After Lighter, "these 23 perpetual contract DEXs" might be the "potential stocks" of 2026.

Article by: June, Deep Tide TechFlow

As Lighter completes TGE by the end of 2025, the focus in the perpetual contract DEX sector begins to shift, with the market gradually turning to evaluate the next wave of potential token issuance projects. Based on current trends, 2026 is highly likely to usher in a new cycle of strong releases. Several perpetual contract decentralized exchanges are still in the pre-TGE stage but have already launched ongoing staking or incentive programs, generating substantial on-chain trading volume with genuine user participation. For participants looking to get ahead, understanding the current performance of these projects is more important than simply chasing narratives. Based on the past 30 days of perpetual contract trading volume data from DefiLlama, here is a list of top-ranked, yet-to-issue Perp DEXs for reference and research. Top Perp DEXs to Watch in 2026 by Trading Volume EdgeX (@edgeX_exchange)

• 30-day perpetual contract trading volume rank: #4

• 30-day trading volume: $91.005 billion

• Funding: Incubated by Amber Group

EdgeX is a high-performance perpetual and spot DEX built on StarkEx (Ethereum L2 ZK-rollup technology), offering ultra-low latency execution, deep liquidity, and self-hosted trading via mobile/Web applications. Specialized in professional order book trading, with up to 200,000 TPS and a forced withdrawal safety net. GRVT (@grvt_io)

• 30-day perpetual contract trading volume rank: #6

• 30-day trading volume: $35.683 billion

• Funding: $35 million raised from investors including QCP Singapore, ABCDE Capital, Further Ventures, etc.

GRVT is a hybrid crypto derivatives exchange built on ZKsync Validium L2, combining CEX-level user experience with fully self-custodial and zero-knowledge privacy tech, for perpetual contracts and options trading. Pioneered the “Hybrid Exchange” model connecting TradFi and DeFi; highly focused on compliance and scalability for institutional and retail users. Paradex (@paradex)

• 30-day perpetual contract trading volume rank: #7

• 30-day trading volume: $30.249 billion

• Funding: Incubated by Paradigm (crypto derivatives institutional liquidity platform)

Paradex is a privacy-enabled, zero-fee perpetual contract DEX built on Starknet, supporting deep liquidity across hundreds of markets including cryptocurrencies and pre-market trading. Focused on a unified DeFi ecosystem, with atomic settlement, institutional-grade privacy, and mobile-optimized trading experience. Extended (@extendedapp)

• 30-day perpetual contract trading volume rank: #8

• 30-day trading volume: $29.309 billion

• Funding: $6.5 million raised from StarkWare, Semantic Ventures, Cherry Crypto

Extended is a high-performance decentralized perpetual futures exchange on Starknet, offering over 50 markets (including cryptocurrencies and traditional assets like gold, oil, S&P 500, Nasdaq), up to 100x leverage, deep liquidity, low fees, and seamless connection to EVM wallets without bridging. Founded by former Revolut executives, with CEO Ruslan Fakhrutdinov (former Revolut crypto business lead). Transitioned from StarkEx to Starknet in 2025 for full composability. Pacifica (@pacifica_fi)

• 30-day perpetual contract trading volume rank: #9

• 30-day trading volume: $17.783 billion

• Funding: Self-funded

• Pacifica is a Solana-native hybrid perpetual futures DEX, equipped with AI-assisted tools, using off-chain order matching for speed, on-chain settlement for security/transparency.

• The team has backgrounds from Binance, FTX (including former COO Constance Wang), Jane Street, Fidelity, OpenAI; prioritizes trader-first design, with no native token incentives. Reya (@reya_xyz)

• 30-day perpetual contract trading volume rank: #10

• 30-day trading volume: $14.615 billion

• Funding: $19 million raised from Coinbase Ventures, Stani Kulechow, Framework Ventures, etc.

Reya is a high-performance perpetual futures DEX built on Reya Chain (an Ethereum rollup-based optimized L2), featuring millisecond execution, gasless trading, deep shared liquidity via passive pools, and MEV-resistant FIFO matching. Founded by DeFi veterans behind Voltz Protocol; specializes in capital-efficient margin mechanisms (up to 3.5x more efficient for traders), cross-collateralization with yield-bearing assets, and institutional-grade performance secured by Ethereum validators. Trade.xyz (@tradexyz)

• 30-day perpetual contract trading volume rank: #11

• 30-day trading volume: $11.684 billion

• Funding: Self-funded

Trade.xyz is a professional perpetual contract DEX deployed on Hyperliquid L1 (via HIP-3), providing direct access to Hypercore’s high-speed on-chain order book, focusing on 24/7 trading of non-crypto assets like US stocks and indices. Built by the Hyperunit team; notable for providing round-the-clock liquidity for traditional stock perpetual contracts, with ultra-low fees, and permissionless market deployment within the Hyperliquid ecosystem. Nado (@nadoHQ)

• 30-day perpetual contract trading volume rank: #12

• 30-day trading volume: $10.341 billion

• Funding: Not publicly disclosed

Nado is a high-performance CLOB DEX built on Ink (Kraken’s Ethereum L2), offering unified spot, margin, and perpetual futures trading with similar 5-15 ms latency and full self-custody. Developed by core contributors from Kraken; specializes in high capital efficiency through dynamic collateral netting, integrated money markets, and liquidity vaults that generate revenue from trading flows. Variational (@variational_io)

• 30-day perpetual contract trading volume rank: #17

• 30-day trading volume: $9.65 billion

• Funding: $13 million raised from Coinbase Ventures, Dragonfly, Sequoia Capital, etc.

