A comprehensive breakdown of perpetual futures open interest across decentralized (DEX) and centralized (CEX) platforms. As of June 2026, **total perps OI stands at ~$115.9B** — CEX platforms account for **~$96.5B (83.2%)** while onchain DEX protocols hold **~$19.4B (16.8%)**. Hyperliquid dominates the DEX side with ~$8.9B OI, making it the only DEX to rival mid-tier CEXes. Binance alone commands $21.4B — more than the entire DEX ecosystem combined.

Perps Open Interest: DEX vs CEX

CEX platforms hold a commanding **83.2% share** of all perps OI. Despite rapid DEX growth led by Hyperliquid, onchain perps still represent only **1-in-6 dollars** of open interest. The gap narrowed in 2025 but CEX infrastructure advantages in execution speed and liquidity depth remain significant barriers for DEX expansion.

🥊 DEX vs CEX Split

DEX vs CEX OI Share

DEX OI by Protocol Over Time (180d)

**Hyperliquid dominates onchain perps** with ~$8.9B OI — roughly 46% of all DEX OI. TradeXYZ ($3.1B) and Aster ($1.8B) are distant runners-up. Notably, **Polymarket ($424M) and Kalshi ($792M)** also appear in the DEX OI data reflecting prediction market positions. The long tail includes 90+ protocols, but the top 5 account for the vast majority of activity.

📊 DEX Open Interest Breakdown

DEX OI by Protocol (Current)

DEX Perpetual OI — Top Protocols Over Time

**Binance controls $21.4B** in perps OI — 22% of the global total and 4x larger than the entire DEX ecosystem. Bybit ($9.6B), MEXC ($8.4B), Gate ($7.9B), and OKX ($6.2B) round out the top 5. **Deribit ($2.9B)** stands out as the dominant options/perps venue for institutional BTC and ETH positioning. Combined, the top 5 CEXes account for ~$53B — more than **45% of all global perps OI**.

🏦 CEX Open Interest Breakdown

CEX OI by Exchange (Current)

Across all 50+ platforms tracked (CEX + DEX), **Binance sits alone at #1** followed by Bybit, then Hyperliquid as the **highest-ranked DEX at #3** — a remarkable achievement for an onchain venue. The combined leaderboard shows DEX protocols beginning to break into the top tier, with 4 DEXes in the top 15 platforms globally.

🔭 All Platforms Combined — OI Leaderboard

OI by Platform — All CEX + DEX (Top 30)

Full perps protocol rankings including 24h volume, 7d volume, 30d volume, and open interest. Sortable by any metric to identify momentum shifts across onchain derivatives venues.

📋 Perps Protocol Detail

TVL Comparison

Fees Comparison

Revenue Comparison

Compare top lending and borrowing platforms

CEX platforms still hold **83%** of total perps OI at **$95.9B**, but DEX has grown its share from 3% in early 2024 to **~17% today** — a structural shift driven by Hyperliquid's rise and the explosion of TradFi perpetuals. **$5.3B** of DEX perp OI now references real-world assets: equities, commodities, real estate, forex, and private companies like SpaceX. Total perp OI remains ~50% below its Oct 2025 peak of ~$210B as leverage rebuilds post-deleveraging. [1][2]

📊 Perpetuals OI: DEX vs CEX · TradFi Underlyings · Platform Dynamics

# $19.4B
**16.8%** of combined market

Crypto + RWA perps

Total DEX Perp OI

# $95.9B
**83.2%** of combined market

Binance leads at $21.9B

Total CEX Perp OI

# $5.3B
TradFi underlyings on-chain

Real estate, equities, oil & SpaceX

RWA Perp OI (DEX)

# $8.8B
**45%** of all DEX perp OI

Largest DEX globally — rivals Bybit

Hyperliquid OI

Perps OI: DEX vs CEX Platform Rankings

Perps OI Market Share (CEX vs DEX)

**Hyperliquid alone ($8.8B OI) rivals Bybit** — placing a single DEX in the global top 3. CEX OI fell 50%+ from the Oct 2025 peak of ~$210B, while DEX held more resilient. Per CoinGecko [1], DEX OI grew 12x (2024–2026) while CEX grew only 3x. The delta is widening: DEX market share has nearly quadrupled from 3.1% to ~17%. Key drivers: Hyperliquid's fee advantage vs Binance, self-custody, and uniquely on-chain TradFi products (S&P 500, Brent Oil, SpaceX) that CEX cannot legally list. Monthly CEX volume dropped 34% YoY to $4.69T vs DEX which averaged $611B and accelerating. [2]

📈 The Structural Shift: DEX Gaining OI Share

DEX Perp OI by Platform — 90-Day Time Series

DEX Perp OI: Protocol Market Share (Live, Weekly)

**$5.3B in OI** backs perpetual contracts on real-world assets — traded entirely on-chain, 24/7. The largest underlying is **Real Estate** at $1.55B (Parcl's city-level indices — NYC, Miami, LA, Austin). **Public Equities** follow at $1.16B (NVIDIA $156M, Micron $211M, SK Hynix $96M). **Equity Indices** contribute $832M — the S&P 500 alone sits at $386M and Nasdaq-100 at $381M. **Oil** at $600M (Brent + WTI), **Precious Metals** at $314M. **SpaceX** is the single largest Private Equity perp at $261M OI — one of the only globally-accessible SpaceX price instruments. **tradexyz** dominates at $2.83B OI as a Hyperliquid HIP-3 deployer with a licensed S&P 500 futures product. Fees split 50/50 with Hyperliquid.

🌍 TradFi Perpetuals: S&P 500, Oil, SpaceX & Real-World Underlyings

RWA Perp OI by Underlying Asset Class

RWA Perp OI by Venue / Platform

RWA Perp OI by Venue — 90-Day Trend

Perpetuals Open Interest - DEX vs CEX
Perpetuals Open Interest - Underslying assets - S&P500, Oil, Spacex, etc
Perpetuals Open interest by platform - timeseries

Polished Vivid Llama

Perps Dex vs CEX

Public dashboard library

Lending Protocols

Perpetuals DEX and CEX - Open Interest

Defi Lending Protocols

Robinhood Native Bridged TVL