Perp DEX trading models compared
Perpetual DEXs differ mostly in who takes the other side of your trade and how prices are set. Below, each model with a short explanation and the venues that use it.
CLOB (41) · pool (27) · hybrid (15) · LP-free (1) · vAMM (1) · RFQ (1) · intent (2) · lending-based (1) · Model ? (8)
CLOB (41)
Central limit order book: makers post bids and asks, takers trade against them, like a centralized exchange.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| 01 Exchange | Solana, N1 | CLOB | - | Perpetual futures exchange built into the N1 ecosystem, funded via Solana and other chains. | 🟢 Live |
| Aftermath Perpetuals | Sui | CLOB | 25x | USDC-margined perpetual futures on Sui's on-chain order book, from Aftermath Finance. | 🟢 Live |
| ApeX Protocol | Arbitrum, Ethereum | CLOB | 100x | Non-custodial perpetuals exchange with an order book, running across several chains. | 🟢 Live |
| Astros Perp | Sui | CLOB | 50x | Sui perpetual exchange and DEX aggregator with lending-backed liquidity. | 🟢 Live |
| Bluefin Pro | Sui | CLOB | 20x | Sui-native order-book exchange for perpetuals and spot, aimed at low-latency trading. | 🟢 Live |
| BULK | Solana | CLOB | 40x | Permissionless perpetuals exchange on a leaderless validator network with portfolio margin and fast block times. | 🟢 Live |
| Bullet | Solana, Bullet rollup | CLOB | - | Order-book DEX with spot, perps and vaults on a ZK rollup, using multi-collateral margin across crypto and RWAs. | ⚪ Unverified |
| Decibel | Aptos | CLOB | 50x | Fully onchain order-book perp exchange on Aptos with cross and isolated margin. | 🟢 Live |
| DipCoin Perps | Sui | CLOB | 20x | Sui-based decentralized exchange with a perpetuals product. | 🟢 Live |
| dYdX V4 | dYdX Chain | CLOB | 50x | Decentralized order-book perpetuals exchange on its own Cosmos appchain. | 🟢 Live |
| edgeX | Ethereum, StarkEx | CLOB | - | Order-book perpetual futures exchange with a pro trading interface settled via StarkEx. | 🟢 Live |
| Entropy | Hyperliquid | CLOB | - | HIP-3 deployer on Hyperliquid listing pre-IPO valuation perps such as Anthropic, plus equity perps. | ⚪ Unverified |
| Ethereal | Ethereal appchain | CLOB | - | Ethena-aligned perp and spot exchange settled in USDe on its own appchain. | 🟡 Beta / testnet |
| Euphoria | MegaETH | CLOB | - | MegaETH derivatives app with one-tap trading interface, backed by CLOB market making. | ⚪ Unverified |
| Extended | StarkNet | CLOB | 100x | Starknet perp exchange covering crypto and TradFi markets, usable from any EVM wallet. | 🟢 Live |
| Felix Perps | Hyperliquid | CLOB | - | Felix-deployed HIP-3 equity perpetual markets on Hyperliquid. | ⚪ Unverified |
| GRVT | ZKsync, Ethereum | CLOB | - | Hybrid exchange on a zk validium offering perps and options with self-custody. | 🟢 Live |
| Helix Perp | Injective | CLOB | - | Injective order-book exchange for spot and derivatives trading. | 🟢 Live |
| Hibachi | Arbitrum, Base | CLOB | 25x | Stablecoin-native exchange offering perpetual markets with order-book execution and zk verification. | 🟢 Live |
| Hxro Network | Solana | CLOB | - | Solana derivatives infrastructure project; current operating status could not be confirmed. | ⚪ Unverified |
| Hyperliquid | Hyperliquid | CLOB | 40x | Order-book perpetuals exchange running on its own high-throughput Layer 1 chain. | 🟢 Live |
| Katana Perps | Katana | CLOB | - | Native perpetuals DEX on the Katana chain, per its page title; details load only in the app. | ⚪ Unverified |
| Kinetiq Markets | Hyperliquid | CLOB | - | 24/7 market for stocks, commodities and crypto perps, settled on Hyperliquid. | 🟢 Live |
| Kodiak V3 | Berachain | CLOB | 100x | Berachain DEX whose perps product routes into Orderly's shared order book. | 🟢 Live |
| Lighter | Ethereum, Lighter | CLOB | 50x | Zero-knowledge rollup with a verifiable order-book engine for perpetual futures. | 🟢 Live |
