What are the best decentralized futures exchanges?

Here are the leading decentralized futures (perpetual) exchanges, ranked by 24h fee revenue per DefiLlama. Trading volume isn't shown here — DefiLlama's perp volume data requires a paid plan; fees and revenue are the closest free proxy for real usage.

1. Hyperliquid Perps — Layer-1 blockchain built around its own perp DEX. ~$4.14M daily fees, ~$3.32M protocol revenue. The clear market leader by usage. Hyperliquid

2. Jupiter Perpetual Exchange — LP-to-trader perp venue on Solana. ~$631K daily fees, ~$158K revenue, ~$750M TVL. Jupiter Perps

3. Lighter Perps — orderbook-based perp DEX with verifiable matching/liquidations. ~$399K daily fees, ~$372K revenue. Lighter

4. edgeX V2 — high-performance orderbook perp DEX. ~$194K daily fees, ~$145K revenue. edgeX

5. Pacifica Perps — Solana perp exchange with advanced order types and APIs. ~$177K daily fees/revenue, ~$26.6M TVL. Pacifica

6. GMTrade — Solana perp DEX covering crypto and RWA markets via isolated liquidity pools. ~$173K daily fees, ~$43K revenue, ~$31.7M TVL. GMTrade

7. Aster Perps — perp DEX with up to 1001x leverage in Simple Mode plus pro tools. ~$161K daily fees. Aster

8. AZverse Perps — DEX infrastructure protocol sharing liquidity and a trading engine across chains. ~$116K daily fees, ~$110K revenue, ~$51.8M TVL. AZverse

A few of these are also in our curated directory — these are the venues you can access directly:

LighterTrade Now · AsterTrade Now · GMTradeTrade Now · edgeXTrade Now · GMXTrade Now (Arbitrum/Avalanche spot + leverage) · FomoDownload App (Solana mobile perps)

A quick takeaway on what the numbers mean: Hyperliquid dominates by a wide margin on fees, but note that higher fees/revenue reflect usage, not "better for you" — the right choice depends on chain, orderbook vs. LP model, leverage limits, and whether you want a mobile app. Happy to dig into any one of these specifically.