{"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":0.0671819,"leader":{"name":"Aevo","slug":"aevo","value":0.0671819},"leaders":[{"name":"Aevo","slug":"aevo","value":0.0671819}],"rankings":[{"name":"Aevo","slug":"aevo","ms":{"p50":0.0671819,"p90":0.0758897,"p99":0.079798,"mean":0.0671819},"successRate":82.8125,"sampleSize":2880},{"name":"Ostium","slug":"ostium","ms":{"p50":0.248893,"p90":0.283251,"p99":0.285346,"mean":0.248893},"successRate":99.9861,"sampleSize":2880},{"name":"Hyperliquid","slug":"hyperliquid","ms":{"p50":0.39163,"p90":0.446576,"p99":0.452333,"mean":0.39163},"successRate":99.9884,"sampleSize":2880},{"name":"trade.xyz","slug":"trade-xyz","ms":{"p50":0.510803,"p90":0.544085,"p99":0.556102,"mean":0.510803},"successRate":80,"sampleSize":2880},{"name":"GMX v2","slug":"gmx-v2","ms":{"p50":0.657636,"p90":0.721136,"p99":0.721136,"mean":0.657636},"successRate":99.73610000000001,"sampleSize":2880},{"name":"Paradex","slug":"paradex","ms":{"p50":0.663756,"p90":0.758248,"p99":0.803875,"mean":0.663756},"successRate":99.9884,"sampleSize":2880},{"name":"Polymarket","slug":"polymarket","ms":{"p50":0.727964,"p90":0.813373,"p99":0.82101,"mean":0.727964},"successRate":80,"sampleSize":2880},{"name":"dYdX v4","slug":"dydx","ms":{"p50":0.744087,"p90":0.956662,"p99":0.97823,"mean":0.744087},"successRate":99.9884,"sampleSize":2880},{"name":"GRVT","slug":"grvt","ms":{"p50":0.844383,"p90":0.926943,"p99":0.951785,"mean":0.844383},"successRate":83.2986,"sampleSize":2880},{"name":"Aster","slug":"aster","ms":{"p50":0.94245,"p90":1.12956,"p99":1.1363,"mean":0.94245},"successRate":99.9884,"sampleSize":2880},{"name":"Jupiter Perps","slug":"jupiter","ms":{"p50":1.17985,"p90":1.37496,"p99":1.39516,"mean":1.17985},"successRate":80,"sampleSize":2880},{"name":"Nado","slug":"nado","ms":{"p50":1.64807,"p90":3.39493,"p99":3.57424,"mean":1.64807},"successRate":83.27550000000001,"sampleSize":2880},{"name":"edgeX","slug":"edgex","ms":{"p50":1.67184,"p90":1.90526,"p99":1.92888,"mean":1.67184},"successRate":83.3333,"sampleSize":2880},{"name":"Ondo Perps","slug":"ondo","ms":{"p50":1.87352,"p90":2.04047,"p99":2.06855,"mean":1.87352},"successRate":79.9444,"sampleSize":2880},{"name":"Lighter","slug":"lighter","ms":{"p50":2.47323,"p90":2.60391,"p99":2.66763,"mean":2.47323},"successRate":99.9537,"sampleSize":2880},{"name":"Lighter RH","slug":"lighter-rh","ms":{"p50":2.57484,"p90":2.70557,"p99":2.77281,"mean":2.57484},"successRate":80,"sampleSize":2880},{"name":"Extended","slug":"extended","ms":{"p50":2.65165,"p90":2.74759,"p99":2.78079,"mean":2.65165},"successRate":98.669,"sampleSize":2880},{"name":"ApeX Omni","slug":"apex","ms":{"p50":2.74677,"p90":2.77894,"p99":2.78432,"mean":2.74677},"successRate":80,"sampleSize":2880},{"name":"Pacifica","slug":"pacifica","ms":{"p50":5.23328,"p90":5.56185,"p99":5.62011,"mean":5.23328},"successRate":99.9884,"sampleSize":2880},{"name":"Gains","slug":"gains","ms":{"p50":6.39209,"p90":6.84366,"p99":6.98971,"mean":6.39209},"successRate":79.9722,"sampleSize":2880},{"name":"StandX","slug":"standx","ms":{"p50":9.63695,"p90":9.92616,"p99":9.9905,"mean":9.63695},"successRate":79.88889999999999,"sampleSize":2880},{"name":"Kalshi","slug":"kalshi","ms":{"p50":19.8538,"p90":24.5202,"p99":24.7242,"mean":19.8538},"successRate":80,"sampleSize":2880}],"sparkline":[0.0678213,0.0682506,0.068345,0.0691169,0.0689306,0.0680655,0.0710422,0.0709701,0.0706184,0.0707545,0.0707705,0.0707913,0.0706522,0.0708919,0.0704801,0.0700829,0.0691589,0.0691819,0.0693767,0.0694179,0.0695803,0.0694243,0.0696436,0.0694658,0.0701685,0.0703864,0.0551082,0.0620126,0.0617151,0.0616747,0.061509,0.0612551,0.0612429,0.0610646,0.0611049,0.0612452,0.0605121,0.0606725,0.0597628,0.0589248,0.0590323,0.0592424,0.059183,0.0590128,0.0591475,0.0594031,0.0592883,0.0593137,0.117896,0.0590733,0.0593891,0.0598787,0.0609075,0.0611272,0.0617956,0.0634116,0.0648618,0.0662142,0.0678812,0.0692136,0.0708076,0.0722364,0.073627,0.0744603,0.0749068,0.0757866,0.0763061,0.0756735,0.0765506,0.0778605,0.0780224,0.0788875,0.0797659],"sampleSize":63360,"asOf":"2026-10-06T15:22:28.228Z","freshness":{"asOf":"2026-10-06T15:22:28.228Z","ageHours":0,"stale":false},"measured":22,"ranked":22,"headline":"Aevo posts the lowest volume / OI (24h) at 0.067x (p50, 24h) across 22 ranked venues.","quote":"Aevo posts the lowest volume / OI (24h) at 0.067x (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 2026-10-06. 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 2026-10-06}\n}","apa":"OpenChainBench. (2026). Perp DEX volume to open interest: 24h turnover per dollar of OI, live. Retrieved October 6, 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  - 2026-10-06\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.","Why this ratio does not equal volume over open interest where both are shown beside it: the /capital open-interest table reads the latest value of these same two gauges, and this bench divides their 24-hour averages. Same gauges, same harness, different window, so a venue whose book moved during the day disagrees, by a lot on one that turns over in under an hour. Pages read the ratio from here rather than recomputing it, so one named ratio has one value across the site."],"license":"CC-BY-4.0"}