{"slug":"perp-pe-ratio","title":"Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live","subtitle":"FDV divided by annualized protocol revenue (30-day trailing average) for the major perp DEX tokens. Lower is cheaper relative to earnings. Updated hourly from DeFiLlama and CoinGecko.","category":"Trading","metric":"P/E ratio","unit":"x","status":"live","higherIsBetter":false,"filters":null,"value":2.29954,"leader":{"name":"GNS","slug":"gains","value":2.29954},"rankings":[{"name":"GNS","slug":"gains","ms":{"p50":2.29954,"p90":2.29954,"p99":2.29954,"mean":2.29954},"successRate":100,"sampleSize":2.29954},{"name":"GMX","slug":"gmx","ms":{"p50":9.01869,"p90":9.01869,"p99":9.01869,"mean":9.01869},"successRate":100,"sampleSize":9.01869},{"name":"DYDX","slug":"dydx","ms":{"p50":25.7631,"p90":25.7631,"p99":25.7631,"mean":25.7631},"successRate":100,"sampleSize":25.7631},{"name":"DRIFT","slug":"drift","ms":{"p50":26.8878,"p90":26.8878,"p99":26.8878,"mean":26.8878},"successRate":100,"sampleSize":26.8878},{"name":"HYPE","slug":"hyperliquid","ms":{"p50":112.62,"p90":112.62,"p99":112.62,"mean":112.62},"successRate":100,"sampleSize":112.62}],"sparkline":[2.43038,2.43029,2.43029,2.43029,2.43181,2.43181,2.43181,2.4294,2.4294,2.4294,2.43634,2.43634,2.43634,2.43959,2.43959,2.43959,2.44151,2.44151,2.44151,2.43173,2.43173,2.43173,2.43596,2.43596,2.43596,2.43726,2.43726,2.43726,2.42643,2.42643,2.42643,2.42118,2.42118,2.42118,2.41611,2.41611,2.41611,2.40652,2.40652,2.40652,2.40618,2.40618,2.40618,2.40121,2.40121,2.40121,2.3864,2.3864,2.3864,2.39982,2.39982,2.39982,2.38486,2.38486,2.38486,2.37768,2.37768,2.37768,2.34642,2.34642,2.34642,2.34106,2.34106,2.34106,2.2975,2.2975,2.2975,2.29604,2.29604,2.29604,2.29954,2.29954,2.29954],"sampleSize":176.58912999999998,"asOf":"2026-09-10T04:45:17.698Z","headline":"GNS posts the lowest p/e ratio at 2.30x (p50, 24h) on Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live.","quote":"GNS posts the lowest p/e ratio at 2.30x (p50, 24h) on Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-pe-ratio).","cite":{"plain":"OpenChainBench. \"Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live\". Retrieved 2026-09-10. https://openchainbench.com/benchmarks/perp-pe-ratio","bibtex":"@misc{ocb_perp_pe_ratio,\n  author = {OpenChainBench},\n  title  = {Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-pe-ratio},\n  note   = {Retrieved 2026-09-10}\n}","apa":"OpenChainBench. (2026). Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live. Retrieved September 10, 2026, from https://openchainbench.com/benchmarks/perp-pe-ratio","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX token P/E ratio 2026: Hyperliquid, GMX, dYdX, GNS live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-pe-ratio\r\nY2  - 2026-09-10\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-pe-ratio","ogImage":"https://openchainbench.com/api/og/perp-pe-ratio","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-token-metrics","methodology":["Revenue source: DeFiLlama dailyRevenue (protocol revenue accruing to treasury/holders, not total user fees).","30-day trailing average: last 30 data points from totalDataChart, filtered for non-zero values.","Annual revenue: 30d avg x 365.","FDV source: CoinGecko /coins/markets fully_diluted_valuation (falls back to market_cap if FDV null).","P/E = FDV / annual_revenue. Null if FDV or revenue unavailable.","Poll cadence: harness fetches DeFiLlama + CoinGecko every 60 minutes. Prometheus scrapes :2112/metrics every 60s."],"license":"CC-BY-4.0"}