Perp DEX volume share, live 24h notional ranked
TradingHyperliquid
Trails$7.77B
- p99
- $9.71B
- rank
- #2
- samples
- 2,880
trade.xyz
Leads$8.31B
- p99
- $10.11B
- rank
- #1
- samples
- 2,880
24h perp volume
Hyperliquidn/atrade.xyzn/a
Hyperliquid vs trade.xyz
Hyperliquid leads on 3 of 4 shared benchmarks, trade.xyz on 1. Hyperliquid wins on Most tradable markets on a perp DEX, live count per venue (179 vs 120), Perp DEX asset breadth (160 vs 120), Perp DEX volume to open interest (0.754x vs 1.899x). trade.xyz wins on Perp DEX volume share, live 24h notional ranked ($8.31B vs $7.77B). Data as of 2026-11-07 UTC.
Hyperliquid
Onchain perp DEX on the Hyperliquid L1. Fully onchain orderbook with sub-second matching, no off-chain matching engine.
trade.xyz
trade.xyz operates the largest HIP-3 builder-deployed dex on Hyperliquid: 70+ tokenized US equity, index, and commodity perp markets under the xyz namespace, collecting a deployer fee on every fill.
Side by side measurements
Most tradable markets on a perp DEX, live count per venue
TradingHyperliquid
Leads179
- p99
- 179
- rank
- #6
- samples
- 2,880
trade.xyz
Trails120
- p99
- 120
- rank
- #10
- samples
- 2,880
Active markets
Hyperliquidn/atrade.xyzn/a
Perp DEX asset breadth: non-crypto markets live, stocks + indices + forex + commodities
TradingHyperliquid
Leads160
- p99
- 160
- rank
- #1
- samples
- 2,880
trade.xyz
Trails120
- p99
- 120
- rank
- #4
- samples
- 2,880
Non-crypto markets
Hyperliquidn/atrade.xyzn/a
Counts reflect each venue's live market catalog at query time, mainnet only. The asset class comes from the venue's own metadata where it publishes one; Hyperliquid HIP-3 dexes and dYdX publish none, so their symbols are matched against the crypto markets the other venues list and a fixed table of forex, commodity and index names. Tokenized gold (PAXG, XAUT) is a crypto token and is not counted. A market counts once whether it trades 24/7 or only during exchange hours.
Perp DEX volume to open interest: 24h turnover per dollar of OI, live
TradingHyperliquid
Leads0.754x
- p99
- 0.942x
- rank
- #5
- samples
- 2,880
trade.xyz
Trails1.899x
- p99
- 2.31x
- rank
- #11
- samples
- 2,880
Volume / OI (24h)
Hyperliquidn/atrade.xyzn/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
Hyperliquid vs trade.xyz: which one is better?
Hyperliquid and trade.xyz are compared on 4 shared OpenChainBench benchmarks. Hyperliquid leads on Most tradable markets on a perp DEX, live count per venue. trade.xyz leads on Perp DEX volume share, live 24h notional ranked. See the live table on this page for every metric.
Which has the higher active markets, Hyperliquid or trade.xyz?
On the Most tradable markets on a perp DEX, live count per venue benchmark, Hyperliquid leads at 179 versus trade.xyz at 120. Live measurement is updated continuously by the OpenChainBench harness.
Which has the higher 24h perp volume, Hyperliquid or trade.xyz?
On the Perp DEX volume share, live 24h notional ranked benchmark, trade.xyz leads at $8.31B versus Hyperliquid at $7.77B. Live measurement is updated continuously by the OpenChainBench harness.
How is the Hyperliquid vs trade.xyz 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.