Variational is a peer-to-peer derivatives trading protocol on Arbitrum supporting applications like Omni (retail perpetual platform), with hundreds of markets, zero trading fees, and liquidity aggregation via RFQ mode. Founded by former Genesis Trading executives with deep market-making expertise; its key innovation is customizable derivatives (including exotic options and structured options) with bilateral settlement, rapid asset listing, and direct revenue redistribution to users and liquidity providers. Based (@BasedOneX)

• 30-day perpetual contract trading volume rank: #29

• 30-day trading volume: $3.491 billion

• Funding: Not publicly disclosed (Delphi Ventures, Ethena)

Based is a professional trading frontend (super app) built on Hyperliquid L1, providing seamless access to Hyperliquid’s high-performance on-chain order book for perpetual futures trading, with advanced tools, staking (farming), and rewards integration. Rapidly becoming the dominant app on Hyperliquid, capturing significant market share through excellent user experience and revenue generation for traders and liquidity providers. Ostium (@OstiumLabs)

• 30-day perpetual contract trading volume rank: #34

• 30-day trading volume: $2.377 billion

• Funding: $24 million (General Catalyst, Jump Crypto, Coinbase Ventures, etc.)

Ostium is a decentralized perpetual contract exchange on Arbitrum, specializing in synthetic exposure trading of real-world assets (such as commodities like gold/oil, forex, stocks, indices) and cryptocurrencies, using RFQ mode for narrow spreads and deep liquidity, without tokenization. Founded by Harvard alumni; aims to disrupt traditional CFD brokers by providing transparent, self-custodial, on-chain alternatives with verifiable execution and no broker counterparty risk. Ethereal (@etherealdex)

• 30-day perpetual contract trading volume rank: #37

• 30-day trading volume: $1.563 billion

• Funding: Not publicly disclosed

Ethereal is a non-custodial spot and perpetual DEX built on Ethena Network (a high-performance L3 application chain), using USDe as the primary collateral, achieving CEX-level execution with under 20 ms latency and full self-custody. An Ethena-native project, integrated deeply with ENA governance; aims to be a flagship on-chain venue for USDe hedging and trading, offering yield-bearing stablecoin rewards and potential token distribution to ENA holders. Vest (@VestExchange)

• 30-day perpetual contract trading volume rank: #39

• 30-day trading volume: $1.286 billion

• Funding: $5 million raised from Jane Street, Amber Group, Big Brain Holdings, etc.

Vest is an Arbitrum-based decentralized perpetual futures exchange, featuring zkRisk engine for real-time risk pricing, unlimited positions, rapid asset onboarding (including long-tail and real-world assets), and high capital efficiency liquidity with no over-collateralization risk. Specialized in fair, manipulation-resistant pricing and no position limits, enabling broad access to thousands of markets (cryptocurrencies, stocks, forex). Astros (@astros_ag)

• 30-day perpetual contract trading volume rank: #58

• 30-day trading volume: $170.35 million

• Funding: Incubated by NAVI Protocol (Sui’s leading liquidity protocol)

Astros is a native Sui perpetual futures DEX, providing high-leverage trading with deep liquidity through direct integration with NAVI Protocol’s lending pools, enhancing capital efficiency and generating real yields. Founded by Jerry Liu; leveraging Sui’s high performance to create a self-sustaining trading-lending ecosystem that does not rely on token incentives, positioning Sui as a top derivatives hub. Hibachi (@hibachi_xyz)

• 30-day perpetual contract trading volume rank: #64

• 30-day trading volume: $20.434 million

• Funding: $5 million raised from Dragonfly, Electric Capital, echo

Hibachi is a privacy-first decentralized perpetual contract exchange on Arbitrum and Base, featuring off-chain CLOB with latency below 10 ms, zk-encrypted positions/balances via Celestia DA, and on-chain settlement with proof of solvency. Founded by a team from Citadel, Tower Research, IMC, Meta, Google, and Hashflow; pioneering “provable” trading with institutional-grade privacy, CEX-like speed, and uncompromising self-custody. Bullpen (@BullpenFi)

• 30-day perpetual contract trading volume rank: #71

• 30-day trading volume: $16.209 billion

• Funding: Not publicly disclosed (Delphi Ventures, 6th Man Ventures)

Bullpen is an on-chain trading terminal offering seamless access to perpetual futures and spot trading on Hyperliquid L1, Solana spot markets (including meme coins), and prediction markets via Polymarket, with a unified mobile-friendly interface. Co-founded by KOL Ansem; focuses on providing professional tools, one-click execution, and cross-protocol aggregation for retail and professional traders. Liquid (@liquidtrading)

• 30-day perpetual contract trading volume rank: #72

• 30-day trading volume: $15.655 billion

• Funding: $7.6 million raised from Paradigm, General Catalyst, Alpen Capital, etc.

