The biggest decentralised perpetual futures exchanges side by side: live open interest, 24h volume, each venue's share of the three, how many markets it lists and its 10 largest markets. Read from each exchange's own public API.
Hyperliquid leads the 3 perp DEXs tracked here with $17.30B of open interest, 90.1% of the $19.20B combined. It also leads 24h volume with $4.24B (71.4%). Volume turns over open interest 1.3x a day on Lighter against 0.2x on Hyperliquid: the higher the ratio, the shorter-lived the positions. HIP-3 builder markets (stocks, commodities) hold $3.94B of Hyperliquid's open interest across 149 markets.
3 of 3 DEXs live1,142 marketsSources: exchange public APIsAs of 19:15 UTC
All 327 perps, including 149 HIP-3 builder-deployed markets (stocks, commodities and more).
Hyperliquid info API (metaAndAssetCtxs), read live by this site's data engine
Aster
live
24h volume for all 605 markets; open interest for the 30 largest by volume, 93.1% of Aster's volume. The rest of its OI is not counted.
Aster public futures API: /fapi/v1/ticker/24hr and /fapi/v1/openInterest
Lighter
live
All 210 active perps.
Lighter public API: /api/v1/orderBookDetails
How it's counted. Open interest is the USD value of open perpetual positions (one side), valued at each market's current price; 24h volume is quote notional traded in the last 24 hours. Stablecoin quotes (USDT, USDC, USD1) count as $1. Shares are of the DEXs shown: a DEX whose API is unreachable is marked and left out rather than estimated. Aster and Lighter refresh every 5 minutes; Hyperliquid is live. For centralised exchanges see exchanges ranked by open interest.
Perp DEX FAQ
What is a perp DEX?
A decentralised exchange for perpetual futures: traders post collateral on-chain (or on the exchange's own chain) and trade perps without handing funds to a company. Hyperliquid runs its own L1; Aster and Lighter are the next largest by open interest.
Which perp DEX has the most open interest?
The table ranks Hyperliquid, Aster and Lighter by the USD value of open perpetual positions, read live from each exchange's public API. The leader and each venue's share update every few minutes. See all exchanges for centralised venues.
How are open interest and volume counted?
Open interest is one side of every open position, valued at the market's current price; 24h volume is the quote-currency notional traded in the last 24 hours. Aster publishes open interest one market at a time, so its figure covers its 30 most-traded markets, which the coverage table quantifies. Hyperliquid includes its HIP-3 builder-deployed markets.
Why do these numbers differ from DefiLlama or the exchanges' own sites?
Some trackers count both the long and the short side of open interest, or 30-day rather than 24-hour volume. Stablecoin-quoted prices are treated as $1, and a venue that is unreachable is left out of the shares rather than guessed. Nothing here is financial advice.