Most tradable markets on a perp DEX, live count per venue
TradingAevo
Leads238
- p99
- 238
- rank
- #3
- samples
- 2,878
Papertrade
Trails2
- p99
- 2
- rank
- #23
- samples
- 2,878
Active markets
Aevon/aPapertraden/a
Aevo vs Papertrade
Aevo leads on all 3 live benchmarks. Aevo wins on Most tradable markets on a perp DEX, live count per venue (238 vs 2), Perp DEX capital efficiency (16 vs 0.030), Perp DEX volume to open interest (0.117x vs 141.8x). Data as of 2026-10-18 UTC.
Aevo
OP Stack perp DEX with deep options support, event-driven flow.
Papertrade
Synthetic perpetuals on Hyperliquid with two markets, BTC and ETH, at up to 1000x. Positions face a single house LP rather than an order book, and there are no open, close or funding fees.
Side by side measurements
Perp DEX capital efficiency: active markets per $M TVL, live
TradingAevo
Leads16
- p99
- 16
- rank
- #3
- samples
- 2,878
Papertrade
Trails0.030
- p99
- 0.030
- rank
- #12
- samples
- 2,878
Markets per $M TVL
Aevon/aPapertraden/a
TVL from DefiLlama /protocol/{slug} currentChainTvls, excluding staking and pool2 categories. Market count from each venue's native API (same source as the perp-active-markets bench). The ratio reflects architectural choices, not absolute liquidity: a high ratio means the venue can list many markets cheaply, not that each market has deep liquidity. Compare with perp-volume-share for the liquidity angle.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingAevo
Leads0.117x
- p99
- 0.128x
- rank
- #2
- samples
- 2,878
Papertrade
Trails141.8x
- p99
- 200.7x
- rank
- #23
- samples
- 2,878
Volume / OI (24h)
Aevon/aPapertraden/a
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.
Frequently asked questions
Aevo vs Papertrade: which one is better?
Aevo and Papertrade are compared on 3 shared OpenChainBench benchmarks. Aevo leads on Most tradable markets on a perp DEX, live count per venue. See the live table on this page for every metric.
Which has the higher active markets, Aevo or Papertrade?
On the Most tradable markets on a perp DEX, live count per venue benchmark, Aevo leads at 238 versus Papertrade at 2. Live measurement is updated continuously by the OpenChainBench harness.
How is the Aevo vs Papertrade comparison measured?
Every benchmark on this page uses the same open methodology, published at https://openchainbench.com/methodology. Data is CC-BY-4.0. Measurement harnesses are MIT-licensed.
How this pair was selected
Auto-generated pairs require: both providers in the same benchmark for seven consecutive days, at least 1000 samples per provider, observable third-party search demand, and a public /products/[slug] page on OCB. Editorially curated pairs (like this one) may publish early when search demand is high and data is accruing; panels with fewer than 100 samples are shown as provisional. The full pair ledger is versioned in the public repo.