{"slug":"perp-volume-oi-ratio","title":"Perp DEX volume to open interest: 24h turnover per dollar of OI, live","subtitle":"24h traded notional divided by open interest, per venue. A ratio of 1.0x means the venue trades its whole open interest once a day. Order-book venues with real position holders sit between 0.3x and 3x; a ratio far above that means volume that no open position backs (incentive farming, wash trading, or a very short-horizon retail flow). Lower ranks first; read the bands, not the rank alone.","category":"Trading","metric":"Volume / OI (24h)","unit":"x","status":"live","higherIsBetter":false,"filters":null,"value":0.271152,"leader":{"name":"Aevo","slug":"aevo","value":0.271152},"leaders":[{"name":"Aevo","slug":"aevo","value":0.271152}],"rankings":[{"name":"Aevo","slug":"aevo","ms":{"p50":0.271152,"p90":0.49227,"p99":0.507747,"mean":0.271152},"successRate":83.02040000000001,"sampleSize":2876},{"name":"Ostium","slug":"ostium","ms":{"p50":0.388823,"p90":0.565868,"p99":0.577995,"mean":0.388823},"successRate":99.9861,"sampleSize":2876},{"name":"Paradex","slug":"paradex","ms":{"p50":0.478368,"p90":0.537096,"p99":0.562258,"mean":0.478368},"successRate":99.9884,"sampleSize":2876},{"name":"trade.xyz","slug":"trade-xyz","ms":{"p50":0.61415,"p90":0.69754,"p99":0.700705,"mean":0.61415},"successRate":79.9444,"sampleSize":2876},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.616657,"p90":0.758645,"p99":0.76396,"mean":0.616657},"successRate":100,"sampleSize":2876},{"name":"Gains","slug":"gains","ms":{"p50":0.965901,"p90":1.09778,"p99":1.12481,"mean":0.965901},"successRate":99.9444,"sampleSize":2876},{"name":"GRVT","slug":"grvt","ms":{"p50":1.02491,"p90":1.05406,"p99":1.06375,"mean":1.02491},"successRate":83.14789999999999,"sampleSize":2860},{"name":"Aster","slug":"aster","ms":{"p50":1.26594,"p90":1.50474,"p99":1.54936,"mean":1.26594},"successRate":99.9884,"sampleSize":2876},{"name":"dYdX v4","slug":"dydx","ms":{"p50":1.30125,"p90":1.48004,"p99":1.62672,"mean":1.30125},"successRate":99.9652,"sampleSize":2876},{"name":"Ondo Perps","slug":"ondo","ms":{"p50":1.70695,"p90":2.01008,"p99":2.03379,"mean":1.70695},"successRate":80,"sampleSize":2876},{"name":"Polymarket","slug":"polymarket","ms":{"p50":1.73434,"p90":1.87678,"p99":1.91426,"mean":1.73434},"successRate":80,"sampleSize":2876},{"name":"Nado","slug":"nado","ms":{"p50":2.38871,"p90":4.42177,"p99":4.59933,"mean":2.38871},"successRate":83.3333,"sampleSize":2876},{"name":"ApeX Omni","slug":"apex","ms":{"p50":2.40567,"p90":2.52736,"p99":2.5385,"mean":2.40567},"successRate":79.6662,"sampleSize":2860},{"name":"Lighter RH","slug":"lighter-rh","ms":{"p50":2.58351,"p90":2.72846,"p99":2.76547,"mean":2.58351},"successRate":80,"sampleSize":2876},{"name":"edgeX","slug":"edgex","ms":{"p50":2.65121,"p90":2.90008,"p99":2.94253,"mean":2.65121},"successRate":98.615,"sampleSize":2805},{"name":"Lighter","slug":"lighter","ms":{"p50":2.78252,"p90":3.1761,"p99":3.23511,"mean":2.78252},"successRate":99.9305,"sampleSize":2876},{"name":"GMX v2","slug":"gmx-v2","ms":{"p50":3.07277,"p90":3.48701,"p99":3.5616,"mean":3.07277},"successRate":92.4965,"sampleSize":2876},{"name":"Jupiter Perps","slug":"jupiter","ms":{"p50":3.20928,"p90":3.76766,"p99":3.88263,"mean":3.20928},"successRate":80,"sampleSize":2876},{"name":"Extended","slug":"extended","ms":{"p50":3.68409,"p90":5.5509,"p99":5.59993,"mean":3.68409},"successRate":98.36580000000001,"sampleSize":2872},{"name":"Pacifica","slug":"pacifica","ms":{"p50":8.05114,"p90":8.21728,"p99":8.26296,"mean":8.05114},"successRate":99.8957,"sampleSize":2876},{"name":"StandX","slug":"standx","ms":{"p50":8.68764,"p90":9.15985,"p99":9.22724,"mean":8.68764},"successRate":80,"sampleSize":2876},{"name":"Kalshi","