| LN Exchange Perps | Bitcoin | CLOB | - | Order-book exchange on Bitcoin and Lightning with spot and perpetual contracts. | ⚪ Unverified |
| Nado | Ink | CLOB | 20x | Order-book exchange on Ink with spot, margin and perps under one cross-margin account. | 🟢 Live |
| Ondo Perps | Multi-chain | CLOB | 20x | Ondo's equity and commodity perpetuals platform accepting tokenized stocks as margin; restricted in the US. | 🟢 Live |
| Pacifica | Solana | CLOB | - | Order-book perpetuals exchange on Solana with a status page and trading app. | 🟢 Live |
| PancakeSwap Perps | BNB Chain | CLOB | 200x | Perpetuals product inside PancakeSwap, now with an order book backend and cross or isolated margin. | 🟢 Live |
| Paradex | Paradex, StarkNet | CLOB | - | Perpetuals and options exchange on a Starknet-based appchain with an order book. | 🟢 Live |
| Perpl | Monad | CLOB | - | Fully on-chain order book perpetuals exchange on Monad, with no off-chain matching engine. | 🟢 Live |
| Phoenix | Solana | CLOB | 25x | Order-book perpetuals exchange on Solana with cross margin, TP/SL and TWAP orders. | 🟢 Live |
| Raydium Perps | Solana | CLOB | 100x | Raydium's perpetuals front-end on Solana, running on Orderly Network's order book. | 🟢 Live |
| Reya Perps | Reya Network | CLOB | - | Perp exchange on its own rollup, shared liquidity pool, crypto and RWA markets. | 🟢 Live |
| RISEx | RISE Chain | CLOB | - | Fully on-chain perpetuals exchange on RISE Chain, an Ethereum L2, with portfolio-style collateral. | 🟡 Beta / testnet |
| SoDEX Perps | ValueChain | CLOB | - | SoSoValue-incubated exchange with on-chain matching for spot and perpetuals on ValueChain. | 🟢 Live |
| StandX Perps | Multi-chain | CLOB | - | Perpetual futures exchange with cross-chain access and stablecoin-margined markets. | 🟢 Live |
| Synthetix Perps (Base) | Ethereum | CLOB | 50x | Onchain-settled order-book perpetuals on Ethereum mainnet with ETH and USDT margin. | 🟢 Live |
| trade.xyz | Hyperliquid | CLOB | 40x | Hyperliquid-based perpetual markets for stocks, commodities and other real-world assets. | 🟢 Live |
| Zeta Markets | Solana | CLOB | 100x | Solana perp exchange with order-book markets, now tied to the Bullet network. | 🟢 Live |
pool (27)
A shared liquidity pool is the counterparty to every trade; prices come from oracles.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Adrena | Solana | pool | 100x | Solana perpetuals DEX with oracle-priced fills, no spread or slippage, and shared fee revenue. | 🟢 Live |
| Antarctic | Arbitrum | pool | - | Gasless perpetual futures exchange on Arbitrum covering major, meme and DeFi tokens. | 🟢 Live |
| Avantis | Base | pool | - | Zero-fee perpetuals on crypto and real-world markets, trading 24/5, on Base. | 🟢 Live |
| BasePerp | Base | pool | 100x | Base-native perp DEX with zero trading fees and senior/junior liquidity tranches, pre-mainnet. | 🟡 Beta / testnet |
| Deri Protocol | BNB Chain, Arbitrum | pool | - | Derivatives protocol offering perpetual futures, everlasting options, power perpetuals and gamma swaps. | ⚪ Unverified |
| ELFi Protocol | Arbitrum, Base | pool | 1000x | Pool-backed perp exchange with multi-asset margin and many quickly listed markets. | 🟢 Live |
| FlashTrade | Solana | pool | 500x | Solana perpetuals and swap platform with pooled liquidity and oracle pricing. | 🟢 Live |
| Fulcrom Perps | Cronos | pool | - | Decentralized pool-based perpetual trading platform on Cronos. | 🟢 Live |
| Gains Network | Arbitrum, Base, Polygon | pool | 1000x | gTrade lets users trade crypto, forex, stocks and commodities with synthetic, non-custodial leverage. | 🟢 Live |
| GMTrade | Solana | pool | - | Solana perpetual exchange focused on real-world assets, traded directly from your wallet. | 🟢 Live |