Liquid is a non-custodial perpetual contract aggregator integrating top venues like Hyperliquid, Lighter, and Ostium into a mobile-first app, offering cross-platform position management, yield vaults, real-time analytics, and automated risk tools. Founded by Franklyn Wang (former head of AI at Two Sigma); specializes in simplifying fragmented perpetual contract trading, providing best execution, lower costs, and institutional-grade features while remaining fully self-custodied across multiple chains. StandX (@StandX_Official)

• Funding: Self-funded

StandX is a decentralized perpetual futures DEX operating on Solana and BNB Chain, with high-performance trading features, using DUSD (a native yield-bearing stablecoin) as exclusive collateral, enabling automatic passive income without staking or locking. Founded by experienced team including former Binance contract lead and Goldman Sachs engineers; innovates by making idle collateral productive, maintaining delta-neutral platform design, and incentivizing traders/LPs. Backpack (@Backpack)

• 30-day trading volume: $3.2 billion (perpetual futures)

• Funding: $37 million raised from Placeholder, FTX Ventures, Wintermute, etc.

Backpack Exchange is a regulated centralized exchange (CEX) offering spot, margin, and perpetual futures trading, with cross-collateralization, lending, and low fees, seamlessly integrated with multi-chain Backpack self-custody wallets. Founded by Armani Ferrante (from the Coral team behind Mad Lads xNFTs); stands out as a hybrid wallet-exchange platform with strong Solana roots, having obtained EU regulation through FTX EU acquisition, with perpetual trading volume comparable to major CEXs. Public Testnet Phase Decibel (@DecibelTrade)

• Funding: Not publicly disclosed

Decibel is a fully on-chain trading engine built natively on Aptos, unifying spot, perpetual futures, and yield strategies within a single full-margin, multi-collateral interface, with CEX-like speed and sub-second finality. Developed in partnership with Aptos Labs and Decibel Foundation; Supported directly by Aptos Labs, designed as a neutral, composable execution layer for global on-chain markets; currently in public testnet phase. How to participate:

• Visit app.decibel.trade, connect an Aptos wallet, mint test USDC, and trade (perpetual, spot, vault) to earn XP and rankings based on trading volume.

• Join trading competitions.

• Join the deposit queue on decibel.trade.

RiseX (@risextrade)

• Funding: Not publicly disclosed

RiseX (RISEx) is the flagship integrated perpetual contract DEX on Rise Chain (a high-performance Ethereum L2), featuring full on-chain order book, shared liquidity via MarketCore, CEX-level execution, and programmable markets for spot/perpetuals, with future support for options and prediction markets. Supported by Rise Chain’s ultra-low latency infrastructure (integrating acquired BSX Labs technology); positioned as the home for global on-chain markets; currently in public testnet, with mainnet launch planned for early 2026. How to participate:

• Visit testnet.rise.trade, connect an EVM wallet, claim test USDC.

• Trade daily to earn points.

Others 01.xyz (@01Exchange)

• Current status: Private testnet (invite-only)

• Funding: Not publicly disclosed

01.xyz is a decentralized perpetual futures exchange driven by N1 Blockchain (using the high-performance NordVM engine), offering CEX-level speed, low latency, and feature-rich order books, while maintaining full on-chain transparency and self-hosting. Built by experienced traders focused on precision and advantage; Currently in private testnet phase, positioned as the next-generation venue for unlimited-scale perpetual contract trading based on dedicated Layer 1 infrastructure. How to participate:

• Invite-only; no public code yet.

• To get access, follow/reply to @01Exchange posts, interact with community members sharing codes, or message active users.

• After entry, engage in high-volume trading, invite friends, participate in activities/rankings.

Cascade (@cascade_xyz)

• Current status: Early access deposits live (invite-only); trading not yet live

• Funding: $15 million raised from Coinbase Ventures, Polychain Capital, Variant Fund, etc.

Cascade is a high-performance perpetual contract DEX on Arbitrum, emphasizing deep liquidity, narrow spreads, and institutional-grade execution for cryptocurrencies and potentially broader asset classes. Before full trading launch, it is building momentum through liquidity strategies and reward points. How to participate:

• Strictly invite-only; requires access code for deposits/pre-allocation.

• Codes will be limited/randomly distributed to waitlist users or via community.

• After obtaining code: deposit/pre-allocate to CLS (recent cap approx. $1-3 million, $10,000 per account) to earn points.

Note: Data sources: DefiLlama (as of Jan 5), SoSoValue, CryptoRank. Information compiled and structured with Grok’s assistance.