Perp DEX comparison, read live
Most comparisons of these venues quote numbers somebody wrote down months ago. This one is read at request time: how many markets each venue actually lists, how much open interest sits on it, and how much notional traded in the last 24 hours. Where a figure cannot be read the cell shows a dash, rather than a guess.
- Live product data
- Self-custodial
- Read at request time
Markets, open interest and 24h volume by venue
LiveRead from the venue APIs at
Refreshed at most every 10 minutes
| Venue | Markets | Open interest | 24h volume |
|---|---|---|---|
| Hyperliquid | 306 | $70.8B | $10.4B |
| Lighter | 239 | $1.2B | no data |
| AsterDex | 563 | no data | $1.8B |
| GMX | 103 | $52.6M | no data |
| Ostium | 71 | no data | no data |
Market counts, open interest and volume for Hyperliquid, Lighter, AsterDex and Ostium come from our own routing gateway, which reads each venue directly. GMX figures come from the GMX v2 pool list on Arbitrum, where several pools can back one ticker, so the count is distinct tickers and open interest is both sides of every listed pool. A dash means a reading we do not have: some venues do not expose a 24 hour notional through these endpoints, and where the figure our gateway returns is off by a units error it is withheld rather than printed.
What each column measures
Markets is the number of listed instruments you can open a position on. Open interest is the total notional of positions currently held, which is the better read on where risk actually sits. Volume is notional traded over the trailing 24 hours, which measures turnover rather than committed capital. Breadth and depth rank differently, so a venue can lead one column and trail another, and market makers looping size will lift volume without lifting open interest at all.
- A high market count is breadth, not depth. Most of the book on any venue is thin.
- Open interest is the closest single number to how much capital is committed.
- Volume without open interest usually means turnover rather than new positioning.
The venues are not the same product
Hyperliquid, Lighter and AsterDex run central limit order books, so you post and take against other traders and funding comes from the premium on that book. GMX prices trades against a pool, which is why its costs read as a borrowing fee and a per-pool funding fee rather than one funding number. Ostium is where the non-crypto listings are, so its market count covers equities, indices, foreign exchange and commodities rather than another few hundred tokens. Comparing their market counts is comparing different kinds of listing, which is worth remembering before reading the column as a ranking.
- Order books: Hyperliquid, Lighter and AsterDex.
- Pool-based pricing: GMX.
- Non-crypto perps, including equities, indices, foreign exchange and commodities: Ostium.
Why some cells show a dash
A dash means we could not read the number, and that is the honest answer. Some of the gaps are upstream, where a venue does not publish a 24 hour notional on the endpoint we read. Others are values we refuse to launder: our gateway currently reports one venue's open interest in the wrong units, off by many orders of magnitude, so the page drops any figure above one trillion dollars instead of rendering it. A hard zero is treated the same way, because a venue quoting more than a billion dollars of daily volume does not have zero open interest.
- Missing upstream field: the cell shows a dash.
- Implausible value, above one trillion dollars: the cell shows a dash.
- Exact zero where the venue is clearly active: the cell shows a dash.
What this is read from
The venue rows come from our routing gateway, the same service the app places orders through, so the market counts match what you can actually trade in one ticket. GMX comes from the public Arbitrum pool endpoint. Each source is fetched in parallel with its own six second timeout, and a source that does not answer falls back to the last committed reading for its rows alone, with the snapshot date shown above the table.
- One request per source, in parallel, six second timeout each.
- A failed source degrades its own rows and nothing else.
- Every figure is timestamped in UTC above the table.
Frequently asked questions
- Which perp DEX lists the most markets?
- Read the Markets column for today, because listings are added and delisted continuously and the ordering moves with them. It is also the column least worth ranking: a count mixes deep majors with a long thin tail, and one of these venues lists equities, indices, foreign exchange and commodities rather than more tokens.
- Which venue has the most open interest?
- The Open interest column answers that for the minute you are reading it. Open interest is the closest single number to how much capital is committed to a venue, so it is worth reading alongside volume rather than instead of it: turnover and committed size do not rank the same way.
- Why do some cells show a dash instead of a figure?
- Because we could not read that number. Either the venue does not publish it on the endpoint we query, or the value we received is implausible. Our gateway currently returns one venue's open interest in the wrong units, off by many orders of magnitude, so the page discards any open interest above one trillion dollars rather than printing a figure that is wrong.
- Do these numbers include spot markets?
- No. The counts and figures here are perpetual futures markets. Some of these venues also run spot books, and those are excluded.
- How current is the table?
- It is regenerated at most every ten minutes and each read is timestamped in UTC. If a source did not answer, the page says so and names the date of the committed snapshot it fell back to for those rows.
- Can I trade all five venues from one place?
- Yes. Hypertradeworx routes to all five from a single order ticket, with an embedded self-custodial wallet that signs on your device. It works in any browser and there is an Android app on Google Play.
Trade the venue with the funding you want
Hyperliquid, Lighter, AsterDex, GMX and Ostium share one order ticket, from a wallet you control.
Hypertradeworx is an independent terminal and is not affiliated with Hyperliquid, Lighter, AsterDex, GMX or Ostium. Venue figures move continuously and describe the moment they were read. Perpetual futures carry liquidation risk.