Why does TVL matter for perp DEXes?

Higher TVL generally means deeper liquidity and tighter spreads. Comparing TVL alongside volume rankings and fee revenue helps you understand where capital is flowing and which protocols have the strongest fundamentals.

Live Data

Perpetual Futures TVL Rankings

Total value locked across derivatives protocols, tracked in real time. Filter by chain, sort by TVL or growth, and compare market share.

Sources:DefiLlama

Total TVL (Derivatives)

$8.71b

24h Change (weighted)

-0.24%

Protocols

30 protocols

perpfinder.com

#			Share			Volume 24h	Vol/TVL
1	HyperliquidHyperliquidHyperliquid L1, Arbitrum Details4% off trading fees	$5.85b	67.2%	-0.41%	-0.56%	—	—	2	Details4% off trading fees
2	Jupiter PerpsJupiterSolana DetailsReferral fee reduction	$685.4m	7.9%	+0.64%	-1.53%	—	—	1	DetailsReferral fee reduction
3	LighterLighterEthereum, Robinhood Chain, Arbitrum DetailsNo active points season	$525.9m	6.0%	-0.95%	+0.79%	—	—	3	DetailsNo active points season
4	AsterAster Details10% point bonus	$429.3m	4.9%	+0.15%	-8.93%	—	—	5	Details10% point bonus
5	H Hyperliquid HLPHyperliquid HLPHyperliquid L1 Source	$186.5m	2.1%	-0.35%	-6.60%	—	—	1	Source
6	GMXGMX Details10% off position fees	$181.7m	2.1%	-1.80%	+0.53%	—	—	4	Details10% off position fees
7	ExtendedExtendedStarknet, Ethereum Details20% point bonus	$123.4m	1.4%	-0.88%	+1.05%	—	—	2	Details20% point bonus
8	D Derive V2Derive V2 Source	$121.1m	1.4%	-0.59%	+3.67%	—	—	7	Source
9	EdgeXEdgeX Details10% point bonus	$75.9m	0.9%	+7.16%	+6.58%	—	—	4	Details10% point bonus
10	dYdXdYdXdYdX DetailsFee tier 3 instantly	$75.8m	0.9%	-0.33%	-0.78%	—	—	1	DetailsFee tier 3 instantly
11	A AZverse PerpsAZverse Source	$51.6m	0.6%	-0.02%	+0.13%	—	—	5	Source
12	d dYdX V3dYdX V3Ethereum Source	$37.9m	0.4%	+0.06%	+0.08%	—	—	1	Source
13	GMTradeGMTradeSolana Details10% off order fees	$33.1m	0.4%	+2.14%	-2.15%	—	—	1	Details10% off order fees
14	GRVTGRVTEthereum DetailsEarly access bonus	$33.1m	0.4%	+0.04%	-3.42%	—	—	1	DetailsEarly access bonus
15	DecibelDecibelAptos Details	$29.7m	0.3%	+0.04%	-0.22%	—	—	1	Details
16	Apex OmniApex Omni Details20% off every trade	$28.4m	0.3%	+0.02%	-2.27%	—	—	5	Details20% off every trade
17	PacificaPacificaSolana Details5% point bonus	$26.1m	0.3%	+1.98%	+0.56%	—	—	1	Details5% point bonus
18	L Lighter Robinhood PerpsLighter RobinhoodRobinhood Chain Source	$26.0m	0.3%	+6.57%	+123.18%	—	—	1	Source
19	B BULKBULKSolana Source	$22.4m	0.3%	-0.38%	-16.71%	—	—	1	Source
20	A Arcus PerpsArcusRobinhood Chain Source	$20.5m	0.2%	+2.89%	+0.83%	—	—	1	Source
21	AvantisAvantisBase Details15% off trading fees	$19.4m	0.2%	-1.07%	-8.16%	—	—	1	Details15% off trading fees
22	M MoonlanderMoonlanderCronos, Cronos zkEVM Source	$19.1m	0.2%	-0.03%	-1.69%	—	—	2	Source
23	OstiumOstiumArbitrum Details5% score boost	$17.3m	0.2%	-3.39%	-2.09%	—	—	1	Details5% score boost
24	ParadexParadexEthereum Details10% point bonus	$17.0m	0.2%	-0.01%	-2.60%	—	—	1	Details10% point bonus
25	RISExRISExRISE Details	$15.0m	0.2%	+1.91%	-8.51%	—	—	1	Details
26	A Aevo PerpsAevo Source	$14.8m	0.2%	+0.45%	+0.90%	—	—	4	Source
27	A AFX LPAFX LPAFX L1 Source	$12.2m	0.1%	+0.00%	+0.00%	—	—	1	Source
28	F Fulcrom PerpsFulcromCronos, zkSync Era, Cronos zkEVM Source	$10.4m	0.1%	+0.13%	-2.62%	—	—	3	Source
29	Gains NetworkGains DetailsFee discount via referral on gTrade	$10.4m	0.1%	+0.88%	-3.68%	—	—	5	DetailsFee discount via referral on gTrade
30	ReyaReyaReya Network Details10% off trading fees	$10.2m	0.1%	+0.84%	-0.88%	—	—	1	Details10% off trading fees

What is TVL in perpetual futures?

Total value locked (TVL) measures the amount of capital deposited into a protocol's smart contracts. For perpetual futures DEXs, this includes margin deposits, liquidity pool funds, and staked collateral that backs trading activity.

Higher TVL generally means deeper liquidity and tighter spreads. Hyperliquid and GMX consistently rank among the top protocols by TVL. Compare TVL alongside volume rankings and fee revenue to understand where capital is flowing.

TVL data comes from DefiLlama, which tracks on-chain deposits across 300+ derivatives protocols. The 1d and 7d change columns show how TVL is trending — useful for spotting protocols gaining or losing traction. New to perp trading? Start with our guide on what perpetual futures are or learn how to trade perps on a DEX.