Perpetual decentralized exchanges are rewriting the playbook for crypto derivatives trading. In 2024, the surge in perp DEX daily volume isn’t just a headline – it’s a signal that onchain leverage and non-custodial trading are entering prime time. The competition is fierce, but the leaders are clear: Aster, Lighter, Hyperliquid, edgeX, ApeX Protocol, dYdX, Kwenta, Aevo, GMX, and Level Finance are dominating both volume and mindshare. If you want to identify where traders are really putting their capital to work – and which protocols offer the best incentives – this is your tactical map.
Aster: The Volume King at $41.78B Daily
Aster has seized the crown in 2024 with a staggering $41.78 billion daily trading volume, an open interest of $4.86 billion, and $13.44 million in daily fees generated (bitgetapp. com). This isn’t just a statistical outlier – it’s a market-shaping force. Aster’s deep liquidity pools and aggressive incentive programs have drawn both high-frequency traders and retail users seeking tight spreads and minimal slippage. For anyone benchmarking performance or searching for the most active order flow onchain, Aster is not just leading – it’s defining what “best perp DEX 2024” means.
If you’re hunting for low latency execution or want to maximize rewards from trading activity, Aster should be at the top of your watchlist.
Lighter and Hyperliquid: Fighting for Second Place
The battle for runner-up is razor-thin between Lighter and Hyperliquid. Lighter posts a robust $10.13 billion in daily volume with $2.08 billion open interest – upending expectations from just six months ago when Hyperliquid was considered untouchable in terms of infrastructure speed and depth. Lighter’s rise comes from its relentless focus on UI simplicity and its unique points-based farming incentives that reward both traders and liquidity providers.
Hyperliquid, meanwhile, remains an execution powerhouse with $9.02 billion daily volume but leads all DEXs in open interest at $14.68 billion (xt. com). This signals big-money players trust Hyperliquid with size – a critical edge if you’re running large positions or algorithmic strategies that require deep books.
The Rest of the Pack: edgeX, ApeX Protocol and More
The next tier includes edgeX ($5.78B), ApeX Protocol ($2.51B), as well as stalwarts like dYdX, Kwenta, Aevo, GMX, and Level Finance (DefiLlama). Each brings something unique to the table:
- edgeX: Known for its cross-chain capabilities and flexible margining options.
- ApeX Protocol: Carving out its niche by offering innovative social trading features alongside classic perpetual contracts.
- dYdX and GMX: Remain favorites among DeFi purists who prioritize transparency and protocol maturity over raw incentives.
- Kwenta and Aevo: Gaining traction via novel synthetic asset offerings that attract both crypto-native traders and those looking to hedge traditional exposures onchain.
- Level Finance: Focused on risk-adjusted yield strategies layered atop perpetual markets, a playbook built for disciplined capital allocators.
This ecosystem isn’t static; leadership rotates quickly as protocols roll out new features or tweak their incentive models to capture more flow. For those tracking perp DEX farming incentives or looking to optimize trade routing across platforms, staying nimble is non-negotiable.
What’s driving this arms race? Perp DEX daily volume is a proxy for innovation and user trust. Protocols like Aster, Lighter, and Hyperliquid have doubled down on capital efficiency, seamless onboarding, and aggressive reward structures. But the real differentiator is how these DEXs address trader pain points: from gasless trading on Aster to Lighter’s instant settlements and Hyperliquid’s low-latency orderbooks, every feature is tuned for competitive edge.
The Tactical Edge: Why Volume Matters for Traders
If you’re a day trader or running systematic strategies, you know that raw volume isn’t just a vanity metric. It means deeper liquidity, tighter spreads, and more reliable execution – all critical when milliseconds matter. The top 10 platforms (Aster, Lighter, Hyperliquid, edgeX, ApeX Protocol, dYdX, Kwenta, Aevo, GMX, Level Finance) are consistently setting new benchmarks for what’s possible in decentralized leverage trading.
For example:
- Aster: Delivers record-breaking throughput and minimal downtime even at peak volatility.
- Lighter: Its points system has created a cult following among airdrop farmers and high-frequency traders alike.
- Hyperliquid: Still the go-to for whales who need to move size without slippage.
- dYdX and GMX: Prioritize transparency with open-source smart contracts and public audit trails.
This isn’t just about numbers, it’s about actionable opportunity. If you’re farming points or chasing leaderboard rewards in 2024-2025, your platform choice can be the difference between breaking even and compounding gains. Platforms like Aster vs Hyperliquid vs GMX offer unique trade-offs in terms of speed, cost structure, and reward multipliers. Know your edge before you size up.
Pushing the Envelope: Innovation Beyond Volume
The surge in perp DEX activity isn’t only about headline stats – it’s also about protocol design. Hyperliquid-style perps, synthetic stock markets on Kwenta/Aevo, social copy-trading on ApeX Protocol – all signal an industry sprinting toward both sophistication and inclusivity. The result? More ways to express directional bias or hedge risk without ever touching a centralized exchange.
- Keen on altcoin exposure? Try Aevo or Kwenta for deep synthetic markets.
- Want to automate? Level Finance offers tools for programmatic yield generation layered atop perps markets.
- Prefer social alpha? ApeX Protocol lets you follow top traders directly from the DEX interface.
The bottom line: There’s no one-size-fits-all winner here – but there are clear leaders depending on your goals. Whether you’re optimizing for speed (Hyperliquid), incentives (Lighter), or breadth of markets (Aster), this tier list gives you the tactical clarity to deploy capital where it counts most in 2024-2025.
Navigating Risk and Opportunity in Perpetual Trading
If you want to stay ahead of the curve as DeFi matures into its next phase of adoption, keep your eyes locked on these top 10 perp DEXs by daily trading volume. Monitor not just their headline stats but their evolving incentive programs and risk management frameworks. The days when CEXs dominated derivatives are numbered – today’s most active capital allocators are already moving size across Aster ($41.78B), Lighter ($10.13B), Hyperliquid ($9.02B), edgeX ($5.78B), ApeX Protocol ($2.51B), dYdX, Kwenta, Aevo, GMX and Level Finance every single day.
This is your moment to adapt or get left behind.
– Elena Durham/PerpScout. com
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