What is the best decentralized exchange for perpetual futures?

Here's the market-wide ranking of perp DEXs by 24h fee revenue (per DefiLlama), not our own directory's list — real usage data.

1. Hyperliquid Perps — L1 blockchain known for its perps DEX. $4.14M daily fees, $3.32M protocol revenue. (Hyperliquid)

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

3. Lighter Perps — orderbook-based, 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 perps with advanced order types/APIs. $177K daily fees, $178K revenue, $26.6M TVL. (Pacifica)

6. GMTrade — Solana perp DEX covering crypto + RWAs. $173K daily fees, $43K revenue, $31.7M TVL. (GMTrade)

7. Aster Perps — MEV-free, up to 1001x leverage, backed by YZi Labs. $161K daily fees. (Aster)

8. AZverse Perps — DEX infrastructure/shared liquidity engine. $116K daily fees, $110K revenue, $51.8M TVL. (AZverse)

Note: trading volume isn't shown here — DefiLlama's derivatives volume data requires a paid plan; fees and revenue are the closest free proxy for usage.

Hyperliquid leads by a wide margin in real fee generation, with Jupiter a distant second. Beyond that, the field thins out — Lighter, edgeX, and Aster are the standalone orderbook-style platforms; GMTrade and Pacifica are the Solana-native options.

LighterTrade Now AsterTrade Now GMTradeTrade Now edgeXTrade Now

This is comparison data, not a recommendation — which one fits you depends on chain preference (Solana vs. its own L1), leverage needs, and whether you want orderbook vs. LP-backed pricing. Happy to dig into any specific platform's detail.

Also tracked: FomoDownload App, GMXTrade Now.