Total Perp Volume
$148.48bCEX rows + DEX aggregate
2026-08-232026-09-12
Perpetual futures markets
Perpetual futures market overview
Compare perpetual futures exchanges, market activity and trading costs.
- Total 24h volume
- $129.31b-63.80%24h rolling · direct venue APIs
- Open interest
- $108.82bDaily snapshot · 2026-09-12
- Total value locked
- $9.93b-0.05%DEX protocol collateral
- Venues with volume data
- 116DEX protocols + CEX venues
Direct venue APIs + DefiLlama · refreshes every 60s
Source status and coverage
Volume snapshot · live refresh pending · Fees snapshot · live refresh pending · TVL snapshot · live refresh pending · Protocols snapshot · live refresh pending
Total Volume: 7d: $1.40t · Held out (unverified volume): WEEX
Fees: Venues with fee data: 90 · Fees held out (unverified volume): WEEX
Total Value Locked: Venues with volume data: 116
Perpetual volume
Daily snapshots$148.48b
PerpFinder daily snapshots · 2026-09-12
Stored daily volume · values may differ from rolling 24h data
Positioning
View allFunding across venues
Rates normalized to 8 hours
| Exchange | BTC | ETH | SOL | XRP |
|---|---|---|---|---|
 Hyperliquid | — | — | — | — |
 Binance | — | — | — | — |
 Bybit | — | — | — | — |
 OKX | — | — | — | — |
 dYdX | — | — | — | — |
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
$20.69bDefiLlama aggregate
2026-08-232026-09-12
Open Interest
$108.82btotal
2026-08-232026-09-12
DEX Fees Paid
History pendingsnapshot
0 daily observations
A chart needs at least 2 observations.
CEX Perp Volume
$127.79bsum of 23 CEX rows
2026-07-312026-09-12
DEX Volume Share
13.9%of total
2026-08-232026-09-12
- Daily snapshots
- Snapshot values come from PerpFinder's own daily capture, last taken 2026-09-12 at 15:28 UTC. CEX volume is the sum of the 23 venue rows in that capture. DEX volume and DEX share come from DefiLlama's perp-DEX aggregate.
- Volume basis
- The headline volume uses rolling 24h data from venue APIs. The main chart shows complete UTC days. These totals can differ.
- Unverified volume
- WEEX ($6.44b reported; No open-interest feed to verify reported turnover against; Reported 24h volume ran 8–12× its own 7-day median on 2026-09-04/05; Order-book depth within 270 bps measured at ~$95M against ~$90B reported) reports volume PerpFinder cannot verify, so it is held out of the headline volume total and market-share calculations. Reported values retain an unverified label. These are measurements of public data, and PerpFinder makes no claim about why the figures differ.
Execution costs
Cost of a trade right now
Measured from live order books·taker·methodology v8·updated 03:46 UTC·Methodology
FeeHalf-spreadImpact·Total cost to open one BTC position. Each order size has its own bar scale.
$100Korder size
5 lowest measured costs- 1LighterDEX0.5bps$5
- 2MEXCCEX2.0bps$20
- 3ExtendedDEX2.6bps$26
- 4RISExDEX3.9bps$39
- 5GMXDEX4.0bps$40
2 venues cannot fill $100K.
$1Morder size
No measured rowsNo measurements are available for this order size.
$10Morder size
No measured rowsNo measurements are available for this order size.
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.
