# Perp DEX Volume and Market Share by Venue > Perp DEX volume by venue each day and month, perp DEX market share and open interest for Hyperliquid, Aster, Lighter, GMX and others, with each source named. Markdown copy of https://voltfincrypto.com/apps/perp-dex-volume-market-share **Question:** Which perpetual DEXs handle the most trading volume, and how is market share shifting? - Kind: Dashboard in Voltfin Vantage - Topic: [DeFi](https://voltfincrypto.com/topics/defi) - Chains: Multi-chain, Hyperliquid, Arbitrum, BNB Chain, Base - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. Perpetual DEXs let traders hold leveraged long or short positions with no expiry, settled on a public chain or on a venue's own rollup. This dashboard compares them on trading volume and open interest, day by day and month by month, and shows each venue's share of the total, so a shift in where traders go shows up as it happens. Venues settle in different ways, and the dashboard says which is which. Volume read from a chain's own fills or events, as on Hyperliquid, GMX and gTrade, is marked on-chain; volume a venue matches off-chain and publishes itself is recorded with its source and marked venue-reported. Shares can be shown for all venues or for on-chain venues only. ## Blueprint ### Today Each venue's volume, open interest and share on the latest day. - **Volume, latest day** (USD): Perpetual DEX volume across the venues shown on the latest complete UTC day. - **Volume, 30 days** (USD): Perpetual DEX volume over the last thirty days, the sum of each venue's daily figures. - **Open interest** (USD): Open interest across the venues shown at the latest day end, one side per position. - **Largest venue's share** (%): The share of the latest day's volume taken by the largest venue, with its name. - **Venues**: Each venue with its daily and 30-day volume, share, open interest, chains and whether its figures are on-chain or venue-reported. ### Trends Monthly volume by venue and how market share moved. - **Volume, month on month** (%): The change in total perpetual DEX volume in the last complete month against the month before. - **On-chain share of volume** (%): The share of the period's volume read from chain fills and events rather than venue reports. - **Share of volume, 30 days** (%): Each venue's share of perpetual DEX volume over the last thirty days. - **Monthly volume by venue** (USD): Volume in each month, stacked by venue, with venue-reported figures marked. - **Market share by day** (%): Each venue's share of daily volume over the period. Filters: Source (All venues, or on-chain venues only); Period (Last 30 or 90 days, or the last 12 months). ## How it will be measured - Hyperliquid volume is the notional of HyperCore fills summed per UTC day, counting each trade once rather than once per side. - GMX v2 volume comes from PositionIncrease and PositionDecrease entries in its EventEmitter logs on Arbitrum and Avalanche, and gTrade volume from its trade open and close events on Arbitrum, Base and Polygon. - Aster's on-chain trading contract events on BNB Chain are read directly; venues that match orders off-chain or on their own rollup, such as Lighter, Aster's order book and edgeX, are taken from their published daily figures and marked venue-reported. - Market share is a venue's volume over the total of the venues shown on the same day; a venue with no figure for a day is shown as missing, never as zero. - Open interest is the notional of open positions at day end; on order-book venues every long has a matching short, so it is counted on one side. ## Data it needs - `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day. - Source: HyperCore fills notional aggregated per UTC day - Source: GMX v2 EventEmitter EventLog1 and EventLog2 logs (PositionIncrease, PositionDecrease) on Arbitrum and Avalanche - Source: gTrade trade open and close events on Arbitrum, Base and Polygon - Source: Aster on-chain trading contract events on BNB Chain - Source: Venue-published daily volume and open interest for off-chain matched venues such as Lighter, Aster's order book and edgeX, recorded with their source (off-chain) ## Questions ### What is a perp DEX? A decentralized exchange for perpetual futures: contracts that track an asset's price with no expiry, kept close to spot by funding payments between longs and shorts. Margin and positions are held by the venue's contracts or its own chain rather than by a company. ### How is perp DEX market share measured? As each venue's share of trading volume across the venues shown, on the same day or month. Open interest share sits beside it, because volume can be driven by incentives while open interest shows how much stays open. ### Why are some figures marked venue-reported? Some venues match orders off-chain or on their own rollup and publish their totals. Those totals cannot yet be re-derived from public chain data in the same way, so they carry their source and stay apart from on-chain figures. ### Why can perp DEX volume swing so much? Points programs, token incentives and fee rebates attract high-frequency volume that moves between venues, and liquidation cascades add forced trading. Comparing volume with open interest helps separate positions that stay open from volume that turns over quickly. ### Are centralized exchanges included? No. The dashboard covers perpetual DEXs only. Centralized exchange derivatives are matched inside private systems and cannot be read on-chain. ## Glossary - **Perpetual future**: A futures contract with no expiry whose price is tied to the underlying asset through periodic funding payments. - **Notional volume**: The full size of each trade in USD, not the margin posted for it. - **Venue-reported**: A figure a venue publishes about itself that cannot yet be re-derived from public chain data; shown with its source. ## Related apps - [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding) - [Hyperliquid HIP-3 Markets: Equity and RWA Perps](https://voltfincrypto.com/apps/hyperliquid-hip3-markets) - [DEX Volume by Chain and Protocol](https://voltfincrypto.com/apps/dex-volume-by-chain) - [Bitcoin Open Interest and Funding Rates by Venue](https://voltfincrypto.com/apps/bitcoin-open-interest-funding-rates) - [DeFi Monthly Report: TVL, DEX Volume, Lending and Perps](https://voltfincrypto.com/apps/defi-monthly-report) - [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F