**3 Major Categories:**
- **Traditional Fee:** Hyperliquid, dYdX, Extended, Pacifica, Aster, Grvt, Apex - Order book matching + explicit trading fees (maker/taker)
- **LP Pool:** GMX V2, Jupiter, Merkle Trade - Liquidity pool as counterparty + fees compensate LPs for risk  
- **Zero-Fee/RFQ/PFOF:** Lighter, Paradex, Variational - Minimal/no trading fees; monetization via spreads, flow routing, or premium tiers

Detailed analysis below for representative protocols from each category.

Ops & Monetization Models:

- **Fee Efficiency:** % of volume converted to fees (higher = better monetization)
- **Fees per $1M Volume:** Standardized fee comparison across protocols
- **Revenue Retention:** Revenue / Fees (Higher = protocol keeps more; Lower = heavy LP/user incentives)
- **OI Turnover (Annualized):** How many times OI turns over yearly (Lower = stickier positions; Higher = more speculative)
- **30-Day Volume to Open Interest Ratio:** Monthly turnover view (Lower = real usage; Very high = possible wash trading/farming)

*Data: DefiLlama + External | External updated weekly | 1/31/2026*

Key Metrics

Perps Volume Comparison

Open Interest Comparison

Fees Comparison

Revenue Comparison

**How it works:** Order book matching with explicit maker/taker fees.

**Spotlight: Hyperliquid**
Fee Efficiency: 0.030% | Fees per $1M: $341.61 | OI Turnover: 572.3x

Dominant market share with sustainable unit economics. High retention = minimal need for subsidies.

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**Spotlight: Extended**
Fee Efficiency: 0.010% | Fees per $1M: $113 | OI Turnover: 1,898x

Aggressive pricing to capture share. Extremely high turnover suggests points farming.

*Last updated: 2/19/2026*

Group 1: Traditional order book + fees model

**How it works:** LPs deposit assets as counterparty to trades. Fees compensate LPs for directional risk.

**Spotlight: GMX**
Fee Efficiency: 0.04% | Fees per $1M: $412 | OI Turnover: 1,333x

Higher fees create sustainable LP yields but limit HFT appeal.
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**Spotlight: Jupiter Perpetual**
Fee Efficiency: 0.64% | Fees per $1M: $6,400 | OI Turnover: 229x

*Note: OI data sourced from [https://dune.com/jupiter/jupiter-perps]; not tracked on DefiLlama*

*Last updated: 2/19/2026*

Group 2: LP Pool Model + Fees

**How it works:**Minimal explicit fees. Monetize via spreads, premium tiers, or flow routing.

**Spotlight: Lighter - Zero-Fee / PFOF**
Fee Efficiency: 0.01% | Fees per $1M: $69.5 | OI Turnover: 1,516x

Lighter's "zero fees for retail, fees for premium/HFT" model shows in the data very low overall fee efficiency but 100% retention. Extremely high turnover confirms MM-heavy flow.

*Last updated: 2/19/2026*

Group 3: Zero-Fee / PFOF/ RFQ Model

**Spotlight: Variational - Zero-Fees / RFQ**
Fee Efficiency: ~0.04%* | Fees per $1M: ~$430* | OI Turnover: 535.12x

*Note: Variational monetizes via spreads embedded in MM quotes, not explicit fees.

*No explicit fees tracked; revenue via spread capture. Est. from refund pool payouts and 10% pool size. Referral and refunds data from Dune (@entropy_advisors) [https://dune.com/entropy_advisors/variational-protocol#3-loss-refunds]

*Last updated: 2/19/2026*

This dashboard compares multiple leading perpetual DEXs across 3 distinct monetization models to understand how different approaches to fee structure, liquidity, and ecosystem strategy impact revenue generation and other key metrics. Dashboard by: X @marevi0

Hyperliquid Volume to Open Interest

Lighter Volume to Open Interest

Extended Volume to Open Interest

Aster Volume to Open Interest

Variational Volume to Open Interest

GMX Volume to Open Interest

Compares position turnover speed across major perp DEXs. High turnover protocols attract short-term traders; lower turnover suggests users hold positions longer. Annualized figures show projected yearly position cycling rates.

Calm Playful Llama

Perps DEXs Monetization Models Comparison

Public dashboard library

OI Turnover: Hyperliquid, Lighter, Extended, Aster, Variational, GMX