{"slug":"perp-pe-ratio","title":"Perp DEX token P/E ratio 2026: Hyperliquid, Lighter, 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":1.30617,"leader":{"name":"GNS","slug":"gains","value":1.30617},"leaders":[{"name":"GNS","slug":"gains","value":1.30617}],"rankings":[{"name":"GNS","slug":"gains","ms":{"p50":1.30617,"p90":1.30617,"p99":1.30617,"mean":1.30617},"successRate":100,"sampleSize":2880},{"name":"GMX","slug":"gmx","ms":{"p50":5.05125,"p90":5.05125,"p99":5.05125,"mean":5.05125},"successRate":100,"sampleSize":2880},{"name":"F","slug":"synfutures","ms":{"p50":12.3566,"p90":12.3566,"p99":12.3566,"mean":12.3566},"successRate":100,"sampleSize":2880},{"name":"JUP","slug":"jupiter","ms":{"p50":35.7196,"p90":35.7196,"p99":35.7196,"mean":35.7196},"successRate":100,"sampleSize":2880},{"name":"DYDX","slug":"dydx","ms":{"p50":40.2465,"p90":40.2465,"p99":40.2465,"mean":40.2465},"successRate":100,"sampleSize":2880},{"name":"APEX","slug":"apex","ms":{"p50":53.6,"p90":53.6,"p99":53.6,"mean":53.6},"successRate":100,"sampleSize":2880},{"name":"LIT","slug":"lighter","ms":{"p50":67.1037,"p90":67.1037,"p99":67.1037,"mean":67.1037},"successRate":100,"sampleSize":2880},{"name":"HYPE","slug":"hyperliquid","ms":{"p50":95.5755,"p90":95.5755,"p99":95.5755,"mean":95.5755},"successRate":100,"sampleSize":2880},{"name":"DRV","slug":"derive","ms":{"p50":107.197,"p90":107.197,"p99":107.197,"mean":107.197},"successRate":100,"sampleSize":2880}],"sparkline":[1.33428,1.33696,1.33696,1.33696,1.34085,1.34085,1.34085,1.33845,1.33845,1.33845,1.33079,1.33079,1.33079,1.32814,1.32814,1.32814,1.32133,1.32133,1.32133,1.32174,1.32174,1.32174,1.31626,1.31626,1.31626,1.31255,1.31255,1.31255,1.31788,1.31788,1.31788,1.31391,1.31391,1.31391,1.31103,1.31103,1.31103,1.31274,1.31274,1.31274,1.30515,1.30515,1.30515,1.32656,1.32656,1.32656,1.32603,1.32603,1.32603,1.31903,1.31903,1.31903,1.30957,1.30957,1.30957,1.3131,1.3131,1.3131,1.31099,1.31099,1.31099,1.29583,1.29583,1.29583,1.29946,1.29946,1.29946,1.30618,1.30618,1.30618,1.30617,1.30617,1.30617],"sampleSize":25920,"asOf":"2026-10-12T01:39:47.706Z","freshness":{"asOf":"2026-10-12T01:39:47.706Z","ageHours":0.2,"stale":false},"measured":9,"ranked":9,"headline":"GNS posts the lowest P/E ratio at 1.306x (24h) across 9 ranked protocols.","quote":"GNS posts the lowest P/E ratio at 1.306x (24h) across 9 ranked protocols. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-pe-ratio).","cite":{"plain":"OpenChainBench. \"Perp DEX token P/E ratio 2026: Hyperliquid, Lighter, GMX, dYdX, GNS live\". Retrieved 2026-10-12. 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, Lighter, GMX, dYdX, GNS live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-pe-ratio},\n  note   = {Retrieved 2026-10-12}\n}","apa":"OpenChainBench. (2026). Perp DEX token P/E ratio 2026: Hyperliquid, Lighter, GMX, dYdX, GNS live. Retrieved October 12, 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, Lighter, GMX, dYdX, GNS live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-pe-ratio\r\nY2  - 2026-10-12\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).","Annual revenue: sum of the last 30 daily points of totalDataChart x 365/30. Zero days inside the window count, so an adapter gap lowers the run rate instead of hiding it.","Revenue scope: the DeFiLlama parent the token accrues from (Jupiter, Hyperliquid, GMX, Lighter, ApeX, Derive span several products), so FDV and revenue share one scope.","FDV source: CoinGecko /coins/markets fully_diluted_valuation (falls back to market_cap if FDV null). dYdX is priced on the dYdX Chain token (CoinGecko dydx-chain).","P/E = FDV / annual_revenue. Null if FDV or revenue unavailable.","Protocols whose adapter publishes no revenue series (Aster, Avantis, Orderly) or reports zero (Drift perps) have no P/E; see bench 265 for their price to fees.","Poll cadence: harness fetches DeFiLlama + CoinGecko every 60 minutes. Prometheus scrapes :2112/metrics every 30 seconds. The sample count per row is the number of scrapes in the 24h window (about 2,880), not a count of trades."],"license":"CC-BY-4.0"}