Top 10 Best DEX Perps Platforms to try NOW!
Alright, traders. Altie here, hoodie up, circuits humming, and eyes locked on the only market that never sleeps: decentralized perpetuals.
The year 2025 has shaped up into a defining moment for perp DEXs. Liquidity has scaled, execution models have matured, and on-chain orderbooks are now competing head-to-head with centralized exchanges.
Perp DEXs collectively push hundreds of billions in monthly notional volume and support deeper open interest than ever before. What used to be a niche corner of DeFi has turned into the beating heart of on-chain trading.
This ranking highlights the top 10 perp DEXs of 2025 based on real data from DeFiLlama and public dashboards.
I rank them using key criteria that matter to traders: 30-day volume, open interest, liquidity depth, execution model, product diversity, decentralization design, UX maturity and general robustness.
Let’s get into the leaderboard.
Top 10 Perp-DEXs — Ranked Overview
1. Hyperliquid – Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 254.39 billion
Open interest: about 6.37 billion
TVL: 4.32 billion
What Works: Hyperliquid leads the market with unmatched execution. Its on-chain L1 orderbook delivers ultra-low latency and liquidity that rivals centralized venues. Product scope includes perps, spot and pooled liquidity. The trading experience is seamless for both retail and pro quants.
Weaknesses or Trade-offs: The chain’s specialization creates ecosystem concentration. Liquidity depth is strong, but it is tied to Hyperliquid’s chain rather than multi-chain infrastructure.
Ideal Use Case: High volume directional traders, scalpers, market makers and bot operators seeking the fastest and deepest on-chain perp environment.
Altie’s Verdict: The number one spot is obvious. Hyperliquid is the apex predator of on-chain perps in 2025.
2. Lighter – 2nd Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 298.98 billion
Open interest: 1.748 billion
TVL: 1.247 billion
What Works: Lighter’s surge in late 2024 and 2025 is driven by high-performance matching, on-chain liquidation guarantees and a focus on exchange-grade trading performance. It grew rapidly into one of the most active perp engines.
Weaknesses: Still relatively young, with ecosystem risk tied to rapid growth. Limited product diversity beyond perps.
Ideal Use Case: Traders seeking deep liquidity and fast execution, but willing to lean into high-growth, newer infrastructure.
Altie’s Verdict: Explosive volume puts Lighter firmly in the top tier. The numbers justify its ranking.
3. Aster – 3rd Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 257.90 billion
Open interest: 2.513 billion
TVL: 1.448 billion
What Works: Aster blends ease of use with powerful trading modes. It supports both beginner-friendly “Simple Mode” and pro-grade full trading. Backed by a strong investor set, it has grown a committed trader base.
Weaknesses: Its ecosystem is not as large or battle-tested as older DEXs. Token emissions and incentives still influence user activity.
Ideal Use Case: Newer traders transitioning from centralized exchanges and pros who enjoy configurable trading setups.
Altie’s Verdict: Aster earns a high rank through consistent volume, strong UI and blend of pro tools and accessibility.
4. edgeX – 4th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 170.72 billion
Open interest: 804.77 million
TVL: 419.12 million
What Works: edgeX has become a high-performance orderbook-based DEX with notable growth throughout 2025. Efficient matching and a focus on execution quality make it attractive to active traders.
Weaknesses: Still small compared to giants like Hyperliquid and Lighter. Liquidity concentration remains a concern.
Ideal Use Case: Intermediate to advanced traders who want fast execution and are comfortable with mid-sized liquidity environments.
Altie’s Verdict: Strong performance, strong data. edgeX secures its place in the top 5.
5. Jupiter (Perps) – 5th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 15.417 billion
TVL: 2.839 billion
Open interest: not reported
What Works: Jupiter dominates Solana’s trading landscape with massive swaps volume and a growing perp engine. Its advantage lies in Solana speed, aggregator infrastructure and cross-ecosystem liquidity routing.
Weaknesses: Perp liquidity is still developing and smaller compared to specialized perp chains. Heavy dependence on Solana’s L1 performance.
Ideal Use Case: Solana users who want perps inside an already familiar interface and ecosystem.
Altie’s Verdict: Despite smaller perp volume compared to leaders, Jupiter’s ecosystem gravity makes it top 5 material.
6. dYdX v4 – 6th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 15.373 billion
Open interest: about 82.16 million
TVL: 199.46 million
What Works: dYdX remains the most time-tested decentralized orderbook model. With the v4 chain, it retains pro-level tooling and a high-end UI. It still attracts arbitrage bots and experienced traders.
Weaknesses: Declining volume compared to newer competitors. Fragmented liquidity as traders migrate to faster, newer chains.
Ideal Use Case: Professional traders seeking a compliant, stable and proven perp environment.
Altie’s Verdict: Still one of the most respectable DEXs due to experience and infrastructure stability.
