aggregate
2026-08-292026-10-12
Perpetual futures exchanges compared: cost, volume and funding
Lighter had the lowest measured cost for a $100,000 BTC perp market buy: 0.3 bps, or $3.
- Lighter, $100K BTC
- 0.3 bps
- Rank 2, Paradex
- 1.6 bps
- Rank 1 at $1M, Lighter
- 1.2 bps
- Rank 1 at $10M, MEXC
- 5.1 bps
Perpetual volume
Daily snapshots$108.54b
PerpFinder daily snapshots · 2026-10-12
Daily capture · DEX aggregate + CEX rows
- Total 24h volume
- $108.54b+22.91%Daily capture 2026-10-12 00:10 UTC · DEX aggregate + 20 CEX rows
- Open interest
- $114.27bDaily snapshot · 2026-10-12
- Total value locked
- $10.37b+0.57%DEX protocol collateral
- Venues with volume data
- 119DEX protocols + CEX venues
Direct venue APIs + DefiLlama · refreshes every 60s
Source status and coverage
Volume server snapshot · Fees server snapshot · TVL server snapshot · Protocols server snapshot
Total Volume: 7d: $1.27t
Fees: Venues with fee data: 90
Total Value Locked: Venues with volume data: 119
Positioning
View allFunding across venues
Rates normalized to 8 hours
| Exchange | BTC | ETH | SOL | XRP |
|---|---|---|---|---|
 Hyperliquid | +0.0045% | +0.0013% | +0.0100% | +0.0100% |
 Binance | +0.0002% | -0.0032% | +0.0070% | +0.0043% |
 Bybit | +0.0044% | +0.0022% | +0.0100% | +0.0059% |
 OKX | +0.0012% | -0.0014% | +0.0086% | +0.0048% |
 dYdX | 0.0000% | -0.0902% | +0.0006% | 0.0000% |
Venue rankings
Live activity, funding, and measured execution cost per venue.
Historical context
Daily market history
Stored observations across volume, open interest and fees.
DEX Perp Volume
$10.10bDefiLlama aggregate
2026-08-292026-10-12
Open Interest
$114.27btotal
2026-08-292026-10-12
CEX Perp Volume
$98.44bsum of CEX rows
2026-08-292026-10-12
DEX Volume Share
9.3%of total
2026-08-292026-10-12
How we measureDaily snapshots and volume basis
- Daily snapshots
- Snapshot values come from PerpFinder's own daily capture, last taken 2026-10-12 at 00:10 UTC. CEX volume is the sum of the 20 venue rows in that capture. DEX volume and DEX share come from DefiLlama's perp-DEX aggregate.
- Volume basis
- The headline total, the Total Perp Volume card and the first chart paint use one formula. It adds the DEX aggregate and the CEX rows of one capture, and it removes held-out venues. After the page loads, the headline total uses live venue APIs and shows its time. The interactive chart then shows complete UTC days from DefiLlama and Coinalyze, which is a different basis.
Execution costs
Cost of a $100K to $10M trade right now
Measured from live order books·taker·methodology v9·updated 07:23 UTC·Methodology
FeeHalf-spreadImpact·Total cost to open one BTC position at each order size. Each order size has its own bar scale.
$100Korder size
5 lowest measured costs- 1LighterDEX0.3bps$3
- 2ParadexDEX1.6bps$16
- 3MEXCCEX2.1bps$21
- 4ExtendedDEX3.0bps$30
- 5NADODEX3.6bps$36
1 venue cannot fill $100K.
$1Morder size
5 lowest measured costs- 1LighterDEX1.2bps$118
- 2MEXCCEX2.2bps$217
- 3ExtendedDEX2.7bps$274
- 4GMXDEX4.0bps$400
- 5HyperliquidDEX4.6bps$460
5 venues cannot fill $1M.
