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Perp DEX Volume Race

DeFiLlama|Loading...

On-chain perp DEX market share. Fee revenue is used as a proxy; implied volume assumes a blended 0.035% taker rate.

Methodology: DeFiLlama's paid derivatives volume endpoint requires a subscription. We use the free fees endpoint instead and infer volume by dividing fees by a blended 0.035% taker rate. Real fee rates vary (Hyperliquid ≈ 0.02-0.035%, GMX ≈ 0.05%, dYdX ≈ 0.05%) so absolute volume is order-of-magnitude correct; market share ratios are precise.