Perp DEX & Derivatives Tokens
On-chain perpetuals and derivatives venues (e.g. HYPE, dYdX, GMX). Volume- and fee-driven, and a direct read on leverage demand.
Quick answer: Crypto Data API tracks 22 coins in its Derivatives & Perp DEX category, with a combined market cap of $28.72B. The largest is Hyperliquid (HYPE) at $20.42B, followed by Aster (ASTER) and Lighter (LIT). Over the last 24 hours the category moved +0.55% on a market-cap-weighted basis.
Perp DEX & Derivatives Tokens by market cap
| # | Coin | Price | 24h | Market cap |
|---|---|---|---|---|
| 11 |
 H
HyperliquidHYPE |
$93.77 | ▾ 0.03% | $20.42B |
| 52 |
 A
AsterASTER |
$0.7397 | ▴ 0.80% | $1.92B |
| 72 |
 L
LighterLIT |
$4.97 | ▾ 4.18% | $1.24B |
| 77 |
 J
JupiterJUP |
$0.3157 | ▴ 5.78% | $1.02B |
| 85 |
 C
PancakeSwapCAKE |
$2.73 | ▴ 4.84% | $875.7M |
| 89 |
 I
InjectiveINJ |
$8.06 | ▴ 0.61% | $805.0M |
| 105 |
 R
RaydiumRAY |
$2.04 | ▴ 2.86% | $550.2M |
| 120 |
 P
PendlePENDLE |
$2.63 | ▴ 7.89% | $445.8M |
| 123 |
 D
DeriveDRV |
$0.4318 | ▾ 5.68% | $431.7M |
| 225 |
 S
SynthetixSNX |
$0.2592 | ▴ 10.83% | $151.0M |
| 245 |
 A
AWE NetworkAWE |
$0.0652 | ▴ 2.76% | $126.5M |
| 257 |
 G
GeniusGENIUS |
$0.3516 | ▾ 0.72% | $117.5M |
| 266 |
 D
dYdXDYDX |
$0.1351 | ▴ 4.02% | $113.0M |
| 303 |
 A
ArkhamARKM |
$0.1340 | ▴ 7.66% | $94.5M |
| 305 |
 F
FTX TokenFTT |
$0.2586 | ▾ 3.12% | $65.5M |
| 321 |
 G
GMXGMX |
$8.19 | ▴ 1.08% | $84.5M |
| 367 |
 T
Tread.fiTREAD |
$0.7352 | ▴ 31.75% | $73.5M |
| 448 |
 F
Flying TulipFT |
$0.1141 | ▴ 3.97% | $55.5M |
| 467 |
 D
DeepBookDEEP |
$0.0210 | ▴ 11.08% | $52.5M |
| 559 |
 A
APEXAPEX |
$0.2683 | ▴ 14.82% | $41.6M |
| 819 |
 A
AevoAEVO |
$0.0257 | ▴ 3.71% | $23.8M |
| 1204 |
 G
Gains NetworkGNS |
$0.4710 | ▴ 2.37% | $11.2M |
Sorted by market-cap rank. Prices are a ~30-minute delayed public preview; the API serves them in real time.
What are Perp DEX & Derivatives Tokens?
Perp DEX tokens belong to decentralised exchanges for perpetual futures and other derivatives, where traders take leveraged long or short positions without a centralised broker. Hyperliquid, dYdX, GMX, Injective, Gains Network and Aevo are leading examples.
It is one of the fastest-growing sectors in crypto. Perp DEX volume has taken a growing share from centralised exchanges, and protocols like Hyperliquid route most of their fee revenue into buying back their own token.
What moves Perp DEX & Derivatives Tokens
Perp volume and open interest
Trading volume drives fees, and open interest shows how much leverage the venue holds.
Buybacks and fee share
The share of fees used for buybacks or staker rewards directly links usage to token demand.
Volatility and funding
Volatile markets and high funding rates lift volume across derivatives venues.
CEX-to-DEX migration
Share gained from Binance, Bybit and OKX is the long-term growth story.
Key risks
- Liquidation cascades, oracle attacks and vault losses are protocol-specific risks.
- Derivatives are the most regulated product in finance, so jurisdictional risk is high.
- Volume is highly cyclical, and incentive-driven volume can vanish.
Get this category via API
The same list, with live prices, market cap, rank and 24h/7d change, is one call away. It returns every curated category, so filter on id: "derivatives". It works from scripts, trading bots and AI agents (REST, MCP server or x402 pay-per-call).
curl -H "X-API-Key: YOUR_KEY" \ "https://cryptodataapi.com/api/v1/coins/category-groups?limit=22"
API docs · Get a free key · AI agent quickstart
Perp DEX & Derivatives Tokens FAQ
What is a perp DEX?
A perp DEX is a decentralised exchange for perpetual futures, which are leveraged contracts with no expiry that track a spot price through periodic funding payments. Traders keep custody of their collateral in smart contracts.
What is the largest perp DEX?
Hyperliquid has been the largest perp DEX by volume and open interest through 2025, running its own Layer 1 with an on-chain order book. Crypto Data API covers its funding, open interest, order books and liquidations in depth.
How do perp DEX tokens make money?
Through trading fees. Hyperliquid uses an assistance fund to buy back HYPE, GMX shares fees with stakers, and dYdX distributes fees to stakers on its chain. The stronger the fee link, the more usage translates into token demand.
Where can I get perp DEX funding and open interest data?
Crypto Data API serves Hyperliquid and multi-venue funding rates, open interest, liquidations and order-book depth through its REST API and MCP server, so trading bots and AI agents can use the same data shown on these pages.
Categories are editorial groupings over CoinGecko classifications plus hand-picked tickers. Informational only, not investment advice.