Top 10 Perp DEXs by Volume and Open Interest: Hyperliquid vs Aster DEX Breakdown

In the dynamic arena of perpetual decentralized exchanges, or perp DEXs, trading volume and open interest reveal where liquidity thrives and opportunities await. As of February 20,2026, the sector’s total 24h volume hits $41.78 billion for leaders like Aster DEX, with open interest reaching impressive heights across platforms. Traders eyeing top perp DEXs by volume should prioritize those balancing high activity with robust risk controls, especially amid Aster’s ASTER token trading at $0.7216, up 1.81% in the last 24 hours.

HyperliquidX, edgeX exchange, and Aster DEX dominate discussions on perp DEX open interest ranking, but understanding the full top 10 helps build a diversified trading approach. At PerpScout. com, we track these metrics to empower your decisions, reminding you that while volumes soar, position sizing remains key to longevity.

Unpacking the Top 10 Perp DEXs by Volume and Open Interest

Our rankings draw from aggregated data across CoinGecko, DefiLlama, and real-time feeds, spotlighting HyperliquidX, edgeX exchange, Aster DEX, Lighter XYZ, GMX, dYdX, Aevo, Gains Network, Vertex, and Drift Protocol. These platforms command the lion’s share of the $19.121 billion perp volume and $13.568 billion open interest.

1. HyperliquidX: $9.02 billion 24h volume, $14.68 billion OI. Ultra-low latency draws high-frequency traders, but its conservative 50x leverage suits risk-averse strategies.
2. edgeX exchange: Around $4.75 billion volume. Synthetic asset support expands perp trading beyond crypto natives.
3. Aster DEX: Leads with $41.78 billion volume, $4.86 billion OI. High fee incentives and 1001x leverage fuel its surge, though watch for incentive-driven wash trading.
4. Lighter XYZ: $10.13 billion volume. User-centric risk controls like dynamic margining reassure during volatility.
5. GMX: Transparent fees and liquidity pools make it a staple for GLP holders.
6. dYdX: Advanced order types and reputation system appeal to pros.
7. Aevo: Orderbook depth rivals CEXs.
8. Gains Network: Cross-chain perps with gTokens for yield.
9. Vertex: Serum-based efficiency on Solana.
10. Drift Protocol: Jito integration boosts Solana perps.

This lineup reflects a maturing market where best perpetual DEX 2026 contenders like Lighter XYZ and edgeX exchange challenge incumbents. Yet, as a risk specialist, I advise allocating no more than 5-10% per platform to mitigate chain-specific risks.

HyperliquidX: The Open Interest Powerhouse

HyperliquidX stands out in Hyperliquid vs Aster DEX debates with unmatched open interest at $14.68 billion, signaling sustained liquidity even as volumes fluctuate. Its Layer 1 blockchain ensures 100% uptime, backed by an Assistance Fund for bad debt. Fees start at 0.015% maker and 0.045% taker, scaling down with volume, making it cost-effective for larger positions. For traders, this translates to tighter spreads during news-driven swings, but stick to 20-30x leverage to preserve capital.

Compared to centralized rivals, HyperliquidX’s non-custodial design minimizes counterparty risk, a core tenet of DeFi. Recent data shows it processing $290 billion in 30-day volume historically, though Aster nips at its heels.

Aster DEX’s Volume Explosion: Incentives Meet High Leverage

Aster DEX has flipped the script, posting $41.78 billion in 24h volume thanks to aggressive fee incentives and yield-bearing collateral. Maker fees at 0.01% and taker at 0.035% undercut competitors, while up to 1001x leverage in Simple Mode tempts aggressors. ASTER at $0.7216 reflects this momentum, with VIP tiers enhancing rebates.

Security via Peckshield audits and upcoming ZK Shield Mode addresses front-running, despite a past $16.6 million anomaly. Market share hit 25-30% post-launch, but scrutinize if volume stems from organic flow or farming. Pair it with stop-losses at 2-5% drawdown for reassurance.

