Perp DEX price to fees ratio 2026: Hyperliquid, Aster, Lighter, GMX, GNS live
Trading| Provider | P/F ratio | FDV / fees | P/S | Fees 30d | Revenue 30d | Float | Open interest | Fees / OI |
|---|---|---|---|---|---|---|---|---|
| edgeX | 3.33x | 9.51x | 4.61x | $4.95M | $3.57M | 35.0% | $585.72M | 0.103x |
| JUP | 2.97x | 6.15x | 8.36x | $20.51M | $7.30M | 48.4% | $33.49M | 7.45x |
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.