slug":"kalshi","ms":{"p50":40.4055,"p90":43.5691,"p99":44.0876,"mean":40.4055},"successRate":80,"sampleSize":2876}],"sparkline":[0.590482,0.595953,0.599252,0.60195,0.603977,0.605164,0.606321,0.607934,0.612753,0.575624,0.330896,0.254701,0.258113,0.261531,0.262415,0.265379,0.268138,0.270247,0.272493,0.273905,0.275721,0.277385,0.277806,0.275835,0.276396,0.276245,0.278431,0.27792,0.276064,0.275488,0.27762,0.288563,0.288372,0.289023,0.291735,0.28951,0.287608,0.3026,0.321751,0.324463,0.323046,0.325378,0.326736,0.323568,0.321826,0.321546,0.322514,0.319902,0.316433,0.317743,0.317232,0.316381,0.316655,0.157686,0.157829,0.158147,0.157248,0.157036,0.155317,0.15355,0.152128,0.150417,0.149632,0.148373,0.148249,0.147605,0.146241,0.150609,0.150421,0.149383,0.148613,0.14684],"sampleSize":63165,"asOf":"2026-09-24T01:37:28.228Z","freshness":{"asOf":"2026-09-24T01:37:28.228Z","ageHours":0,"stale":false},"measured":22,"ranked":22,"headline":"Aevo posts the lowest volume / OI (24h) at 0.271x (p50, 24h) across 22 ranked venues.","quote":"Aevo posts the lowest volume / OI (24h) at 0.271x (p50, 24h) across 22 ranked venues. Source: OpenChainBench (https://openchainbench.com/benchmarks/perp-volume-oi-ratio).","cite":{"plain":"OpenChainBench. \"Perp DEX volume to open interest: 24h turnover per dollar of OI, live\". Retrieved 2026-09-24. https://openchainbench.com/benchmarks/perp-volume-oi-ratio","bibtex":"@misc{ocb_perp_volume_oi_ratio,\n  author = {OpenChainBench},\n  title  = {Perp DEX volume to open interest: 24h turnover per dollar of OI, live},\n  year   = {2026},\n  url    = {https://openchainbench.com/benchmarks/perp-volume-oi-ratio},\n  note   = {Retrieved 2026-09-24}\n}","apa":"OpenChainBench. (2026). Perp DEX volume to open interest: 24h turnover per dollar of OI, live. Retrieved September 24, 2026, from https://openchainbench.com/benchmarks/perp-volume-oi-ratio","ris":"TY  - GEN\r\nAU  - OpenChainBench\r\nTI  - Perp DEX volume to open interest: 24h turnover per dollar of OI, live\r\nPY  - 2026\r\nUR  - https://openchainbench.com/benchmarks/perp-volume-oi-ratio\r\nY2  - 2026-09-24\r\nER  - \r\n"},"pageUrl":"https://openchainbench.com/benchmarks/perp-volume-oi-ratio","ogImage":"https://openchainbench.com/api/og/perp-volume-oi-ratio","source":"https://github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats","methodology":["Cadence: both gauges come from the perp-cohort-stats harness (every 60 seconds, one native call per venue); the ratio is computed in PromQL at query time from 24h time averages.","Ratio = avg_over_time(perp_venue_volume_24h_usd[24h]) / avg_over_time(perp_venue_oi_usd[24h]), per venue. Volume is the venue's own rolling 24h notional; OI is the venue's own USD open interest (GMX v2: DefiLlama).","Bands: 0.3x to 3x is the range of order-book venues with real position holders (Hyperliquid 0.5x, dYdX 1.3x, Lighter 2.5x on 2026-09-22); 1x to 4x for pool and oracle venues (Gains 1.4x, GMX v2 4.0x); above 8x the daily volume is many multiples of what stays open (Pacifica 8.5x, Kalshi 41x).","Venues without one of the two series are excluded: Vest publishes no open interest; SynFutures, KiloEx, Orderly and Backpack publish no OI to the harness.","Both terms are as the venue reports them. A venue counting both legs of every fill doubles its ratio against one that counts one; the bench does not normalise that, the venue formula on each row says what the API returns.","Ranking sorts ascending (lower is first) so the venues whose volume is most backed by open positions lead; the subtitle and the bands are the reading, not the rank alone.","A one-print spike does not move the board: both terms are 24h time averages of gauges sampled every minute."],"license":"CC-BY-4.0"}