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)

$8.79b

24h Change (weighted)

-0.20%

Protocols

30 protocols

perpfinder.com

#			Share			Volume 24h	Vol/TVL
1	HyperliquidHyperliquidHyperliquid L1, Arbitrum Details4% off trading fees	$5.91b	67.3%	-0.59%	-0.26%	—	—	2	Details4% off trading fees
2	Jupiter PerpsJupiterSolana DetailsFee discount + JUP airdrop	$706.2m	8.0%	+1.55%	+0.86%	—	—	1	DetailsFee discount + JUP airdrop
3	LighterLighterEthereum, Robinhood Chain, Arbitrum Details10% point bonus	$520.8m	5.9%	+0.86%	+1.64%	—	—	3	Details10% point bonus
4	AsterAster Details10% point bonus	$453.6m	5.2%	+0.82%	-0.62%	—	—	5	Details10% point bonus
5	H Hyperliquid HLPHyperliquid HLPHyperliquid L1 Source	$215.3m	2.4%	-0.08%	-3.32%	—	—	1	Source
6	GMXGMX Details10% off every trade	$175.4m	2.0%	+0.37%	+1.60%	—	—	4	Details10% off every trade
7	ExtendedExtendedStarknet, Ethereum Details20% point bonus	$123.7m	1.4%	-0.63%	-3.58%	—	—	2	Details20% point bonus
8	D Derive V2Derive V2 Source	$116.7m	1.3%	-0.05%	+4.14%	—	—	7	Source
9	dYdXdYdXdYdX DetailsFee tier 3 instantly	$77.0m	0.9%	-0.01%	-0.03%	—	—	1	DetailsFee tier 3 instantly
10	EdgeXEdgeX Details10% point bonus	$76.9m	0.9%	-1.15%	-1.95%	—	—	4	Details10% point bonus
11	d dYdX V3dYdX V3Ethereum Source	$37.9m	0.4%	+0.10%	+0.20%	—	—	1	Source
12	GRVTGRVTEthereum DetailsEarly access bonus	$35.1m	0.4%	-1.45%	-5.19%	—	—	1	DetailsEarly access bonus
13	GMTradeGMTradeSolana Details10% off trading fees	$32.7m	0.4%	-3.98%	-5.43%	—	—	1	Details10% off trading fees
14	DecibelDecibelAptos Details	$29.8m	0.3%	+0.14%	-0.14%	—	—	1	Details
15	B BULKBULKSolana Source	$29.1m	0.3%	+0.08%	-9.63%	—	—	1	Source
16	Apex OmniApex Omni Details20% off every trade	$29.0m	0.3%	+0.60%	-2.42%	—	—	5	Details20% off every trade
17	PacificaPacificaSolana Details5% point bonus	$25.8m	0.3%	+0.32%	+1.72%	—	—	1	Details5% point bonus
18	AvantisAvantisBase Details15% off trading fees	$21.2m	0.2%	-0.71%	-1.70%	—	—	1	Details15% off trading fees
19	A Arcus PerpsArcusRobinhood Chain Source	$20.0m	0.2%	+2.90%	+7.97%	—	—	1	Source
20	M MoonlanderMoonlanderCronos, Cronos zkEVM Source	$19.5m	0.2%	+0.55%	+0.77%	—	—	2	Source
21	OstiumOstiumArbitrum Details5% score boost	$17.8m	0.2%	+0.21%	-0.10%	—	—	1	Details5% score boost
22	ParadexParadexEthereum Details10% point bonus	$17.7m	0.2%	+0.02%	-0.28%	—	—	1	Details10% point bonus
23	RISExRISExRISE Details	$16.0m	0.2%	+0.34%	-2.76%	—	—	1	Details
24	A Aevo PerpsAevo Source	$14.7m	0.2%	+0.07%	-0.24%	—	—	4	Source
25	A AFX LPAFX LPAFX L1 Source	$12.3m	0.1%	+0.00%	-7.26%	—	—	1	Source
26	L Lighter Robinhood PerpsLighter RobinhoodRobinhood Chain Source	$11.1m	0.1%	+0.46%	+3.60%	—	—	1	Source
27	EtherealEtherealEthereal Details	$11.1m	0.1%	-0.81%	-9.07%	—	—	1	Details
28	Gains NetworkGains DetailsFee discount via referral on gTrade	$10.9m	0.1%	-1.44%	-1.07%	—	—	5	DetailsFee discount via referral on gTrade
29	F Fulcrom PerpsFulcromCronos, zkSync Era, Cronos zkEVM Source	$10.7m	0.1%	+0.17%	+2.63%	—	—	3	Source
30	ReyaReyaReya Network Details10% point bonus	$10.3m	0.1%	+0.00%	-1.01%	—	—	1	Details10% point bonus

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.