The decentralized perpetual exchange (Perp DEX) sector experienced a transformative year in 2024. Trading volumes surged to $1.5 trillion, up an astonishing 138.1% from the previous year’s $647.6 billion, reflecting a dramatic uptick in both institutional and retail participation. For traders and investors seeking to capitalize on this momentum, understanding which platforms are driving these trends is essential for both opportunity and risk management.
Why Trading Volume Growth Matters for Perp DEXs
Trading volume is more than just a metric, it’s a proxy for platform liquidity, user trust, and the overall health of an exchange’s ecosystem. High and accelerating trading volumes signal deep order books, tighter spreads, and improved execution for traders. In the context of perpetual contracts, where leverage and liquidation risks are heightened, robust volumes also indicate strong market participation and resilience against manipulation.
Throughout 2024, the competitive landscape among Perp DEXs intensified as platforms rolled out innovative features, incentive programs, and cross-chain integrations to capture market share. The result? A reshuffling of leaders with new champions emerging among the fastest-growing exchanges.
The Top 5 Fastest Growing Perpetual DEXs in 2024
Based on open interest, trading volume growth, and user adoption data from authoritative sources like CoinGecko and DefiLlama, five platforms stand out:
Top 5 Perp DEXs by Trading Volume Growth in 2024
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Hyperliquid: Hyperliquid emerged as the dominant perpetual DEX in 2024, capturing 66.2% market share by year-end. Its rapid ascent was fueled by the HYPE airdrop and robust infrastructure on Arbitrum, supporting over 130 trading pairs and a highly active user base.
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dYdX v4: Once the market leader, dYdX v4 experienced a sharp decline from 73% market share in early 2023 to just 7% in December 2024. Despite this, dYdX remains a top platform due to its decentralized orderbook model and strong liquidity.
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Aevo: Aevo is a rising star in the perpetual DEX landscape, known for its high-speed derivatives trading and innovative user experience. It continues to attract traders seeking advanced tools and efficient execution.
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GMX (Arbitrum & Avalanche): GMX operates on both Arbitrum and Avalanche, offering low-fee, on-chain perpetual trading. While its open interest share fell from 24.6% to 5.4% in 2024, GMX remains a key player with a loyal community.
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ApolloX: ApolloX stands out for its user-friendly interface and broad range of supported perpetual contracts. It continues to innovate, making perpetual trading accessible to a global audience.
Let’s break down how each platform contributed to the sector’s explosive growth in 2024:
Hyperliquid: The Relentless Market Share Climber
Hyperliquid emerged as the undisputed leader by year-end 2024. Its market share catapulted from just 7.7% at the start of the year to an industry-dominant 66.2%. This meteoric rise was fueled by several factors:
- HYPE Airdrop: Hyperliquid’s strategic HYPE token airdrop drove massive user acquisition and retention.
- Performance and Pairs: Built on Arbitrum with support for over 130 trading pairs, Hyperliquid delivered high throughput at low cost, a critical edge for high-frequency traders.
- User Experience: Streamlined onboarding processes made it accessible even for DeFi newcomers while maintaining deep liquidity pools.
This platform’s ascendancy has been so pronounced that many analysts now view it as setting new standards for perpetual DEX infrastructure.
Read more about Hyperliquid’s edge here.
dYdX v4: Reinventing Itself Amidst Fierce Competition
dYdX was once synonymous with decentralized perpetual trading, commanding a staggering 73% market share back in January 2023. Yet by December 2024 its dominance had waned to just 7%. The launch of dYdX v4, featuring improved decentralization through its Cosmos-based appchain architecture and enhanced risk controls, aimed to reverse this trend.
- Decentralized Orderbook: dYdX v4 migrated away from centralized components to offer full onchain transparency.
- User-Focused Upgrades: New risk management tools appealed to sophisticated traders seeking safety amid volatility.
