{"slug":"perp-pf-ratio","title":"Perp DEX price to fees: what the market pays per dollar of trading fees","subtitle":"Market cap divided by annualized trading fees (trailing 30 days) for every perp DEX with a listed token, alongside FDV, protocol revenue, float and open interest. Lower means the market pays less per dollar of fees. Same convention as the DeFiLlama P/F ranking, updated hourly.","category":"Trading","metric":"P/F ratio","unit":"x","status":"live","higherIsBetter":false,"filters":null,"value":1.2985,"leader":{"name":"GMX","slug":"gmx","value":1.2985},"leaders":[{"name":"GMX","slug":"gmx","value":1.2985}],"rankings":[{"name":"GMX","slug":"gmx","value":1.2985,"unit":"x","ms":{"p50":1.2985,"p90":1.2985,"p99":1.2985,"mean":1.2985},"successRate":100,"sampleSize":2880},{"name":"GNS","slug":"gains","value":3.07961,"unit":"x","ms":{"p50":3.07961,"p90":3.07961,"p99":3.07961,"mean":3.07961},"successRate":100,"sampleSize":2880},{"name":"EDGE","slug":"edgex","value":4.35118,"unit":"x","ms":{"p50":4.35118,"p90":4.35118,"p99":4.35118,"mean":4.35118},"successRate":100,"sampleSize":2880},{"name":"AVNT","slug":"avantis","value":4.6535,"unit":"x","ms":{"p50":4.6535,"p90":4.6535,"p99":4.6535,"mean":4.6535},"successRate":100,"sampleSize":2880},{"name":"JUP","slug":"jupiter","value":4.80814,"unit":"x","ms":{"p50":4.80814,"p90":4.80814,"p99":4.80814,"mean":4.80814},"successRate":100,"sampleSize":2880},{"name":"F (SynFutures)","slug":"synfutures","value":5.56027,"unit":"x","ms":{"p50":5.56027,"p90":5.56027,"p99":5.56027,"mean":5.56027},"successRate":100,"sampleSize":2880},{"name":"ORDER","slug":"orderly","value":7.98931,"unit":"x","ms":{"p50":7.98931,"p90":7.98931,"p99":7.98931,"mean":7.98931},"successRate":100,"sampleSize":2880},{"name":"LIT","slug":"lighter","value":9.44065,"unit":"x","ms":{"p50":9.44065,"p90":9.44065,"p99":9.44065,"mean":9.44065},"successRate":100,"sampleSize":2880},{"name":"APEX","slug":"apex","value":9.48221,"unit":"x","ms":{"p50":9.48221,"p90":9.48221,"p99":9.48221,"mean":9.48221},"successRate":100,"sampleSize":2880},{"name":"HYPE","slug":"hyperliquid","value":21.1041,"unit":"x","ms":{"p50":21.1041,"p90":21.1041,"p99":21.1041,"mean":21.1041},"successRate":100,"sampleSize":2880},{"name":"DYDX","slug":"dydx","value":31.3072,"unit":"x","ms":{"p50":31.3072,"p90":31.3072,"p99":31.3072,"mean":31.3072},"successRate":100,"sampleSize":2880},{"name":"ASTER","slug":"aster","value":34.0649,"unit":"x","ms":{"p50":34.0649,"p90":34.0649,"p99":34.0649,"mean":34.0649},"successRate":100,"sampleSize":2880},{"name":"DRV","slug":"derive","value":52.9286,"unit":"x","ms":{"p50":52.9286,"p90":52.9286,"p99":52.9286,"mean":52.9286},"successRate":100,"sampleSize":2880}],"sparkline":[1.26039,1.26039,1.25014,1.25014,1.25014,1.2509,1.2509,1.2509,1.25671,1.25671,1.25671,1.30841,1.30841,1.30841,1.29912,1.29912,1.29912,1.3102,1.3102,1.3102,1.28946,1.28946,1.28946,1.29353,1.29353,1.29353,1.29031,1.29031,1.29031,1.30252,1.30252,1.30252,1.302,1.302,1.302,1.30215,1.30215,1.30215,1.28693,1.28693,1.28693,1.29602,1.29602,1.29602,1.30083,1.30083,1.30083,1.30477,1.30477,1.30477,1.30216,1.30216,1.30216,1.28686,1.28686,1.28686,1.28173,1.28173,1.28173,1.28189,1.28189,1.28189,1.27026,1.27026,1.27026,1.28181,1.28181,1.28181,1.29224,1.29224,1.29224,1.2985,1.2985],"sampleSize":40320,"asOf":"2026-10-31T01:19:51.034Z","freshness":{"asOf":"2026-10-31T01:19:51.034Z","ageHours":0.1,"stale":false},"measured":14,"ranked":13,"headline":"GMX posts the lowest P/F ratio at 1.298x (24h) across 13 ranked protocols.","quote":"GMX posts the lowest P/F ratio at 1.298x (24h) across 13 ranked protocols. