{"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":0.95231,"leader":{"name":"GNS","slug":"gains","value":0.95231},"leaders":[{"name":"GNS","slug":"gains","value":0.95231}],"rankings":[{"name":"GNS","slug":"gains","ms":{"p50":0.95231,"p90":0.95231,"p99":0.95231,"mean":0.95231},"successRate":100,"sampleSize":2880},{"name":"GMX","slug":"gmx","ms":{"p50":1.46492,"p90":1.46492,"p99":1.46492,"mean":1.46492},"successRate":100,"sampleSize":2880},{"name":"EDGE","slug":"edgex","ms":{"p50":3.37648,"p90":3.37648,"p99":3.37648,"mean":3.37648},"successRate":100,"sampleSize":2880},{"name":"JUP","slug":"jupiter","ms":{"p50":5.3626,"p90":5.3626,"p99":5.3626,"mean":5.3626},"successRate":100,"sampleSize":2880},{"name":"F (SynFutures)","slug":"synfutures","ms":{"p50":6.35651,"p90":6.35651,"p99":6.35651,"mean":6.35651},"successRate":100,"sampleSize":2880},{"name":"APEX","slug":"apex","ms":{"p50":8.09354,"p90":8.09354,"p99":8.09354,"mean":8.09354},"successRate":100,"sampleSize":2880},{"name":"ORDER","slug":"orderly","ms":{"p50":8.93724,"p90":8.93724,"p99":8.93724,"mean":8.93724},"successRate":100,"sampleSize":2880},{"name":"AVNT","slug":"avantis","ms":{"p50":11.4408,"p90":11.4408,"p99":11.4408,"mean":11.4408},"successRate":100,"sampleSize":2880},{"name":"LIT","slug":"lighter","ms":{"p50":15.2404,"p90":15.2404,"p99":15.2404,"mean":15.2404},"successRate":100,"sampleSize":2880},{"name":"HYPE","slug":"hyperliquid","ms":{"p50":19.0612,"p90":19.0612,"p99":19.0612,"mean":19.0612},"successRate":100,"sampleSize":2880},{"name":"ASTER","slug":"aster","ms":{"p50":31.1359,"p90":31.1359,"p99":31.1359,"mean":31.1359},"successRate":100,"sampleSize":2880},{"name":"DYDX","slug":"dydx","ms":{"p50":37.8387,"p90":37.8387,"p99":37.8387,"mean":37.8387},"successRate":100,"sampleSize":2880},{"name":"DRV","slug":"derive","ms":{"p50":48.6247,"p90":48.6247,"p99":48.6247,"mean":48.6247},"successRate":100,"sampleSize":2880}],"sparkline":[0.955979,0.955979,0.955979,0.9647,0.9647,0.9647,0.967025,0.967025,0.967025,0.970722,0.970722,0.970722,0.977662,0.977662,0.977662,0.977075,0.977075,0.977075,0.981766,0.981766,0.981766,0.975378,0.975378,0.975378,0.979878,0.979878,0.979878,0.979928,0.979928,0.979928,0.992923,0.992923,0.992923,1.02031,1.02031,1.02031,0.966008,0.966008,0.966008,0.988189,0.988189,0.988189,0.971593,0.971593,0.971593,0.96009,0.96009,0.96009,0.959122,0.959122,0.959122,0.947739,0.947739,0.947739,0.966075,0.966075,0.966075,0.963747,0.963747,0.963747,0.956928,0.956928,0.956928,0.955706,0.955706,0.955706,0.95585,0.95585,0.95585,0.95231],"sampleSize":40320,"asOf":"2026-10-06T15:50:47.711Z","freshness":{"asOf":"2026-10-06T15:50:47.711Z","ageHours":0,"stale":false},"measured":14,"ranked":13,"headline":"GNS posts the lowest P/F ratio at 0.952x (24h) across 13 ranked protocols.","quote":"GNS posts the lowest P/F ratio at 0.952x (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 2026-10-06. 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 2026-10-06}\n}","apa":"OpenChainBench. (2026). Perp DEX price to fees: what the market pays per dollar of trading fees. Retrieved October 6, 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  - 2026-10-06\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"}