Skip to content

Routes Markets My desk Radar Learn

Perpetua · analytics for delta-neutral trading. It does not execute trades or custody funds.

Terms Privacy notice

Routes Markets My desk Radar Learn

Markets

The perp DEX market we track

Total open interest: 14.6 B US$; across the 8 venues
24h volume: 10.8 B US$; sum of the 8
Instruments: 2,248; active today
Routes with liquidity: 259; OI of 1M or more
Venues: 8 of 8; responding

The size map

Hyperliquid · Order book11.5 B US$OI 7d no full 7 days Aster · Order book1.4 B US$OI 7d no full 7 days Lighter · Order book542 M US$OI 7d no full 7 days Variational · RFQ, no book501 M US$OI 7d +4%edgeX · Order book265 M US$OI 7d no full 7 days Extended · Hybrid: 47 book, 287 RFQ199 M US$OI 7d no full 7 days Pacifica · Book with few levels121 M US$OI 7d -3%Paradex · Summary only9.9 M US$OI 7d -12%

OI change (7d):downup· ignores partial days

The players

HYHyperliquidOrder book
Total OI11.5 B US$178 of 179 instruments11B
Fees bps
1.5 / 4.5
Funding
1 h
Depth
Book
179 instrumentsPoints: —
ASAsterOrder book
Total OI1.4 B US$78 of 602 instruments1.4B
Fees bps
0 / 4
Funding
8 h
Depth
Book
602 instrumentsPoints: —
LILighterOrder book
Total OI542 M US$541M
Fees bps
0 / 0
Funding
1 h
Depth
Book
215 instrumentsPoints: —
VAVariationalRFQ, no book
Total OI501 M US$501M
Fees bps
0 / 0
Funding
8 h
Depth
Quotes
582 instrumentsPoints: —
EDedgeXOrder book
Total OI265 M US$60 of 192 instruments257M
Fees bps
4 / 4.5
Funding
4 h
Depth
Book
192 instrumentsPoints: —
EXExtendedHybrid: 47 book, 287 RFQ
Total OI199 M US$333 of 334 instruments199M
Fees bps
0 / 2.5
Funding
1 h
Depth
Book
334 instrumentsPoints: —
PAPacificaBook with few levels
Total OI121 M US$121M
Fees bps
1.5 / 4
Funding
1 h
Depth
Book · 10 lv.
78 instrumentsPoints: —
PXParadexSummary only
Total OI9.9 M US$9.9M
Fees bps
0 / 0
Funding
8 h
Depth
Summary
66 instrumentsPoints: —

Who charges least

Taker fee in bps, lowest first

Lighter0
Paradex0
Variational0unverifiedcharges via spread
Extended2.5
Aster4
Pacifica4
edgeX4.5unverified
Hyperliquid4.5

How often they pay

Funding interval

1 hExtended Hyperliquid Lighter Pacifica
4 hedgeX
8 hAster Paradex Variational

How well we measure them

Where capacity comes from

BookAster edgeX Extended Hyperliquid Lighter
Book (few levels)Pacifica10 levels published · capacity as a bound
QuotesVariational
SummaryParadex

Notes and method

edgeX publishes volume for 60 of its 192 instruments: its 24h total is partial.

See the full methodology