Perpetual decentralized exchanges, commonly known as Perp DEXs, have become the preferred choice for DeFi traders seeking leveraged crypto futures trading. These platforms allow you to trade with leverage without needing to sell your underlying assets, operating 24/7 with non-custodial control. Whether you are refining advanced strategies or exploring new opportunities, 2025 offers a robust selection of perpetual DEXs built for performance and innovation.
Let’s explore the leading platforms that are shaping the future of onchain futures trading.
What Are Perpetual DEXs?
Perpetual DEXs are decentralized exchanges that specialize in perpetual futures contracts. These contracts allow traders to speculate on asset prices with leverage, without an expiration date. Unlike centralized exchanges, Perp DEXs enable users to retain control of their funds while accessing deep liquidity, advanced order types, and community-driven incentives.
Key features often include high leverage options, yield-earning collateral, and rewards programs. Many also incorporate synthetic assets, cross-margin accounts, and gas-efficient transactions across multiple blockchains.
Leading Perpetual Decentralized Exchanges
HyperLiquid: High-Speed Layer 1 Solution
HyperLiquid operates on its own Layer 1 blockchain using a custom HyperBFT consensus mechanism. This allows it to process over 200,000 transactions per second with sub-second block times. The platform uses a central limit order book (CLOB) model, providing near-instant trade execution with zero gas fees for traders.
It supports up to 50x leverage on major cryptocurrencies and has achieved over 60% market share in onchain perpetual futures volume. With over $8 billion in daily trading volume and $536 million in total value locked (TVL), HyperLiquid is a dominant force in the Perp DEX landscape.
The platform’s native token, HYPE, was distributed via a significant airdrop to more than 90,000 users, with a substantial allocation reserved for future community rewards.
dYdX: Established Perpetuals Trading Platform
dYdX is one of the most well-known perpetual DEXs, now operating on its own sovereign blockchain built with Cosmos SDK. It supports over 200 perpetual markets with leverage of up to 20x, offering a familiar trading experience similar to centralized exchanges.
The platform has recorded over $1.4 trillion in lifetime trading volume and currently holds around $268.8 million in TVL. Its MegaVault feature allows users to passively earn yield on USDC, and active traders can participate in token rewards and a $20 million Launch Incentives Program.
dYdX also offers a competitive affiliate program, governance rights, and fee discounts for DYDX token holders.
Jupiter Exchange: Solana’s Trading Aggregator
Originally a swap aggregator, Jupiter has expanded into perpetual futures trading on the Solana network. It uses a liquidity pool-to-trader (LP-to-trader) model supported by oracle pricing, with a TVL exceeding $1.66 billion.
Jupiter’s perpetual trading volume is nearing $302 million, supported by the Jupiter Liquidity Pool (JLP) where providers earn a share of trading fees. The platform distributed 700 million JUP tokens in a 2025 airdrop and has committed to annual distributions through 2027.
With 3.5 million daily transactions and nearly 400,000 active addresses, Jupiter is a cornerstone of Solana’s DeFi ecosystem.
GMX: Veteran Perp DEX on Arbitrum and Avalanche
GMX is a pioneering Perp DEX known for popularizing the GLP liquidity pool model, which includes a mix of cryptocurrencies and stablecoins. It supports up to 50x leverage and uses Chainlink oracles with time-weighted average pricing to minimize manipulation risks.
The platform has achieved over $259 billion in total trading volume with more than 706,000 users and $750 million in TVL. GMX offers regular reward programs, including fee rebates and participation in the Arbitrum STIP incentives.
Its simplicity and reliability have made it a favorite among both retail and professional traders.
Vertex Protocol: All-in-One Arbitrum Trading Hub
Vertex Protocol combines spot, perpetual futures, and money markets into a single decentralized application on Arbitrum. It employs a hybrid CLOB and AMM model, enabling high-frequency trading with 5-15 millisecond execution times.
With over $213 billion in lifetime volume and $373 million in TVL, Vertex supports universal cross-margining for improved capital efficiency. The platform regularly hosts incentive campaigns, including airdrops and token rewards, helping it maintain a growing user base of 230,000 traders.
AsterDEX: Multi-Chain Perpetuals Platform
AsterDEX aggregates liquidity from multiple blockchains including BNB Chain, Ethereum, Arbitrum, and Solana. It offers two trading modes: a Simple Mode for one-click trades with high leverage, and a Pro Mode for advanced charting and analytics.
The platform supports liquid staking tokens (LSTs) and liquid restaking tokens (LRTs) as margin collateral. It has facilitated over $68.9 billion in trading volume and has more than 524,000 users.
Traders can earn Au Points for holding assets and Rh Points for trading, with referral bonuses and team boosts available.