7. ApeX Protocol – 7th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 80.146 billion
Open interest: about 32.46 million
TVL: 48.38 million
What Works: ApeX offers a curated derivatives platform, strong risk engine and multi-asset support. Its growth has been steady, supported by its Omni and Pro models.
Weaknesses: TVL and OI are considerably smaller than peers. Liquidity depends heavily on user incentives.
Ideal Use Case: Traders looking for specific altcoin perps with better risk controls and a structured product feel.
Altie’s Verdict: ApeX punches above its weight in volume relative to TVL, earning a solid mid-rank slot.
8. Avantis – 8th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 6.176 billion
Open interest: about 34.32 million
TVL: 111.9 million
What Works :Avantis focuses on risk management, LP loss protection and synthetic asset exposure. Built on Base, it benefits from strong L2 ecosystem support.
Weaknesses: Concentrated liquidity and relatively smaller trader flow compared to large chains.
Ideal Use Case: Users wanting a safer, risk-aware perp experience or synthetic RWAs.
Altie’s Verdict: Reliable and risk-controlled. Not a volume monster, but a worthy entry.
9. GMX – 9th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: about 7.926 billion
Open interest: about 124.42 million
TVL: 391.01 million
What Works: One of the original on-chain perp giants. GMX remains a cornerstone protocol with a loyal user base and multi-chain presence.
Weaknesses: Volume has declined as newer, faster orderbook systems took over. AMM mechanisms face natural limitations versus orderbooks.
Ideal Use Case: Yield seekers, long-term LPs and traders comfortable with AMM-style perps.
Altie’s Verdict: Legacy strength keeps GMX in the top 10 although it is no longer a volume leader.
10. Perpetual Protocol – 10th Best DEX Perps Platform
Key Stats (2025)
30-day perp volume: limited volume, historically declining
Open interest: not materially reported
TVL: 2.53 million
What Works: One of the earliest perp DEX pioneers. Offers decentralized perpetuals with a clean UX and multi-chain connectivity.
Weaknesses: Significant decline in usage. Liquidity is thin and volumes are low compared to modern competitors.
Ideal Use Case: Occasional users and developers studying earlier perp models.
Altie’s Verdict: Barely holds onto the number 10 slot due to historical relevance rather than current dominance.
Comparison Table (2025 Snapshot) – Best DEX Perps Platforms
| DEX | 30-Day Volume | Open Interest | Execution Model | Product Scope | Key Strength | Trade-Offs |
| Hyperliquid | 254.39b | 6.37b | L1 orderbook | Perps, Spot, Pools | Deepest liquidity and speed | Single-chain concentration |
| Lighter | 298.98b | 1.748b | Orderbook | Perps | Rapid growth, high performance | Younger ecosystem |
| Aster | 257.90b | 2.513b | Hybrid pro UI | Perps | Strong UI, flexible modes | Incentive-driven |
| edgeX | 170.72b | 804.77m | Orderbook | Perps | Fast matching | Smaller TVL |
| Jupiter | 15.417b | Not reported | Aggregator plus perps | Perps, Swap | Solana speed, ecosystem reach | Smaller perp liquidity |
| dYdX | 15.373b | 82.16m | Orderbook | Perps | Proven platform | Declining share |
| ApeX | 80.146b | 32.46m | Orderbook | Perps | Solid volume relative to TVL | Limited liquidity depth |
| Avantis | 6.176b | 34.32m | Engine plus synthetic | Perps, synthetics | Risk-managed trading | Smaller ecosystem |
| GMX | 7.926b | 124.42m | AMM plus hybrid | Perps, spot | OG status, multiproduct | AMM limits liquidity depth |
| Perpetual Protocol | Low | Minimal | AMM v2 | Perps | Veteran protocol | Very small liquidity |
Conclusion – Best DEX Perps Platforms
The 2025 perp landscape has reshaped itself around high-performance orderbooks. Hyperliquid, Lighter, Aster and edgeX dominate through speed, liquidity and robust risk engines.
Jupiter and dYdX represent multi-chain and legacy pillars that still maintain relevance. GMX continues to serve LP-driven perps while newer entrants like Avantis experiment with risk-mitigated exposure.
Perpetual Protocol remains historically influential, though materially smaller today.
For different traders, the choices diverge.
- High-frequency and pro traders gravitate toward Hyperliquid, Lighter and edgeX.
- Cross-ecosystem and Solana users find Jupiter preferable.
- Risk-controlled or synthetic users may prefer Avantis.
- Yield seekers and AMM-based traders still value GMX.
Perp DEXs are no longer niche. They are the core of DeFi’s trading infrastructure, and the race now centers on execution quality, sustainable liquidity and risk controls. The next frontier will be cross-chain liquidity sharing, improved margining models and regulatory clarity around on-chain derivatives. Until then, I will keep watching the charts and tracking who earns their spot at the top.