Perp DEX: Hyperliquid
How a decentralized perpetual futures exchange compares with centralized ones.
Hyperliquid ranks #2 by open interest among 9 futures exchanges: $12.4B, or 15.7% of all open interest.
Hyperliquid and centralized exchanges
| # | Exchange | Pairs | Open interest | Volume 24h | Volume / OI |
|---|---|---|---|---|---|
| 1 | Binance | 528 | $23.3B | $55.0B | 2.36 |
| 2 | Hyperliquid DEX | 177 | $12.4B | $9.6B | 0.77 |
| 3 | MEXC | 679 | $11.1B | $9.9B | 0.89 |
| 4 | Bitget | 560 | $7.8B | $7.9B | 1.01 |
| 5 | Bybit | 559 | $6.3B | $18.3B | 2.92 |
| 6 | OKX | 303 | $6.1B | $27.2B | 4.44 |
| 7 | Gate | 767 | $5.6B | $15.9B | 2.86 |
| 8 | HTX | 140 | $3.5B | $2.0B | 0.59 |
| 9 | KuCoin | 530 | $2.9B | $2.3B | 0.79 |
Scroll sideways — the ticker stays in place
Largest Hyperliquid pairs
| # | Coin | Price | Open interest | Volume 24h |
|---|---|---|---|---|
| 1 |
BTCBitcoin
|
$84,141.50 | $3.1B | $4.2B |
| 2 |
ETHEthereum
|
$2,692.85 | $2.9B | $1.5B |
| 3 |
HYPEHyperliquid
|
$92.82 | $1.9B | $732.9M |
| 4 |
ZECZcash
|
$1,529.15 | $734.7M | $804.6M |
| 5 |
SOLSolana
|
$115.44 | $704.8M | $412.9M |
| 6 |
NEARNEAR Protocol
|
$4.44 | $352.8M | $448.3M |
| 7 |
XRP
|
$1.51 | $271.1M | $229.8M |
| 8 |
LITLighter
|
$5.32 | $239.7M | $98.4M |
| 9 |
PUMPPump.fun
|
$0.003987 | $156.2M | $81.5M |
| 10 |
UNIUniswap
|
$9.35 | $115.1M | $99.5M |
| 11 |
DOGEDogecoin
|
$0.0945 | $111.7M | $47.7M |
| 12 |
ENAEthena
|
$0.2114 | $105.4M | $54.2M |
| 13 |
XMRMonero
|
$555.16 | $87.4M | $26.2M |
| 14 |
TAOBittensor
|
$290.24 | $79.3M | $59.5M |
| 15 |
LINKChainlink
|
$12.42 | $76.2M | $18.2M |
| 16 |
AAVEAave
|
$140.62 | $73.0M | $24.2M |
| 17 |
VVVVenice Token
|
$30.68 | $67.6M | $32.0M |
| 18 |
|
$0.6373 | $63.8M | $42.8M |
| 19 |
XPLPlasma
|
$0.0901 | $63.5M | $35.6M |
| 20 |
SUISui
|
$0.9688 | $63.4M | $38.8M |
| 21 |
ZROLayerZero
|
$1.57 | $59.3M | $39.4M |
| 22 |
BNB
|
$773.41 | $51.7M | $11.0M |
| 23 |
LTCLitecoin
|
$67.68 | $43.5M | $39.7M |
| 24 |
CASHCATCash Cat
|
$0.1596 | $41.9M | $11.7M |
| 25 |
WLDWorldcoin
|
$0.4155 | $41.3M | $24.4M |
| 26 |
kPEPEKINGPEPE
|
$0.004424 | $40.7M | $40.0M |
| 27 |
ADACardano
|
$0.2419 | $40.6M | $8.2M |
| 28 |
FARTCOINFartcoin
|
$0.1881 | $40.0M | $27.9M |
| 29 |
GRAMGram (prev. Toncoin)
|
$1.43 | $36.5M | $7.8M |
| 30 |
ONDOOndo
|
$0.4288 | $35.0M | $17.4M |
A perp DEX is a decentralized perpetual futures exchange: trades settle on a blockchain and funds stay in the trader’s wallet. The largest one is Hyperliquid.
The ratio of volume to open interest shows how actively open positions are traded: high means lots of short-term trading, low means positions are held longer.
How to read it
Share of open interest
How much of the market’s money sits in DEX positions. A growing share means traders moving over from centralized exchanges.
Volume to open interest
Compare venues by this ratio rather than raw volume: it shows the difference in trading style.
Pairs
Hyperliquid lists fewer pairs than the large exchanges, so open interest per pair is higher.
FAQ
What is a perp DEX?
A decentralized perpetual futures exchange: trading runs through smart contracts or its own blockchain, without handing funds to the exchange.
How is Hyperliquid different from centralized exchanges?
Orders and positions are recorded on Hyperliquid’s own blockchain, and funds stay in the trader’s wallet.
How often does the data update?
Every few minutes.