| GMX | Arbitrum, Avalanche, Solana, MegaETH | pool | 100x | Oracle-priced liquidity-pool perpetuals with synthetic and spot markets on several chains. | 🟢 Live |
| GooseFX | Solana | pool | - | Solana DeFi project; the site currently highlights validator staking rather than perps. | ⚪ Unverified |
| HertzFlow | BNB Chain | pool | 200x | Leverage engine with LP vaults and isolated asset pools, covering crypto, FX, commodities and stocks. | ⚪ Unverified |
| Hilo Markets | Base | pool | - | Base perp DEX candidate; neither the site nor search could confirm it operates. | ⚪ Unverified |
| HoldStation DeFutures | ZKsync, BNB Chain | pool | 500x | Perp trading built into the Holdstation smart-contract wallet, with very high leverage. | ⚪ Unverified |
| Jupiter Perps | Solana | pool | 250x | Solana perpetuals built into Jupiter, backed by a shared liquidity pool. | 🟢 Live |
| KiloEx | BNB Chain, opBNB, Base, Manta | pool | 125x | Non-custodial perpetual exchange on BNB Chain, opBNB, Base and Manta with up to 125x leverage on crypto pairs. | ⚪ Unverified |
| Levana Perps | Osmosis, Injective, Sei | pool | 30x | Fully collateralized perpetuals protocol on Cosmos-ecosystem chains including Sei and Injective. | ⚪ Unverified |
| Level Finance | BNB Chain, Arbitrum | pool | - | Multi-asset liquidity-pool perpetual exchange originally launched on BNB Chain. | ⚪ Unverified |
| Moonlander | Cronos | pool | 1000x | Cronos perp exchange with a shared liquidity pool and Pyth-based pricing. | 🟢 Live |
| MYX Finance | BNB Chain | pool | - | Decentralized perpetual exchange with a BNB Chain focus and its own liquidity design. | ⚪ Unverified |
| Opyn Markets | Multi-chain | pool | - | Permissionless perps on Uniswap pools, including option-like curved payoffs and an AMM vault. | ⚪ Unverified |
| Ostium | Arbitrum | pool | 200x | Onchain perpetuals for equity indices, forex, commodities and crypto. | 🟢 Live |
| Sudo | Sui | pool | - | On-chain perpetuals exchange built with Move on Sui, claiming sub-second execution and zero price impact. | ⚪ Unverified |
| SunX | Tron | pool | - | Tron-based decentralized perpetuals platform from the Sun ecosystem. | ⚪ Unverified |
| TurboFlow | BNB Chain, Solana | pool | 1000x | Onchain trading app offering high-leverage perps with profit-share fees, plus short-cycle higher/lower event contracts. | ⚪ Unverified |
| Vela Exchange | Arbitrum, Base | pool | - | Multi-collateral perp DEX on Arbitrum and Base; current activity unconfirmed. | ⚪ Unverified |
hybrid (15)
Mixes an order book with oracle pricing or pool liquidity, or matches off-chain and settles on-chain.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Aark Digital | Arbitrum | hybrid | 1000x | Perp exchange advertising extreme leverage up to 1000x. | 🟢 Live |
| Arcus | Robinhood Chain | hybrid | 50x | Self-custodial exchange on Robinhood Chain with stock-token spot and cross-margined perps on equities, crypto and commodities. | 🟡 Beta / testnet |
| Aster | BNB Chain, Arbitrum, Solana | hybrid | 1001x | Multi-chain perpetuals exchange offering crypto and stock-style markets with flexible trading modes. | 🟢 Live |
| Bean Exchange | Monad | hybrid | 50x | Monad perpetuals exchange described by directories as a hybrid order book with oracle pricing. | ⚪ Unverified |
| Drift Protocol | Solana | hybrid | - | Solana perpetuals protocol combining order book and AMM liquidity; recovering from a 2026 exploit. | ⚪ Unverified |
| Evedex | Arbitrum | hybrid | - | Hybrid perp exchange with off-chain order book, on-chain settlement and gasless trading. | 🟢 Live |
| Gate DEX | Gate Layer | hybrid | - | On-chain trading hub from Gate offering perpetuals, swaps and spot markets. | 🟢 Live |
| Logx Trade | Multi-chain | hybrid | - | DeFi superapp with a smart order book product and liquidity pools. | ⚪ Unverified |
