Perp DEX volume to open interest: 24h turnover per dollar of OI, live
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.
TL;DR. As of , Aevo posts the lowest volume / OI (24h) at 0.314x (p50, 24h) across 22 ranked venues. Source: OpenChainBench, https://openchainbench.com/benchmarks/perp-volume-oi-ratio.
Read this carefully
The ratio is a screen, not a verdict. Both terms are the venue's own figures (24h volume and open interest as each API reports them, in USD), so a venue that counts both legs of a fill moves its ratio without changing anything real. A very low ratio (Ostium, 0.2x) means positions held for days on thin daily volume; a very high one (Kalshi, above 40x) means a day of trading dwarfs what stays open. The bands in the methodology say what each range usually means.
Volume is the number every perp DEX leaderboard sorts by, and the one easiest to manufacture: points programs, maker rebates and self-matched flow all inflate it. Open interest is harder to fake, because a position has to be collateralised and held. The ratio of the two says how much of the reported volume is backed by positions that exist at the end of the day. Binance and Bybit historically run at about 1x to 2x on the majors; Hyperliquid at 0.5x with a large, sticky open interest; a venue at 8x or 40x is turning its book over many times a day. This page publishes the ratio for 22 venues from the same volume and open-interest gauges the /perps hub shows, refreshed every minute, with a 24-hour average so a single print does not move the board. It is the screen to read before believing a volume ranking.
Methodology
For every venue in the perp cohort the harness publishes perp_venue_volume_24h_usd (24h traded notional from the venue's own API) and perp_venue_oi_usd (open interest in USD, from the venue's API or, for GMX v2, from DefiLlama). The bench divides the 24h time average of the first by the 24h time average of the second. The result is the number of times a venue turned its open interest over in a day. Venues where one of the two series is missing (Vest publishes no open interest) are left out rather than shown at zero. The ranking sorts ascending so the venues whose volume is most position-backed read first, but the interesting reading is the distribution: order-book venues with real holders cluster between 0.3x and 3x, oracle and pool venues between 1x and 4x, and outliers above 8x are where the volume figure deserves a second look.
Results: 22 venues ranked by Volume / OI (24h) (p50, 24h)
| № | Venues | p50 | Success |
|---|---|---|---|
| 1 | Aevo | 0.314x | 83.02% |
| 2 | Ostium | 0.358x | 99.99% |
| 3 | Paradex | 0.487x | 99.99% |
| 4 | Hyperliquid | 0.593x | 100.00% |
| 5 | trade.xyz | 0.627x | 79.94% |
| 6 | Gains | 0.972x | 99.94% |
| 7 | GRVT | 1.028x | 83.12% |
| 8 | Aster | 1.235x | 99.99% |
| 9 | dYdX v4 | 1.316x | 99.97% |
| 10 | Polymarket | 1.719x | 80.00% |
| 11 | Ondo Perps | 1.754x | 80.00% |
| 12 | ApeX Omni | 2.37x | 79.62% |
| 13 | Nado | 2.39x | 83.33% |
| 14 | Lighter RH | 2.57x | 80.00% |
| 15 | edgeX | 2.62x | 98.57% |
| 16 | Lighter | 2.72x | 99.93% |
| 17 | GMX v2 | 3.05x | 90.80% |
| 18 | Jupiter Perps | 3.21x | 80.00% |
| 19 | Extended | 3.41x | 99.27% |
| 20 | Pacifica | 8.11x | 99.90% |
| 21 | StandX | 8.51x | 80.00% |
| 22 | Kalshi | 40.5x | 80.00% |
Frequently asked
What does a volume to open interest ratio of 2x mean?
That the venue traded twice its open interest in 24 hours. If $1B of positions are open and $2B changed hands, the ratio is 2x. Order-book venues with real position holders usually sit between 0.3x and 3x; higher means most of the day's volume was opened and closed within the day.
Is a high ratio proof of wash trading?
No. It is a screen. Incentive programs, maker rebates, market-maker inventory recycling and a retail flow that day-trades all push the ratio up without self-matching. A ratio far above the cohort, sustained, is where to look; the bench publishes the number and the bands, not a verdict.
Why does the ranking put the lowest ratio first?
Because the question the bench answers is which venues' volume is backed by positions that exist at the end of the day. The rank is one reading; a very low ratio can also mean a venue where positions sit for days on thin volume (Ostium). The bands in the methodology are the second reading.
Where do volume and open interest come from?
From each venue's own public API through the perp-cohort-stats harness: Hyperliquid metaAndAssetCtxs, Lighter exchangeStats and orderBookDetails, Aster ticker/24hr and openInterest, dYdX perpetualMarkets, Kalshi margin/markets, and so on, every 60 seconds. GMX v2 open interest comes from DefiLlama. The per-venue formula on each row names the source.
Why are Vest, SynFutures and KiloEx missing?
Vest publishes no open interest on its API; SynFutures and KiloEx are read through CoinGecko, which carries volume only. Without a denominator the ratio would be undefined, so those venues are left out rather than shown at zero.
Source code github.com/ChainBench/OpenChainBench/tree/main/harnesses/perp-cohort-stats