Perp DEX volume compared, live
Every venue publishes a "24h volume", and no two of them measure the same thing. The table below shows four venues' own figures side by side, then divides each by the same venue's open interest to get turnover: how many times the open book traded through in a day. Turnover is a ratio of two numbers from the same API at the same moment, so it is the one figure here that can be read across venues — as far as each venue's definitions allow, which is why the method sits on every row. All of it is fetched in your browser from the venues' public endpoints; no aggregator is involved.
| Venue | 24h volume | Open interest | Turnover / day | How it was measured |
|---|---|---|---|---|
| Fetching from four venue APIs… | ||||
How to read turnover
A turnover of 1× means the day's volume equalled the open interest: on average, every open dollar changed hands once. Below 1× says positions are held longer than a day relative to flow; above 1× says the book churns faster than it accumulates. The number describes activity on that venue's own terms, and nothing more. Two venues with the same turnover can have very different traders behind it, and a high ratio can come from incentive programmes, from market-maker activity, from a genuinely active user base, or from all three. This page does not label any ratio as good, bad or suspicious; it gives you the number and the method.
Why the raw volumes are not comparable
- Hyperliquid — your browser sums each market's
dayNtlVlmfrom one API call; open interest isopenInterest × markPxfrom the same call. Validator-operated perps only. - Aster — your browser sums
quoteVolumeacross every USD-quoted symbol from the futures ticker. The open-interest endpoint takes one symbol per request (590 symbols on the check date), so it is not fetched here and no turnover is shown. - Lighter — the venue publishes one aggregate,
daily_usd_volume; open interest is summed asopen_interest × mark_priceover the perp books from a second call. That field is not documented on Lighter's API reference; this site reads it as base tokens because the product lands in the same range as the published volume and scales with price per market. Treat Lighter's ratio with that caveat. - dYdX — your browser sums
volume24H; open interest isopenInterest × oraclePriceover active markets.
The data definitions page carries the same notes, and the per-venue fee and funding pages explain what each venue charges on the flow you see here.
Hyperliquid 24h volume by market
Below, each Hyperliquid market's trailing 24-hour notional turnover in USD, straight from the public API. Volume is the practical liquidity signal for traders: it tells you where fills are easy, spreads are tight, and size can move without slippage — and which long-tail markets are quiet enough that a modest order becomes the market. Sorted by volume by default.
| 24h shape |
|---|
Data comes directly from Hyperliquid's public API, fetched in your browser when this page loads — we don't store or modify it. Open interest is shown as USD notional (contracts × mark price); funding APR is the current hourly rate annualized (×24×365), not a prediction. Positive funding: longs pay shorts. Not investment advice.
Reading this table
Volume and open interest answer different questions: volume is flow (how much traded today), open interest is stock (how much is still positioned). A market can churn enormous volume with flat OI — day-trading flow — or sit on large OI with little volume. Fee-wise, every taker fill here paid Hyperliquid's taker rate; see the fee breakdown for what that costs at each tier.
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