What are the best platforms for trading crypto perpetuals?

Here are the top perpetual DEXs ranked by 24h fee revenue (per DefiLlama — the closest free proxy for real usage, since derivatives trading volume isn't publicly tracked):

1. Hyperliquid — $4.14M fees / $3.32M protocol revenue daily. A Layer 1 built for perps, with its own EVM and broader DeFi ecosystem. App

2. Jupiter Perpetual Exchange — $631K fees / $158K revenue, $750M TVL. Solana-based LP-to-trader perps on oracle prices. Trade

3. Lighter — $399K fees / $372K revenue. Orderbook-based perp DEX with verifiable matching and liquidations. Trade

4. edgeX V2 — $194K fees / $145K revenue. High-performance orderbook perp DEX. Trade

5. Pacifica Perps — $177K fees / $178K revenue, $26.6M TVL. Solana perps with advanced order types and API access. App

6. GMTrade — $173K fees / $43K revenue, $31.7M TVL. Solana perp DEX covering crypto and RWA markets. Trade

7. Aster Perps — $161K fees. Perp DEX with up to 1001x leverage in Simple Mode and pro tools. Trade

8. AZverse Perps — $116K fees / $110K revenue, $51.8M TVL. Shared-liquidity DEX infrastructure across multiple chains. Site

Note: trading volume isn't shown here — DefiLlama's perp volume data requires a paid plan, so fees/revenue are the best usage proxy.

Quick take on the two models in play: Hyperliquid and the orderbook DEXs (Lighter, edgeX) give a more CEX-like trading experience, while Jupiter, GMX-style LP pools, and Pacifica use LP-based pricing. Hyperliquid is by far the dominant venue by fee revenue; the rest are meaningfully smaller.

If you're looking for somewhere to actually trade right now rather than ranking, the curated directory also has a mobile option (Fomo for Solana meme coins and perps) alongside Lighter, Aster, GMTrade, edgeX, and GMX.

Also tracked: FomoDownload App, LighterTrade Now, AsterTrade Now, GMTradeTrade Now, edgeXTrade Now, GMXTrade Now.