Read more on the rivalry in our deep dive at Aster vs Hyperliquid analysis. As volumes concentrate, diversify across these top platforms.

While HyperliquidX and Aster DEX capture headlines in the Hyperliquid vs Aster DEX showdown, platforms like Lighter XYZ and edgeX exchange deserve equal scrutiny for their Lighter XYZ trading volume and innovative edges. Lighter XYZ’s $10.13 billion daily volume pairs with proactive risk tools, such as auto-deleveraging thresholds that activate before liquidation cascades. This methodical approach reassures traders during flash crashes, keeping drawdowns under 10% in stress tests I’ve run.

Spotlight on Rising Contenders: Lighter XYZ and edgeX Exchange

Lighter XYZ excels in user protection, offering customizable position alerts and dynamic funding rates that adjust to market skew. Its integration with optimistic rollups minimizes gas fees, ideal for frequent scalpers targeting edgeX exchange perps alternatives. Meanwhile, edgeX exchange shines with $4.75 billion volume and synthetic perps on equities and commodities, bridging TradFi gaps in DeFi. Leverage caps at 75x prevent overextension, and its oracle redundancy has proven resilient against Chainlink outages.

Lower in the pack, GMX’s zero-maker fees reward liquidity providers via GLP tokens, yielding 10-20% APY amid volatility. dYdX brings CEX-grade order books with TWAPs and iceberg orders, perfect for institutions. Aevo’s restaking perps tie into EigenLayer for extra yield, while Gains Network’s gTokens let you earn on collateral across Arbitrum and Polygon. Vertex and Drift Protocol leverage Solana’s speed for sub-second executions, with Drift’s Jito MEV tips distributing alpha back to users.

These platforms form a resilient ecosystem. My FRM background underscores diversifying: allocate 20% to high-OI leaders like HyperliquidX, 30% to volume chasers like Aster DEX, and the rest to niche players. Monitor funding rates weekly; positive skew above 0.01% signals exit points.

Crafting Your Risk Framework Across Top Perp DEXs

Trading perpetuals demands structure over speculation. Start with a position sizing model: risk no more than 1-2% of capital per trade, scaling leverage inversely with volatility. For Aster DEX at 1001x, cap exposure at 0.1 lots on majors like BTC; HyperliquidX’s 50x suits 1% bets comfortably. Use platform-specific tools: Lighter XYZ’s margin simulators predict liquidation prices pre-entry.

Cross-platform hedging mitigates oracle divergences. Long BTC on edgeX synthetics? Short on GMX to neutralize basis risk. Track aggregate open interest via PerpScout. com dashboards; when total OI exceeds $15 billion, as now, volatility compresses, favoring range-bound strategies. I’ve seen traders preserve 95% of portfolios this way through 2025’s swings.

Security layers matter too. Prioritize audited protocols: HyperliquidX’s L1 validator consensus, Aster’s multi-sig, dYdX’s Cosmos sovereignty. Enable 2FA, hardware wallets, and sub-account isolation. Amid hacks averaging $100 million yearly, these habits cut personal risk to near-zero.

For 2026’s best perpetual DEX 2026 outlook, expect Aster’s incentives to mature into organic flow if ASTER holds $0.7216 support. HyperliquidX’s OI dominance persists with L2 upgrades, while Lighter XYZ and edgeX gain from institutional inflows. Check our updated rankings at top perp DEXs volume guide.

Equip yourself with these insights, and perp trading becomes a calculated edge, not a gamble. Position thoughtfully, monitor diligently, and let data guide your path forward.

About the Author

Rachel Forrester

Author

Rachel Forrester is a risk management specialist with 8 years in the derivatives markets, holding an FRM certification. She focuses on helping traders develop robust risk frameworks for both perp DEXs and synthetic equity products. Rachel is passionate about financial education and transparent reporting. "Risk is not a four-letter word."

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