After Lighter, the Perp DEX most worth watching in 2026
TechFlow Selected TechFlow Selected
After Lighter, the Perp DEX most worth watching in 2026
Several decentralized exchanges for perpetual contracts are still in the pre-TGE stage but have already launched ongoing points or incentive programs.
Navigating Web3 tides with focused insightsAuthor: June, TechFlow
Following Lighter's TGE completion by the end of 2025, the focus within the perpetual futures DEX space has begun to shift, with the market gradually turning its attention to evaluating the next batch of potential token generation projects.
Based on current trends, 2026 is highly likely to usher in a new wave of strong launch cycles. Several perpetual futures decentralized exchanges remain in the pre-TGE stage but have already initiated ongoing point or incentive programs, generating substantial on-chain trading volume with genuine user participation.
For participants looking to position themselves early, understanding the current actual performance of these projects is more crucial than merely chasing narratives.
Based on DefiLlama's perpetual futures trading volume data from the past 30 days, the following is a compiled list of currently top-ranked, yet-to-launch-token Perp DEXs for reference and research.
Top Unlaunched Perp DEXs to Watch in 2026, Based on Trading Volume
EdgeX (@edgeX_exchange)
- 30-day Perpetual Futures Volume Rank: #4
- 30-day Volume: $91.005B
- 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-custodial trading via mobile/web apps.
Specializes in professional-grade orderbook trading, with up to 200,000 TPS and a forced withdrawal safety net.
GRVT (@grvt_io)
- 30-day Perpetual Futures Volume Rank: #6
- 30-day Volume: $35.683B
- Funding: $35M raised (QCP Singapore, ABCDE Capital, Further Ventures, etc.)
GRVT is a hybrid crypto derivatives exchange built on ZKsync Validium L2, combining CEX-grade UX with full self-custody and ZK privacy tech for perpetuals and options.
Pioneers a "hybrid exchange" model to bridge TradFi and DeFi; strong emphasis on compliance and scalability for institutional/retail users.
Paradex (@paradex)
- 30-day Perpetual Futures Volume Rank: #7
- 30-day Volume: $30.249B
- Funding: Incubated by Paradigm (crypto derivatives institutional liquidity platform)
Paradex is a privacy-enabled, zero-fee perpetuals DEX built on Starknet's high-performance appchain, supporting deep liquidity across hundreds of markets including crypto and pre-market.
Focuses on a unified DeFi ecosystem with atomic settlement, institutional-grade privacy, and mobile-optimized trading.
Extended (@extendedapp)
- 30-day Perpetual Futures Volume Rank: #8
- 30-day Volume: $29.309B
- Funding: $6.5M raised (StarkWare, Semantic Ventures, Cherry Crypto)
Extended is a high-performance decentralized perpetual futures exchange on Starknet, offering 50+ markets (crypto & TradFi assets like Gold, Oil, S&P 500, Nasdaq), up to 100x leverage, deep liquidity, low fees, and seamless EVM wallet connectivity without bridging.
Founded by ex-Revolut executives, CEO Ruslan Fakhrutdinov (former Head of Crypto at Revolut). Migrated from StarkEx to Starknet in 2025 for full composability.
Pacifica (@pacifica_fi)
- 30-day Perpetual Futures Volume Rank: #9
- 30-day Volume: $17.783B
- Funding: Bootstrapped
- Pacifica is a Solana-native hybrid perpetual futures DEX with AI-powered tools, using off-chain order matching for speed and on-chain settlement for security/transparency.
- 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 Futures Volume Rank: #10
- 30-day Volume: $14.615B
- Funding: $19M raised (Coinbase Ventures, Stani Kulechow, Framework Ventures, etc.)
Reya is a high-performance perpetual futures DEX built on Reya Chain (a trading-optimized L2 based on Ethereum rollup architecture), 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 highly capital-efficient margining (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 Futures Volume Rank: #11
- 30-day Volume: $11.684B
- Funding: Bootstrapped
Trade.xyz is a professional perpetuals DEX deployed on Hyperliquid L1 (via HIP-3), offering direct access to Hypercore's high-speed on-chain orderbook while focusing on 24/7 trading of non-crypto assets like US stocks and indices.
Built by the Hyperunit team; standout features include round-the-clock liquidity for traditional stock perpetuals, ultra-low fees, and permissionless market deployment within the Hyperliquid ecosystem.
