Perp DEX asset breadth: non-crypto markets live, stocks + indices + forex + commodities
Number of tradable non-crypto perpetual markets per venue: tokenized stocks and ETFs, equity indices, forex pairs and commodities. Higher means broader coverage beyond BTC, ETH and SOL. Read from each venue's own market catalog and asset tags every 60 seconds across 16 venues, including Hyperliquid HIP-3, Extended, Aster, Ostium, Gains and Lighter.
TL;DR. As of , Hyperliquid leads non-crypto markets at 160 (24h) across 16 ranked venues. Source: OpenChainBench, https://openchainbench.com/benchmarks/perp-asset-breadth.
Read this carefully
Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.
Most perp DEX comparisons measure fees, funding and volume on BTC and ETH. They skip a structural question: which venues let you trade something that is not a crypto token? Since 2025 the answer has moved fast. Hyperliquid's HIP-3 deployers list US and Asian equities, gold, oil and index perps under names like xyz:TSLA or mkts:US500; Extended and Aster carry over a hundred stock perps each; Ostium is built around forex, indices and commodities; Ondo Perps lists equities and ETFs; Gains and Lighter have had forex and stocks for longer. This benchmark counts the live non-crypto perpetual markets on 16 venues, split into stocks (equities, ADRs, ETFs, pre-IPO synthetics), indices, forex and commodities, from each venue's own catalog, refreshed every minute. A trader who wants leveraged exposure to NVDA, the S&P 500, EUR/USD or gold without a broker can read here which venues list it and how deep each catalog goes.
Methodology
Every 60 seconds the perp-cohort-stats harness reads each venue's market catalog through the same native calls that feed its volume and open interest gauges, buckets every active market into one of five classes (crypto, stocks, indices, forex, commodities) and publishes perp_venue_markets_by_class{venue,class} together with the non-crypto total, perp_venue_noncore_markets_total{venue}. The bench ranks venues on that total. The class comes from the venue's own metadata when it exists: Extended's category and subCategory, Paradex's RWA tag, Aster's underlyingSubType (STOCK, ETF, Commodities, USD1-RWA), Ostium's pair group, Ondo's tags, and Gains' pair groups. Lighter, Hyperliquid's HIP-3 dexes (xyz, para, mkts, io and the others returned by the perpDexs call) and dYdX publish no class, so their symbols go through a fixed table of forex codes, commodity references and index names; a symbol not in the table counts as a stock on a HIP-3 dex and as crypto on Lighter and on dYdX, which carries an explicit list of its non-crypto tickers (EUR, TRY, WTI, XAG, TSLAX). GMX v2 is read from its synthetic token list, where gold, silver, WTI, Brent, natural gas, SPY, QQQ and a SpaceX pre-IPO synthetic sit next to the crypto markets. Sector and country ETFs count as stocks; the ETFs that track an index (SPY, QQQ, IWM) count as indices on every venue. Delisted, disabled and testnet markets are excluded.
- Cadence: every 60 seconds, one class count per venue per tick. Hyperliquid's HIP-3 dex list and Aster's exchangeInfo are refreshed every 10 minutes; the other catalogs are read on every tick.
- Classes: stocks (listed equities, ADRs, sector and country ETFs, pre-IPO synthetics such as OpenAI or SpaceX), indices (S&P 500, Nasdaq 100, KOSPI 200, Nikkei 225, US Treasuries, and the ETFs that track one: SPY, QQQ, IWM), forex (EUR/USD, USD/JPY, GBP/USD...), commodities (gold, silver, platinum, copper, WTI, Brent, natural gas). The ranking metric is the sum of the four; crypto is published for context in perp_venue_markets_by_class.
- Hyperliquid: POST /info perpDexs lists the HIP-3 deployer dexes, POST /info meta with dex=<name> returns each dex's universe. Core universe markets are crypto.
- Hyperliquid HIP-3 symbols: crypto when any cohort venue lists the symbol as a crypto market (the core universe, Lighter, Aster, Extended, Paradex, dYdX, Ondo; xyz:BOT is a token also listed on Lighter) or when it is a crypto index (TOTAL2, OTHERS, BTC dominance); forex, commodity or index when the fixed table says so; a stock otherwise.
- Extended: GET /api/v1/info/markets, category RWA with subCategory Equity, Commodity, FX, ETF/Index or Pre-market. ETF/Index is split per symbol (SPX500m, JP225, KR200 are indices, EWY or SOXL are sector and country ETFs and count as stocks). A Crypto-category commodity such as PAXG stays crypto.
- Aster: GET /fapi/v1/exchangeInfo underlyingSubType. STOCK counts as stocks, Commodities as commodities, ETF and USD1-RWA are split per symbol (SPXUSDT is an index, XAUUSD1 a commodity). Linear USDT and USDC pairs only.
- Paradex: GET /markets tags. RWA-tagged perps are split per symbol into commodities (XAU, XAG, XPT, XCU, CL, NG, BZ), indices (US500, US100) and stocks (the rest). Options and dated futures are excluded.