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-pf-ratio).","cite":{"plain":"OpenChainBench. \"Perp DEX price to fees: what the market pays per dollar of trading fees\". Retrieved 2026-10-31. https://openchainbench.com/benchmarks/perp-pf-ratio","bibtex":"@misc{ocb_perp_pf_ratio,\n  author = {OpenChainBench},\n  title  = {Perp DEX price to fees: what the market pays per dollar of trading fees},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-pf-ratio},\n  note   = {Retrieved 2026-10-31}\n}","apa":"OpenChainBench. (2026). Perp DEX price to fees: what the market pays per dollar of trading fees. Retrieved October 31, 2026, from https://openchainbench.com/benchmarks/perp-pf-ratio","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX price to fees: what the market pays per dollar of trading fees\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-pf-ratio\r\nY2  - 2026-10-31\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-pf-ratio","ogImage":"https://openchainbench.com/api/og/perp-pf-ratio","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-token-metrics","methodology":["Fees source: DeFiLlama dailyFees for the token's parent entity (all products the token accrues from), so market cap and fees share one scope. Perps-only fees are published separately as perp_protocol_perp_fees_30d_usd.","Annualized fees: sum of the last 30 daily points x 365/30. Zero days inside the window count; the current partial day is included, as in DeFiLlama's own 30d figure.","Market cap and FDV: CoinGecko /coins/markets circulating market cap and fully_diluted_valuation (market cap when FDV is null). Float = circulating / total supply.","P/F = market cap / annualized fees (DeFiLlama P/F convention). FDV/F = FDV / annualized fees. P/S = market cap / annualized protocol revenue (DeFiLlama dailyRevenue). Bench 234 keeps P/E = FDV / annualized revenue.","Revenue share = 30d revenue / 30d fees. Adapters that publish no revenue series, or a flat zero, leave P/S and revenue share undefined rather than zero.","Open interest: DeFiLlama open-interest overview, perps product only. Fees to OI = annualized fees / open interest.","Drift's DeFiLlama perps adapter (drift-trade) currently reports zero fees; the row stays in the cohort with every ratio undefined until the source recovers.","Pre-TGE venues (Ostium, Pacifica, Extended, Nado, Decibel) are declared `unranked` in the spec: they sit under the ranked field with their fees and open interest, are excluded from ranks, leader claims and the best / median / worst strip, and gain a ratio the day a token lists.","edgeX (EDGE) has a listed token and is ranked. Paradex (DIME) has one too, but DeFiLlama's fee adapter reports very low fees for it, which inflates its multiple; it is declared `unranked` (shown below the field with its figures) until the adapter is fixed upstream, so a known artifact never reads as the highest multiple in the cohort.","Poll cadence: DeFiLlama and 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; p50, p90 and p99 read the same instant gauge, so they are equal by construction."],"license":"CC-BY-4.0"}