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Top 10 Perps By Performance

Public

By DeFiScholar

Perps are gaining momentum. keep tabs

  • perps
  • derivative

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TVL Metrics

A brief look at the TVL of projects making the weekly cut on Volume

Fees Metrics

Analyzing the profitability of the protocol

Open Interest Metrics

Analyzing the various usage of perps based on active positions

Dashboard Explanation

  • Most perpetual DEXs with massive volumes are also showing surging TVLs, but I believe that volume alone isn’t a reliable metric for measuring growth.

  • A key observation on TVL, though, is that spikes are often driven by incentivized campaigns. That’s where opportunities lie—sorting for projects with TVL between $1M and $10M can help you spot newer Perp protocols worth paying attention to.

  • Fees are another strong indicator, since they reveal how much a Perp is actually earning. The next step is to study how its token captures value from those fees.

  • Finally, Open Interest stands out as a real signal of user activity. Just note that some platforms like Hyperliquid, Aster, and EdgeX also offer products beyond perps, so OI should be interpreted in context.