Perp DEX open interest, live USD notional ranked
Live aggregate open interest in USD across major decentralized perpetual futures venues. Higher means more notional sits open. Read live from each venue's public API.
This benchmark ranks the major onchain perp venues by aggregate open interest, in USD. Open interest is the canonical depth-of-market number for perpetual futures: it tells you how much notional sits open right now, on every market, on a given venue. We poll each venue's public API every 5 minutes, sum open interest across all listed perps, and publish one gauge per venue. Hyperliquid, Lighter, GMX v2 and gains.trade are the cohort. Headline number is the 24h average of the live OI gauge so a single noisy print does not move the ranking.
Methodology
The bench polls four perp DEX venues every 5 minutes for live open interest and exposes a USD-aggregated gauge per venue. Sources: Hyperliquid info metaAndAssetCtxs (openInterest per asset, summed in USD), Lighter orderBookDetails (open interest per market), GMX Subsquid synthetics-arbitrum (openInterest by market), gains.trade onchain reads aggregated by indexer. Each value carries a freshness timestamp and a health gauge so a stale or errored venue does not poison the leaderboard. Higher is better.
Frequently asked
What does this benchmark measure?
The live aggregate open interest of major perp DEX venues in USD. Headline is the 24h average of the live OI gauge so single prints do not skew the ranking.
How is open interest different from volume?
Volume counts every trade that crosses the book during a window. Open interest counts notional that currently sits open, regardless of when it was opened. A high-volume venue with high turnover can carry lower OI than a slower venue with sticky positions.
Why these four venues?
Hyperliquid, Lighter, GMX v2 and gains.trade are the cohort whose public APIs expose open interest cleanly enough to compare without backfilling. Other venues join as their endpoints document the same series.
Is OI a good proxy for venue health?
It is one of the cleanest. A venue can spike volume with wash trading or incentive programs, but real OI is harder to fake because it ties up margin. Compared against perp-volume-share, persistent OI dominance signals real position-holding flow rather than turnover.
Source code github.com/ChainBench/OpenChainBench/tree/main/benchmarks/perp-open-interest.yml