Perpetual Protocols Hit $1.18T in Q2-Q3 Trading Volume, Hyperliquid Leads

Decentralized perpetual trading protocols have recorded a combined trading volume of $1.185 trillion during Q2 and Q3 2024, according to data from DeFiLlama.

Hyperliquid Perp has emerged as the market leader, commanding a 16.94% market share with $200.859 billion in trading volume.

According to Defillama, the total transaction volume of on-chain perpetual contracts in Q2 and Q3 was US$1,185.7 billion, top three namely Hyperliquid (16.94%), dYdX V3 & V4 (14.37%) and SynFutures (14.11%). Next in line are projects such as Jupiter Perpetual Exchange (6.70%) and… pic.twitter.com/fjd3ztNTju

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The data reveals a concentrated market structure where the top three protocols account for nearly half of all trading activity. Following Hyperliquid’s lead, dYdX V3&V4 secured second place with $170.365 billion in volume, representing 14.37% of the market.

SynFutures V3 rounded out the top three with $167.349 billion in trades, claiming a 14.11% market share.

Mid-tier protocols show notable activity

Jupiter Perpetual Exchange has established itself as a major player, processing $79.422 billion in trades and capturing 6.70% of the market. Orderly Perps follows with $65.491 billion in volume, accounting for 5.52% of total activity.

The data highlights a clear hierarchy in the DeFi perpetuals space:

1. Vertex Perps: $56.766 billion (4.79%)
2. ApeX Pro: $33.326 billion (2.81%)
3. MYX Finance: $22.596 billion (1.91%)
4. APX Finance: $15.444 billion (1.30%)
5. HoldStation DeFutures: $11.451 billion (0.97%)

Notably, smaller protocols and emerging platforms collectively handled $362.682 billion in trading volume, representing 30.58% of the market. This substantial “Others” category suggests a healthy level of competition and innovation in the sector.

The large trading volumes across these protocols indicate growing adoption of decentralized perpetual trading platforms.  These protocols are also gaining popularity among the users.