{"slug":"perp-capital-efficiency","title":"Perp DEX capital efficiency: active markets per $M TVL, live","subtitle":"Active perp markets divided by trading TVL in USD millions. Higher means more instruments supported per dollar of locked collateral. Synthetic oracle venues like gains.trade carry many markets on a shared pool; CLOB venues like Hyperliquid require dedicated market-maker inventory per pair.","category":"Trading","metric":"Markets per $M TVL","unit":"count","status":"live","higherIsBetter":true,"filters":null,"value":33.3165,"leader":{"name":"gains.trade","slug":"gains","value":33.3165},"rankings":[{"name":"gains.trade","slug":"gains","ms":{"p50":33.3165,"p90":33.3044,"p99":33.6704,"mean":33.3165},"successRate":66.6551,"sampleSize":5756},{"name":"Ostium","slug":"ostium","ms":{"p50":4.20395,"p90":4.20395,"p99":4.20395,"mean":4.20395},"successRate":66.6667,"sampleSize":5756},{"name":"dYdX v4","slug":"dydx","ms":{"p50":0.862217,"p90":0.862217,"p99":0.862217,"mean":0.862217},"successRate":85.7143,"sampleSize":5756},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.0291986,"p90":0.0291986,"p99":0.0291986,"mean":0.0291986},"successRate":85.6845,"sampleSize":5756}],"sparkline":[33.1694,33.1694,33.1694,33.1694,33.1694,33.2035,33.2035,33.2035,33.2272,33.2272,33.2272,33.2272,33.2272,33.2272,33.3568,33.3568,33.3568,33.253,33.253,33.253,33.2048,33.2048,33.2048,33.2048,33.2048,33.2048,33.3793,33.3793,33.3793,33.3793,33.3793,33.3793,33.3684,33.3684,33.3684,33.3328,33.3328,33.3328,33.7061,33.7061,33.3398,33.3398,33.3398,33.3398,33.3299,33.3299,33.3299,33.3299,33.3299,33.3299,33.2988,33.2988,33.2988,33.3018,33.3018,33.3018,33.2996,33.2996,33.2996,33.3029,33.3029,33.3029,33.3677,33.3677,33.3677,33.3677,33.3677,33.3677,33.4521,33.4521,33.4521,33.3906,33.3906],"sampleSize":23024,"asOf":"2026-08-08T13:48:40.000Z","headline":"gains.trade leads markets per $m tvl at 33 (24h) on Perp DEX capital efficiency: active markets per $M TVL, live.","quote":"gains.trade leads markets per $m tvl at 33 (24h) on Perp DEX capital efficiency: active markets per $M TVL, live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-capital-efficiency).","cite":{"plain":"OpenChainBench. \"Perp DEX capital efficiency: active markets per $M TVL, live\". Retrieved 2026-08-08. https://openchainbench.com/benchmarks/perp-capital-efficiency","bibtex":"@misc{ocb_perp_capital_efficiency,\n  author = {OpenChainBench},\n  title  = {Perp DEX capital efficiency: active markets per $M TVL, live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-capital-efficiency},\n  note   = {Retrieved 2026-08-08}\n}","apa":"OpenChainBench. (2026). Perp DEX capital efficiency: active markets per $M TVL, live. Retrieved August 8, 2026, from https://openchainbench.com/benchmarks/perp-capital-efficiency","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX capital efficiency: active markets per $M TVL, live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-capital-efficiency\r\nY2  - 2026-08-08\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-capital-efficiency","ogImage":"https://openchainbench.com/api/og/perp-capital-efficiency","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats","methodology":["Cadence: every 5 minutes. Both active_markets and TVL are re-read on the same sweep cycle.","Active markets: native venue API per the perp-active-markets bench methodology. gains.trade: Mobula perp pairs catalog (mainnet only). Hyperliquid: info metaAndAssetCtxs. dYdX: indexer perpetualMarkets. Others: native endpoints.","TVL: DefiLlama /protocol/{slug} currentChainTvls. Staking and pool2 keys excluded. Multi-chain TVL summed across all deployment chains.","gains.trade TVL: GToken vault across Arbitrum, Base, Polygon and ApeChain. This is the shared liquidity pool that backs all synthetic pairs simultaneously.","Hyperliquid TVL: total user deposits (USDC). Funds serve as both margin and implicit market-maker collateral; every listed pair draws from this pool for maker fills.","Ratio formula: avg_over_time(markets[24h]) / avg_over_time(tvl_usd[24h]) * 1_000_000.","Interpretation: a ratio of 40 means the venue can sustain 40 active markets per $1M locked. Higher is more capital-efficient in terms of market breadth."],"license":"CC-BY-4.0"}