Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live
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.
TL;DR. As of , GNS posts the lowest p/f ratio at 1.455x (p50, 24h) on Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live. Source: OpenChainBench, https://openchainbench.com/benchmarks/perp-pf-ratio.
Read this carefully
P/F = circulating market cap (CoinGecko) / annualized fees (DeFiLlama dailyFees, trailing 30d x 365/30), on the DeFiLlama parent the token accrues from. Fees include the share paid to liquidity providers; P/S uses protocol revenue only. Low-float tokens show a much higher FDV/F than P/F. Pre-TGE venues are listed unranked with fees and OI, no ratio. A low multiple is not a recommendation.
The price to fees ratio for perp DEX tokens measures how many years of current trading fees the market is paying for. It is the on-chain cousin of a price to sales multiple: market cap on top, annualized fees at the bottom. A low P/F means the token is cheap relative to the fees its venue generates; a high P/F prices in growth, or a token that does not capture the fees. Hyperliquid, Aster and Lighter generate the most absolute fees but carry multi-billion valuations with a quarter to a third of supply in circulation, so their FDV/F runs far above their P/F. GMX and Gains are fully circulating with real fee flow and trade at low single-digit multiples. dYdX and Aster sit at the expensive end on today's fee run rate; Paradex's multiple is inflated by an incomplete DeFiLlama fee adapter. This benchmark tracks the whole table live from DeFiLlama (fees, revenue, open interest) and CoinGecko (market cap, FDV, supply), the same inputs as defillama.com/pf, cut identically for every protocol and refreshed every hour.
Methodology
The perp-token-metrics harness polls DeFiLlama /summary/fees/[slug] for dailyFees and dailyRevenue every hour and cuts the trailing 30, 60 and 365 day windows itself from totalDataChart, so every protocol is annualized the same way (30d sum x 365/30) regardless of which convenience fields its adapter fills. It fetches market cap, fully diluted valuation and circulating vs total supply from CoinGecko /coins/markets in one batch, and open interest from the DeFiLlama open-interest overview. P/F = mcap / annualized fees, FDV/F = FDV / annualized fees, P/S = mcap / annualized revenue. Ratios whose denominator is zero or whose token has no listing are not published, so a missing value never reads as a zero valuation. Gauges are perp_protocol_pf_ratio, perp_protocol_pf_fdv_ratio, perp_protocol_ps_ratio, perp_protocol_fees_30d_usd, perp_protocol_rev_30d_usd, perp_protocol_mcap_usd, perp_protocol_fdv_usd, perp_protocol_float_pct and perp_protocol_oi_usd, one series per protocol.
Frequently asked
What is the price to fees ratio of a perp DEX?
Market cap divided by the fees the venue generates in a year, using the trailing 30 days annualized. It answers how many years of current fee flow the market is paying for. It is the same P/F that defillama.com/pf ranks, computed here per protocol with identical windows and published as a Prometheus series you can query.
Why show both P/F and FDV/F?
P/F uses circulating market cap, so a token with 25 percent of supply in circulation looks four times cheaper than the same token valued on fully diluted supply. FDV/F prices unvested allocations as if they were already trading. Neither is wrong; the float column tells you how far apart they are for each token.
How do fees differ from revenue here?
Fees are everything traders paid, including the share that goes to liquidity providers, vaults or referrers. Revenue is the part that reaches the protocol, its treasury or token holders. Hyperliquid routes almost all fees to HYPE buybacks so its P/F and P/S are close; GMX passes most fees to GLP and GM depositors, so its P/S is well above its P/F.
Why does Jupiter's fee number include more than perps?
JUP is one token for the aggregator, the perps exchange, lending and launchpad. Comparing its market cap against perps fees alone would overstate the multiple. The bench measures every token against the fees of the DeFiLlama parent it accrues from and publishes the perps-only figure separately.
Why are Ostium, Pacifica, Extended, Nado and Decibel listed without a ratio?
They have not launched a token yet, so there is no market cap to divide. They are listed unranked, below the field, with their fees and open interest: that is the fee base a future token would be valued on, and the row gains a ratio the day it lists.
Is a low P/F a buy signal?
No. It can mean the market expects fees to fall, that fees were inflated by incentivized or wash volume, or that the token has no claim on the fees. Read it with the float, the revenue share and the month over month fee trend, then with your own research.
How is this different from bench 234, the perp DEX P/E ratio?
Bench 234 divides FDV by protocol revenue: the strictest multiple, on the money that actually reaches holders. This bench divides market cap by total fees, the broader and more common convention. The same harness computes both from the same inputs every hour.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-token-metrics