This pivot demonstrates dYdX’s commitment to innovation but also highlights how quickly market leadership can shift in DeFi when rivals are aggressively iterating.
| Platform | Start-of-2024 Market Share (%) | End-of-2024 Market Share (%) |
|---|---|---|
| Hyperliquid | 7.7% | 66.2% |
| dYdX v4 | N/A (legacy dYdX held ~20%) | 7% |
| Aevo | and lt;1% | TBD (rapid growth) |
| GMX (Arbitrum and Avalanche) | 24.6% | 5.4% |
| ApolloX | and lt;1% | TBD (notable rise) |
Aevo: Rapid Ascent Through Derivatives Innovation
Aevo may have started under the radar but quickly became one of the fastest growing perp exchanges. Its focus on options-perpetual hybrids attracted sophisticated traders looking for complex strategies beyond standard linear perps.
- Aevo’s multi-chain support opened doors for cross-ecosystem arbitrage opportunities.
- The platform’s customizable margin system gave users granular control over leverage, a key feature for active risk managers.
While Aevo’s exact market share at year-end 2024 is still being finalized, its exponential growth in both open interest and active users signals a platform on the verge of mainstream recognition. The derivatives landscape is increasingly shaped by platforms that can nimbly introduce new products while maintaining robust risk controls, a balance Aevo appears to be striking well.
GMX (Arbitrum and Avalanche): From Early Leader to Adaptation Phase
GMX, once the darling of DeFi perpetuals with a 24.6% market share at the start of 2024, saw its influence wane to 5.4% by year-end. Several factors contributed to this shift:
- Competition: Hyperliquid’s aggressive incentive programs and superior throughput drew liquidity away from GMX.
- Product Differentiation: GMX’s unique model, using GLP as a liquidity pool and supporting both Arbitrum and Avalanche, remains attractive for passive yield seekers, but less so for high-frequency traders seeking ultra-low latency.
- Innovation Response: In response, GMX accelerated development on cross-chain integrations and synthetic asset listings, aiming to recapture market share in 2025.
The lesson here is clear: even early leaders must continually innovate or risk losing ground in a rapidly evolving sector. For more on how these platforms compare head-to-head, see our detailed comparison guide.
ApolloX: Notable Rise via Accessibility and Global Reach
ApolloX rounds out our top five with significant trading volume growth through 2024. Its strategy has centered on broadening access to perpetual contracts for emerging markets and retail traders worldwide.
- User Onboarding: ApolloX’s simple interface and low entry barriers have attracted a wave of first-time DeFi traders.
- Diverse Listings: By listing trending tokens alongside major assets, ApolloX taps into speculative flows often missed by slower-moving competitors.
- B2B Integrations: Strategic partnerships with wallet providers and aggregators have further expanded its reach across the crypto ecosystem.
This approach positions ApolloX as one of the best Perp DEXs for traders prioritizing ease-of-use and access over advanced features, a niche that continues to prove valuable as DeFi adoption spreads globally.
Key Takeaways for Traders: Navigating the Evolving Perpetual DEX Landscape
The surge in perp DEX trading volume growth during 2024 is not just a headline, it reflects deeper trends shaping the future of decentralized finance. Here are some practical lessons for market participants:
- Diversify Platform Exposure: Given how quickly leadership can change (as seen with dYdX and GMX), allocate capital across several top perpetual DEXs rather than concentrating risk.
- Pursue Incentive Opportunities Responsibly: While token airdrops like Hyperliquid’s HYPE can be lucrative, remain vigilant about platform security and sustainability before chasing short-term rewards.
- Monitor Open Interest and Volume Metrics: These remain your best signals for liquidity health, critical when trading leveraged products where slippage or thin books can amplify losses.
The rapid ascent of platforms like Hyperliquid and Aevo demonstrates that innovation, user incentives, and seamless cross-chain experiences are now table stakes in the race for dominance among top perpetual DEXs. For those looking to stay ahead, regular comparison using real-time data is essential; you can track these metrics live via trusted dashboards or explore deeper analyses at sources such as this curated tier list.
The decentralized derivatives sector remains one of crypto’s fastest-moving frontiers. Whether you’re an active trader or a long-term investor seeking exposure to onchain derivatives volume, understanding which platforms are leading, and why, will help you make informed decisions amid inevitable volatility. Stay curious, stay cautious, and remember: robust risk management is just as important as chasing opportunity in this dynamic environment.
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