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.

Last updated: July 5, 2026 · Data from DefiLlama

Total TVL (Derivatives)

$1.94b

24h Change (weighted)

-0.17%

Protocols

30 protocols

perpfinder.com

#			Share			Volume 24h	Vol/TVL
1	Jupiter Perpetual ExchangeJupiterSolana View Fee discount + JUP airdrop	$726.8m	37.4%	-0.62%	+7.31%	—	—	1	View Fee discount + JUP airdrop
2	Hyperliquid HLPHyperliquid HLPHyperliquid L1	$261.0m	13.4%	-0.11%	-3.80%	—	—	1
3	GMX V2 PerpsGMX V2 View 10% off every trade	$176.5m	9.1%	+1.05%	+5.34%	—	—	4	View 10% off every trade
4	Extended PerpsExtendedStarknet, Ethereum	$133.6m	6.9%	-0.04%	-2.26%	—	—	2
5	Derive V2Derive V2	$112.0m	5.8%	-0.78%	+2.83%	—	—	7
6	dYdX V4dYdX V4dYdX View Fee tier 3 instantly	$89.0m	4.6%	-0.12%	-9.24%	—	—	1	View Fee tier 3 instantly
7	OstiumOstiumArbitrum View 10% point bonus	$49.8m	2.6%	-0.21%	-12.99%	—	—	1	View 10% point bonus
8	BULKBULKSolana	$39.5m	2.0%	+0.40%	+0.31%	—	—	1
9	dYdX V3dYdX V3Ethereum	$37.6m	1.9%	+0.05%	+0.86%	—	—	1
10	GMTradeGMTradeSolana View 10% off trading fees	$35.4m	1.8%	+0.52%	-2.26%	—	—	1	View 10% off trading fees
11	Apex OmniApex Omni View 20% off every trade	$33.4m	1.7%	-0.16%	+2.50%	—	—	5	View 20% off every trade
12	AvantisAvantisBase View 15% off trading fees	$30.8m	1.6%	+0.29%	-2.32%	—	—	1	View 15% off trading fees
13	DecibelDecibelAptos View	$30.3m	1.6%	-0.09%	+5.81%	—	—	1	View
14	Pacifica PerpsPacificaSolana	$27.1m	1.4%	-0.33%	-1.09%	—	—	1
15	Ethereal DEXEtherealEthereal View	$22.6m	1.2%	-0.42%	-5.00%	—	—	1	View
16	MoonlanderMoonlanderCronos, Cronos zkEVM	$19.3m	1.0%	+0.35%	-32.97%	—	—	2
17	Aevo PerpsAevo	$14.8m	0.8%	-0.23%	-2.09%	—	—	4
18	Gains NetworkGains View Fee discount via referral on gTrade	$13.0m	0.7%	-1.28%	-13.13%	—	—	5	View Fee discount via referral on gTrade
19	Reya PerpsReyaReya Network View 10% point bonus	$11.2m	0.6%	+0.31%	-2.40%	—	—	1	View 10% point bonus
20	Fulcrom PerpsFulcromCronos, zkSync Era, Cronos zkEVM	$10.6m	0.5%	+0.13%	+3.48%	—	—	3
21	RISExRISExRISE	$9.7m	0.5%	+6.84%	+31.70%	—	—	1
22	AntarcticAntarcticArbitrum View 10% point bonus	$9.4m	0.5%	+0.77%	-4.40%	—	—	1	View 10% point bonus
23	MUX PerpsMUX	$8.5m	0.4%	+0.26%	+4.41%	—	—	5
24	FlashTradeFlashTradeSolana	$8.2m	0.4%	-0.03%	+8.30%	—	—	1
25	Contango V2Contango V2	$6.2m	0.3%	—	—	—	—	10
26	Storm TradeStormTON	$5.7m	0.3%	-0.28%	+0.73%	—	—	1
27	IntentXIntentX	$5.7m	0.3%	—	—	—	—	4
28	Sudo PerpsSudoSui	$5.0m	0.3%	-2.19%	+1.68%	—	—	1
29	Polynomial TradePolynomialOptimism, Polynomial	$4.7m	0.2%	—	—	—	—	2
30	SynFutures V3SynFutures V3Base, Blast	$4.6m	0.2%	+0.10%	+1.27%	—	—	2

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.