| Pear Protocol | Hyperliquid, Arbitrum | hybrid | 100x | One-click pair and basket trading, going long one asset against another, executed on Hyperliquid. | 🟢 Live |
| Pendle Boros | Arbitrum | hybrid | - | Pendle's market for trading perp funding rates through yield units. | 🟢 Live |
| Rho X | Arbitrum | hybrid | - | Trading venue for funding-rate futures, letting perp traders lock in or hedge rates. | 🟢 Live |
| Satori Perp | ZKsync, Base | hybrid | - | Multi-chain perp exchange mixing off-chain order aggregation with on-chain settlement. | ⚪ Unverified |
| Storm Trade | TON | hybrid | - | Perp exchange on TON with a Telegram bot, covering crypto, stocks, forex and commodities. | 🟢 Live |
| Strike Finance | Cardano | hybrid | - | Cardano-native decentralized perpetuals platform usable from desktop and mobile wallets. | 🟢 Live |
| Vest Markets | Arbitrum, BNB Chain, Base | hybrid | 100x | Multi-chain perpetual exchange with cross-margin and a funded-trader programme. | 🟢 Live |
LP-free (1)
No external liquidity pool: the protocol itself underwrites positions, so open interest is not capped by pool size.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| LeverUp | Monad | LP-free | 1001x | LP-free perps exchange on Monad where the protocol underwrites positions. | 🟢 Live |
vAMM (1)
A virtual automated market maker sets prices from a curve; anyone can list a market.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| SynFutures V3 | Base | vAMM | - | Permissionless derivatives protocol where anyone can list perpetual markets on an on-chain AMM. | 🟢 Live |
RFQ (1)
Request for quote: market makers return a price for each order.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Variational | Arbitrum | RFQ | 50x | Single-account trading platform quoting crypto and RWA perps via RFQ. | 🟢 Live |
intent (2)
Traders sign intents; solvers or a pool fill them, often gasless.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Flex Perpetuals | Base | intent | 100x | Gasless intent-based perpetuals DEX on Base with cross-margin and an LP pool as counterparty. | ⚪ Unverified |
| PriveX | COTI, Base | intent | - | Privacy-focused perps platform using COTI garbled circuits and Symmio liquidity. | ⚪ Unverified |
lending-based (1)
Leverage is built by looping spot positions through lending markets instead of a perp order book.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Contango | Ethereum, Arbitrum, Base | lending-based | - | Perp-like long/short positions built from flash-loan looping on lending markets, with low funding and no expiry. | 🟢 Live |
Model ? (8)
Model not stated on the official site.
| Project | Chains | Model | Max leverage | What it is | Status |
|---|---|---|---|---|---|
| Bullbit | Multi-chain | unverified | - | Perp DEX offering round-the-clock crypto and real-world-asset perpetual futures. | ⚪ Unverified |
| Drake Exchange | Monad | unspecified | - | Perp DEX on Monad, self-described as the people's perp DEX; features not documented on landing page. | ⚪ Unverified |
| Hotstuff | Hotstuff L1 | unspecified | 50x | DeFi Layer 1 with one margin account for crypto perps, ETFs, RWAs and equities, advertising 75 ms blocks. | ⚪ Unverified |
| Monday Trade Perps | Monad | n/a | - | Monad-based trading app offering perps, spot and RWA markets. | 🟢 Live |
| Polynomial | Polynomial Chain | n/a | 50x | Perps exchange running on its own Ethereum Layer 2. | 🟢 Live |
| TxFlow | Multi-chain | unspecified | - | Perps venue advertising 24/7 stock, equity and commodity perpetual futures; decentralization not confirmed. | ⚪ Unverified |
| Typus Perps | Sui | unspecified | - | Perpetual contracts from Typus Finance on Sui, relaunched on mainnet after an earlier version. | 🟢 Live |
| World Markets Inc Perps | Ethereum | n/a | - | Cross-margined spot, perps and lending account with tokenized equities and commodities; trading not yet open. | 🟡 Beta / testnet |