Onchain Perp DEX Trading Accelerates with Nearly 1T Monthly Volume

Decentralized perpetual exchanges, or perp DEXes, are seeing a surge in activity as traders move high-leverage operations onchain. As of February 1, 2026, daily trading volume reached 48.8 billion, while the 30-day volume hit 926.1 billion, marking a 10.99 increase since the start of the year. With 18.6 billion in open interest, these platforms demonstrate sustained speculative growth rather than temporary spikes.
Unlike centralized exchanges, perp DEXes are non-custodial, allowing users to trade via smart contracts while maintaining control of their funds. According to defillama.com, margin requirements, funding rates, and liquidations are all executed on the blockchain. This model reduces counterparty risk and has become an essential infrastructure for DeFi participants seeking transparency after years of exchange failures and regulatory pressure.
Market activity is highly concentrated among a few top performers, led by Hyperliquid, which reported a dominant 183.6 billion in 30-day volume. Hyperliquid also holds a massive 7.9 billion in open interest. Other major players include Aster with 129.5 billion, Lighter with 111.8 billion, and EdgeX with 91.9 billion. TradeXYZ rounds out the top five with 16.5 billion in monthly volume.
The bottom half of the top ten also shows significant scale, with Paradex recording 50.3 billion and Grvt reaching 48.6 billion. Platforms like Extended, Variational, and ApeX Protocol also contributed heavily to the near-trillion-dollar total. This growth suggests that onchain derivatives are no longer experimental and are beginning to rival mid-tier centralized exchanges by offering a superior risk and custody model.