- Ostium: pair group from the Ormi subgraph (crypto, forex, stocks, etf, indices, commodities); etf is split per symbol (URA, XLE, TLT count as stocks). Pairs with a last trade price only.
- Ondo Perps: GET /v1/perps/contracts tags (Crypto, Stock, ETF, Commodity, Index, FX), enabled perpetual contracts only; ETF is split per symbol (SPY and QQQ count as indices, EWY, SOXL, URNM as stocks).
- dYdX v4: GET /v4/perpetualMarkets, ACTIVE markets. The indexer publishes no asset class and its tickers collide with the table (SPX-USD is the SPX6900 token, GME-USD a token), so a reviewed list marks EUR-USD and TRY-USD as forex, WTI-USD and XAG-USD as commodities, TSLAX-USD (xStocks TSLA) as a stock; everything else is crypto.
- Gains: the pair groups of its Arbitrum trading variables (forex, forex-minor and forex-exotic are forex; stocks-1 to 3 are stocks; indices; commodities-1 and 2; the three crypto groups are crypto), delisted pairs (max leverage 0.001x) left out. Read from Mobula's perp catalog until Mobula deprecated it on 2026-10-12.
- Lighter publishes no class, so its symbols take the class another venue tags them with, then the fixed tables; a symbol no venue tags counts as crypto, so a pre-IPO synthetic only Lighter lists is undercounted, never invented. Read from Mobula's perp catalog until 2026-10-12.
- GMX v2: GET arbitrum-api.gmxinfra.io/tokens, synthetic tokens matched against the table (GOLD, SILVER, WTIOIL, BRENTOIL, NATGAS are commodities, SPY and QQQ indices) plus a reviewed list for the equity synthetics the table cannot recognise (SPCX, SpaceX pre-IPO). MEGA (MegaETH) and SPX6900 stay crypto.
- A venue whose catalog call fails on a tick keeps its previous count; the per-source error counter records the failure. Counts are not sampled, so p50, p90 and p99 read the same live value.
Results: 16 venues ranked by Non-crypto markets (24h)
| № | Venues | Value |
|---|---|---|
| 1 | Hyperliquid | 160 |
| 2 | Extended | 137 |
| 3 | Aster | 124 |
| 4 | trade.xyz | 120 |
| 5 | Lighter | 89 |
| 6 | Vest | 75 |
| 7 | Ostium | 74 |
| 8 | Ondo Perps | 64 |
| 9 | Gains | 55 |
| 10 | Lighter RH | 46 |
| 11 | ApeX Omni | 41 |
| 12 | Paradex | 23 |
| 13 | Kalshi | 13 |
| 14 | GMX | 8 |
| 15 | dYdX v4 | 0 |
| 16 | Papertrade | 0 |
Frequently asked
What counts as a non-crypto market?
A perpetual whose underlying is not a crypto token: a stock or ETF (AAPL, TSLA, NVDA, EWY), an equity or rates index or the ETF that tracks one (S&P 500, SPY, Nasdaq 100, QQQ, KOSPI 200, US Treasuries), a forex pair (EUR/USD, USD/JPY) or a commodity (gold, silver, platinum, copper, WTI, Brent, natural gas). Tokenized gold such as PAXG or XAUT is an onchain token and stays in the crypto class.
Where does the asset class come from?
From the venue itself whenever it publishes one: Extended's category and subCategory, Paradex's RWA tag, Aster's underlyingSubType, Ostium's pair group, Ondo's tags, Gains' pair groups. Lighter, Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against a fixed table of forex codes, commodity references and index names, and dYdX carries a reviewed list of its five non-crypto tickers.
Why does Hyperliquid rank high when its own perps are crypto-only?
Because HIP-3 lets third-party deployers list perps on Hyperliquid's orderbook under a namespaced symbol (xyz:TSLA, mkts:US500, para:AVGO). Those markets settle on the same HyperBFT engine and are reachable from the same account, so the bench counts them as Hyperliquid markets. The core universe (BTC, ETH, SOL and the other core coins) contributes zero to the non-crypto count.
Does a market count if it only trades during exchange hours?
Yes. Most stock and index perps on Extended, Aster and Hyperliquid HIP-3 trade 24/5 or follow the underlying exchange session; the bench counts listed markets, not open ones, so a Saturday reading equals a Tuesday reading. Execution conditions during closed sessions are outside this bench.
How often does the count change?
Every venue's catalog is re-read every 60 seconds (Hyperliquid's dex list and Aster's exchangeInfo every 10 minutes), so a new listing shows within one or two polling cycles. A delisting moves the count down the same way.
Why is edgeX not in the ranking?
edgeX lists stock, index and commodity perps (XAU, CL, SPY, QQQ, AAPL...) but its contract metadata carries no asset class, and its catalog mixes tickers that the fixed table cannot separate from crypto symbols. It joins the ranking once a reliable class source exists.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats