Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live
Trading| Provider | P/F ratio | FDV / fees | Fees 30d | Float | Open interest | Fees / OI |
|---|---|---|---|---|---|---|
| AVNT | 12.2x | 34.4x | $229.3K | 35.3% | $14.31M | 0.195x |
| dYdX | 25.4x | 28.7x | $287.4K | 88.3% | $31.89M | 0.110x |
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.