{"slug":"perp-pf-ratio","title":"Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live","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":1.44481,"leader":{"name":"GNS","slug":"gains","value":1.44481},"rankings":[{"name":"GNS","slug":"gains","ms":{"p50":1.44481,"p90":1.44481,"p99":1.44481,"mean":1.44481},"successRate":100,"sampleSize":540023},{"name":"JUP","slug":"jupiter","ms":{"p50":2.88588,"p90":2.88588,"p99":2.88588,"mean":2.88588},"successRate":100,"sampleSize":20506900},{"name":"GMX","slug":"gmx","ms":{"p50":3.20202,"p90":3.20202,"p99":3.20202,"mean":3.20202},"successRate":100,"sampleSize":1896490},{"name":"EDGE","slug":"edgex","ms":{"p50":3.42142,"p90":3.42142,"p99":3.42142,"mean":3.42142},"successRate":100,"sampleSize":4945270},{"name":"F (SynFutures)","slug":"synfutures","ms":{"p50":5.30577,"p90":5.30577,"p99":5.30577,"mean":5.30577},"successRate":100,"sampleSize":239564},{"name":"APEX","slug":"apex","ms":{"p50":5.68859,"p90":5.68859,"p99":5.68859,"mean":5.68859},"successRate":100,"sampleSize":472105},{"name":"ORDER","slug":"orderly","ms":{"p50":7.29649,"p90":7.29649,"p99":7.29649,"mean":7.29649},"successRate":100,"sampleSize":148719},{"name":"AVNT","slug":"avantis","ms":{"p50":12.0431,"p90":12.0431,"p99":12.0431,"mean":12.0431},"successRate":100,"sampleSize":229294},{"name":"LIT","slug":"lighter","ms":{"p50":14.7524,"p90":14.7524,"p99":14.7524,"mean":14.7524},"successRate":100,"sampleSize":5634710},{"name":"HYPE","slug":"hyperliquid","ms":{"p50":17.8801,"p90":17.8801,"p99":17.8801,"mean":17.8801},"successRate":100,"sampleSize":78612500},{"name":"DRV","slug":"derive","ms":{"p50":18.3697,"p90":18.3697,"p99":18.3697,"mean":18.3697},"successRate":100,"sampleSize":619006},{"name":"ASTER","slug":"aster","ms":{"p50":23.1033,"p90":23.1033,"p99":23.1033,"mean":23.1033},"successRate":100,"sampleSize":6477890},{"name":"DYDX","slug":"dydx","ms":{"p50":25.2784,"p90":25.2784,"p99":25.2784,"mean":25.2784},"successRate":100,"sampleSize":287403},{"name":"DIME","slug":"paradex","ms":{"p50":27.8241,"p90":27.8241,"p99":27.8241,"mean":27.8241},"successRate":100,"sampleSize":20072}],"sparkline":[1.55379,1.56154,1.56154,1.56154,1.55905,1.55905,1.55905,1.55878,1.55878,1.55878,1.55871,1.55871,1.55871,1.55512,1.55512,1.55512,1.53019,1.53019,1.53019,1.53373,1.53373,1.53373,1.53232,1.53232,1.53232,1.53363,1.53363,1.53363,1.53362,1.53362,1.53362,1.52361,1.52361,1.52361,1.52469,1.52469,1.52469,1.51403,1.51403,1.51403,1.50351,1.50351,1.50351,1.50665,1.50665,1.50665,1.50546,1.50546,1.50546,1.4989,1.4989,1.4989,1.48176,1.48176,1.48176,1.47531,1.47531,1.47531,1.45584,1.45584,1.45584,1.46252,1.46252,1.46252,1.44922,1.44922,1.44922,1.45541,1.45541,1.45541,1.44481,1.44481,1.44481],"sampleSize":120629946,"asOf":"2026-09-15T21:40:47.699Z","headline":"GNS posts the lowest p/f ratio at 1.445x (p50, 24h) on Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live.","quote":"GNS posts the lowest p/f ratio at 1.445x (p50, 24h) on Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-pf-ratio).","cite":{"plain":"OpenChainBench. \"Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live\". Retrieved 2026-09-15. https://openchainbench.com/benchmarks/perp-pf-ratio","bibtex":"@misc{ocb_perp_pf_ratio,\n  author = {OpenChainBench},\n  title  = {Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-pf-ratio},\n  note   = {Retrieved 2026-09-15}\n}","apa":"OpenChainBench. (2026). Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live. Retrieved September 15, 2026, from https://openchainbench.com/benchmarks/perp-pf-ratio","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-pf-ratio\r\nY2  - 2026-09-15\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) and Paradex (DIME) have listed tokens and are ranked. DeFiLlama's fee adapter reports very low fees for Paradex, which inflates its multiple; treat that row with caution until the adapter is fixed upstream.","Poll cadence: DeFiLlama and CoinGecko every 60 minutes. Prometheus scrapes :2112/metrics every 60s."],"license":"CC-BY-4.0"}