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Drift Protocol: Solana’s Perpetuals Leader
Drift Protocol holds a 95% market share in perpetual trading on Solana. It utilizes a just-in-time (JIT) auction system to maximize liquidity and minimize slippage at the time of trade execution.
The platform combines a decentralized limit order book (DLOB) with a dynamic AMM, and allows yield-bearing collateral across more than 20 assets. Drift has reached $65.1 billion in cumulative trading volume with over 150,000 daily active users.
Recent innovations include gasless execution and recursive borrowing features that amplify yield opportunities.
edgeX: Professional-Grade Trading Experience
edgeX is designed for professional traders, offering an orderbook-based interface powered by StarkWare’s zero-knowledge proof technology. It supports cross-chain deposits and provides advanced features such as sub-accounts, hedge modes, and up to 100x leverage.
The platform has processed over $35 billion in trading volume and uses multi-party computation (MPC) wallets to ensure self-custody. edgeX is planning to launch its own Layer 2 blockchain to further enhance scalability and performance.
Ostium: Real-World Asset Perpetuals
Ostium is a synthetic asset Perp DEX on Arbitrum that focuses on real-world assets (RWAs), including equity indices, commodities, and forex pairs with leverage up to 200x. It uses a two-tier liquidity system with a Liquidity Buffer and Market Making Vault (MMV) to protect against extreme market events.
After launching a points program in early 2025, Ostium’s TVL grew from $5.5 million to over $53.6 million, with weekly volume reaching $938 million. The platform is considered one of the top destinations for users seeking exposure to traditional financial markets via decentralized protocols.
Axiom: Comprehensive Solana Trading Suite
Axiom offers a full suite of trading tools on Solana, including perpetuals, memecoin trading, and yield farming. It features near-instant settlement, a Turbo Mode for fast execution, and a Pulse Engine for discovering trending tokens.
The platform supports up to 50x leverage on perpetuals and offers yield farming with APYs up to 15%. Axiom also includes tools for tracking wallet activity and social sentiment, making it a popular choice for active traders on Solana.
Users can earn points through trading and referrals, which may qualify them for future airdrops.
Lighter: Zero-Knowledge Powered Perp DEX
Lighter is built on Ethereum and uses a custom zk-rollup called zkLighter to achieve sub-5-millisecond latency and high throughput. It offers zero trading fees for retail users and features a Lighter Liquidity Pool (LLP) that serves as a liquidity vault and margin source.
Currently in private beta, Lighter has attracted attention for its high APR yields and strong backing from institutional investors. Access is available via referral or through their official community channels.
How to Choose a Perpetual DEX
Selecting the right perpetual DEX depends on your trading style, preferred blockchain, and desired features. Consider the following factors:
- Leverage Options: Platforms offer varying levels of leverage, from 20x to over 200x.
- Blockchain Compatibility: Some DEXs are chain-specific, while others are multi-chain.
- Trading Models: Options include order books, AMMs, and hybrid models.
- Rewards and Incentives: Look for airdrops, points programs, and fee discounts.
- Asset Support: A few platforms offer synthetic equities, commodities, or forex pairs.
Always verify auditing reports, community feedback, and protocol documentation before depositing funds.
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Frequently Asked Questions
What is a perpetual futures contract?
A perpetual futures contract is a derivative instrument that allows traders to speculate on asset prices without an expiry date. Funding rates are used to balance long and short positions periodically.
Are Perp DEXs safe to use?
While Perp DEXs are non-custodial and reduce counterparty risk, they are subject to smart contract vulnerabilities, oracle manipulation, and market volatility. Always use reputable platforms that have undergone third-party audits.
Can I trade real-world assets on Perp DEXs?
Yes, some Perp DEXs like Ostium offer synthetic trading for traditional assets such as stock indices, commodities, and currencies.
What is the advantage of using a Perp DEX over a centralized exchange?
Perp DEXs allow users to retain custody of their funds, often have lower fees, and provide access to innovative reward mechanisms and governance tokens.
How do I earn rewards on perpetual DEXs?
Many platforms offer points for trading, providing liquidity, or referring users. These points may qualify you for airdrops, token distributions, or fee discounts.
Do I need to bridge assets to trade on multi-chain DEXs?
Some multi-chain DEXs like AsterDEX aggregate liquidity across networks, allowing you to trade without manually bridging assets.
Conclusion
The perpetual DEX landscape has evolved into a diverse and high-performance ecosystem, offering traders a wide range of options for leveraged futures trading. From Solana’s high-speed environments to Arbitrum’s mature ecosystem and innovative Layer 1 solutions, there is a platform for every type of trader.
Staying active in these ecosystems can provide not only advanced trading features but also opportunities for substantial rewards through airdrops and incentive programs. As the space continues to grow, perpetual DEXs are set to play an increasingly important role in the future of decentralized finance.