Perp DEX volume share, live 24h notional ranked
TradingHyperliquid
Leads$5.14B
- p99
- $6.08B
- rank
- #1
- samples
- 2,880
ORDER
Trails$28.92M
- p99
- $45.30M
- rank
- #17
- samples
- 2,880
24h perp volume
Hyperliquidn/aORDERn/a
Hyperliquid vs ORDER
Hyperliquid leads on 2 of 3 shared benchmarks, ORDER on 1. Hyperliquid wins on Perp DEX volume share, live 24h notional ranked ($5.14B vs $28.92M), Perp DEX daily volume 2026 ($5.75B vs $45.30M). ORDER wins on Perp DEX price to fees (8.74x vs 19.2x). Data as of 2026-10-06 UTC.
Hyperliquid
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
ORDER
Orderly Network is a permissionless liquidity layer for on-chain perpetuals. Front-ends (including WOOFi Pro) route orders through a shared CLOB infrastructure deployed across Arbitrum, Optimism, Polygon, Base and other chains.
Daily perp volume, head to head
Perpetual notional per closed UTC day, the DeFiLlama day buckets, read from each venue's own data. Ribbon under the bars marks which venue printed more that day.
7d lead
Hyperliquid
$38.01B vs $405M
30d lead
Hyperliquid
$183.45B vs $1.39B
Days led, last 30
30 / 0
Hyperliquid / ORDER
Current streak
90 days
Hyperliquid since Jul 8, 2026
HyperliquidORDER
UTC days, one side per trade
Hyperliquid volume ÷ ORDER volume, week by week
The ratio of the two venues' seven-day perp volume, in percent; a window is shown only when both sides have every day closed. 100% is parity. The dashed line is the median of the weeks shown; the last window is the 7d tile above.
9384.8% · week to 5 Oct · median 10169.8%
Hyperliquid ÷ ORDER, seven-day windows ending on the last closed day
29 Sep to 5 Oct
| Hyperliquid ÷ ORDER | 9384.8% |
| vs median | -785.0pt |
| = Hyperliquid volume | $38.01B |
| ÷ ORDER volume | $405.0M |
| Window | Hyperliquid | ORDER | Hyperliquid / ORDER |
|---|---|---|---|
| Last closed day (Oct 5, 2026) | $5.75B | $45.3M | 12700% |
| Last 7 days | $38.01B | $405M | 9385% |
| Last 30 days | $183.45B | $1.39B | 13158% |
Sources: Hyperliquid, Hyperliquid info candleSnapshot 1h over the main dex, base volume x hourly mean price; matches the exchange's own dayNtlVlm, HIP-3 dexs published as a separate row. ORDER, Orderly Network md/volume/daily_stats, all chains. Days where either venue has not closed are left blank rather than counted as zero. Last closed day common to both: Oct 5, 2026. Methodology and every venue on bench 266.
Side by side measurements
Perp DEX price to fees: what the market pays per dollar of trading fees
Trading| Provider | P/F ratio | FDV / fees | Fees 30d | Float | Open interest | Fees / OI |
|---|---|---|---|---|---|---|
| Hyperliquid | 19.2x | 82.3x | $89.00M | 23.3% | $8.56B | 0.127x |
| ORDER | 8.74x | 21.2x | $148.2K | 41.1% | $18.87M | 0.096x |
View
Hyperliquidn/aORDERn/a
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.
Perp DEX daily volume 2026: Hyperliquid, Aster, Lighter, GMX, Gains, dYdX by UTC day, backfilled
Trading| Provider | Daily perp volume | Volume 30d | Share 30d |
|---|---|---|---|
| Hyperliquid | $5.75B | $183.45B | 50.0% |
| ORDER | $45.30M | $1.39B | 0.38% |
View
Hyperliquidn/aORDERn/a
Volume is self-reported by each venue's public data surface and counted per UTC day, one side of each trade. Perimeters differ slightly per venue and are stated in the ledger notes. A closed day can be restated by a venue for one to two days; the harness re-reads the last three days every hour. Not a measure of organic flow: incentive programs and wash trading inflate notional on every venue.
Frequently asked questions
Hyperliquid vs ORDER: which one is better?
Hyperliquid and ORDER are compared on 3 shared OpenChainBench benchmarks. Hyperliquid leads on Perp DEX volume share, live 24h notional ranked. ORDER leads on Perp DEX price to fees. See the live table on this page for every metric.
Which has the higher 24h perp volume, Hyperliquid or ORDER?
On the Perp DEX volume share, live 24h notional ranked benchmark, Hyperliquid leads at $5.14B versus ORDER at $28.92M. Live measurement is updated continuously by the OpenChainBench harness.
Which has the lower p/f ratio, Hyperliquid or ORDER?
On the Perp DEX price to fees benchmark, ORDER leads at 8.74x versus Hyperliquid at 19.2x. Live measurement is updated continuously by the OpenChainBench harness.
How is the Hyperliquid vs ORDER 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.
Related comparisons
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.