$10Morder size
5 lowest measured costs- 1MEXCCEX5.1bps$5.1K
- 2LighterDEX5.6bps$5.6K
- 3HyperliquidDEX6.7bps$6.7K
- 4ToobitCEX7.0bps$7.0K
- 5BitunixCEX7.3bps$7.3K
20 venues cannot fill $10M.
Live market signals
Four independent reads on leverage, positioning and sentiment.
Open Interest
Liquidations · 24h
BTC Long / Short
Fear & Greed
Direct venue dataExchange APIs before aggregators wherever available
Normalized comparisonsIntervals, fees and costs converted to comparable units
Independent rankingsCommercial relationships never determine placement
Exchange picks
Scores and placement are independent. Offer links may earn us a commission.
What Are Perpetual Futures Exchanges?
Perpetual futures (perps) are derivative contracts that let you trade an asset’s price with leverage without owning the underlying token. Unlike traditional futures that expire on a set date, perpetual contracts have no expiry — positions stay open indefinitely. Decentralized perpetual exchanges (DEXes) bring this functionality on-chain, removing the need for a centralized intermediary to hold your funds.
Major perpetual futures exchanges include Binance, Bybit, Hyperliquid, dYdX, GMX, Jupiter, and Paradex. Each takes a different approach to execution — some use central limit order books (CLOBs), others rely on oracle-based pricing or automated market makers (AMMs). These design choices directly affect trading costs, available leverage, liquidation mechanics, and the assets you can trade.
Perp DEXes now carry a visible share of daily perp volume. The DEX share chart on this page shows the current split. Self-custody, transparent settlement, and composability with other DeFi protocols make them a common alternative to centralized exchanges for leveraged trading.
Why Compare Perpetual Futures Protocols?
Trading costs vary significantly across perpetual futures exchanges. Taker fees range from 0.01% to 0.10%, maker rebates differ, and slippage depends on each venue’s liquidity depth. On a $100,000 position, a 0.05% fee difference means $50 saved per trade — and for active traders doing dozens of trades daily, that compounds into thousands of dollars per month.
Beyond fees, protocols differ in maximum leverage (2x to 150x), available trading pairs (20 to 400+), funding rate mechanics, and liquidation parameters. Some offer points programs and airdrops that effectively subsidize trading costs. Comparing these factors side by side helps you pick the protocol that best fits your strategy, risk tolerance, and preferred blockchain.
PerpFinder tracks live data from 100+ perpetual futures exchanges — both CEX and DEX — pulling volume, open interest, fees, and funding rates from DefiLlama and exchange APIs every 1–5 minutes. Use the live exchange table to sort by any metric, or visit the individual exchange pages for detailed breakdowns and head-to-head comparisons.
How we rank perp exchanges
Rankings are rebuilt from live data — 24h volume, open interest, and fees pulled directly from exchange APIs, DefiLlama, and Coinalyze, plus our own daily snapshots. Nobody pays for placement; affiliate links fund the data infrastructure and never affect position.
Perp exchange FAQ
Clear answers to the questions traders ask before choosing a venue.
What is the best crypto perp exchange right now?
Use the live ranking to compare fee models, leverage, volume, open interest, and market coverage.
Hyperliquid charges a 0.045% base taker fee. Other costs depend on the market, order size, and hold time.
What is the difference between CEX and DEX perps?
A centralized exchange holds customer funds in its accounts.
A decentralized venue uses blockchain contracts, with custody and settlement rules that vary by venue. Identity checks and market depth also vary; compare the specific account, market, and order size.
Which perp exchanges are regulated in the EU?
EU access depends on the legal entity, product, and country.
MiCA covers specified crypto-asset services; it does not authorize financial instruments such as derivatives. Some financial entities use MiCA notification routes. Our MiCA pages link to regulator records and distinguish crypto-asset authorization from derivatives permissions.
How often is the data on PerpFinder updated?
Live rankings refresh every 1–5 minutes from exchange APIs, DefiLlama, and Coinalyze.
We also record a daily snapshot of every venue's volume, open interest, and fees — our own historical dataset that powers the charts.