Nado (@nadoHQ)
- 30-day Perpetual Futures Volume Rank: #12
- 30-day Volume: $10.341B
- Funding: Undisclosed
Nado is a high-performance Central Limit Order Book (CLOB) DEX built on Ink (Kraken's Ethereum L2), offering unified cross-margin trading for spot, margin, and perpetual futures with CEX-like 5-15ms latency and full self-custody.
Developed by core contributors from the Kraken team; specializes in superior capital efficiency via dynamic collateral netting, integrated money markets, and LP vaults earning yield from trading flow.
Variational (@variational_io)
- 30-day Perpetual Futures Volume Rank: #17
- 30-day Volume: $9.65B
- Funding: $13M raised (Coinbase Ventures, Dragonfly, Sequoia Capital, etc.)
Variational is a peer-to-peer derivatives trading protocol on Arbitrum powering apps like Omni (retail perpetuals platform), supporting hundreds of markets, zero trading fees, and aggregated liquidity via a Request-for-Quote (RFQ) model.
Founded by ex-Genesis Trading executives with deep market-making expertise; standout innovation is bilateral settlement for customizable derivatives (including exotics and options), rapid asset listing, and direct revenue redistribution to users and LPs.
Based (@BasedOneX)
- 30-day Perpetual Futures Volume Rank: #29
- 30-day Volume: $3.491B
- Funding: Undisclosed (Delphi Ventures, Ethena)
Based is a professional-grade trading frontend (super app) built on Hyperliquid L1, offering seamless access to Hyperliquid's high-performance on-chain orderbook for perpetual futures trading with advanced tools, farming, and rewards integration.
Quickly became the dominant app on Hyperliquid, capturing significant market share through superior UX and revenue generation for traders and LPs.
Ostium (@OstiumLabs)
- 30-day Perpetual Futures Volume Rank: #34
- 30-day Volume: $2.377B
- Funding: $24M raised (General Catalyst, Jump Crypto, Coinbase Ventures, etc.)
Ostium is a decentralized perpetuals exchange on Arbitrum specializing in synthetic exposure to real-world assets (commodities like Gold/Oil, FX, stocks, indices) and crypto, using an RFQ model for tight spreads and deep liquidity without tokenization.
Founded by Harvard alumni; aims to disrupt traditional CFD brokers by offering a transparent, self-custodied, on-chain alternative with verifiable execution and no broker counterparty risk.
Ethereal (@etherealdex)
- 30-day Perpetual Futures Volume Rank: #37
- 30-day Volume: $1.563B
- Funding: Undisclosed
Ethereal is a non-custodial spot and perpetuals DEX built on Ethena Network (as a high-performance L3 appchain), using USDe as primary collateral to achieve CEX-grade execution under 20ms latency and full self-custody.
Ethena-native project, deeply integrated with ENA governance approval; aims to be the flagship on-chain venue for hedging and trading around USDe, offering yield-bearing stablecoin rewards and potential token distribution to ENA holders.
Vest (@VestExchange)
- 30-day Perpetual Futures Volume Rank: #39
- 30-day Volume: $1.286B
- Funding: $5M raised (Jane Street, Amber Group, Big Brain Holdings, etc.)
Vest is a decentralized perpetual futures exchange on Arbitrum with a zkRisk engine for real-time risk pricing, infinite position sizes, rapid asset listing (including long-tail and RWAs), and high capital efficiency liquidity without insolvency risk.
Specializes in democratizing access to thousands of markets (crypto, stocks, FX) with fair, manipulation-resistant pricing and no position size caps.
Astros (@astros_ag)
- 30-day Perpetual Futures Volume Rank: #58
- 30-day Volume: $170.35M
- Funding: Incubated by NAVI Protocol (Sui's leading liquidity protocol)
Astros is a native perpetual futures DEX on Sui, offering high-leverage trading with deep liquidity by directly integrating NAVI Protocol's lending pools to enhance capital efficiency and generate real yield.
Founded by Jerry Liu; leverages Sui's chain performance and creates a self-sustaining trading-lending ecosystem not reliant on token incentives, positioning Sui as a top derivatives hub.
Hibachi (@hibachi_xyz)
- 30-day Perpetual Futures Volume Rank: #64
- 30-day Volume: $204.34M
- Funding: $5M raised (Dragonfly, Electric Capital, echo)
Hibachi is a privacy-first decentralized perpetuals exchange on Arbitrum and Base, featuring an off-chain CLOB for sub-10ms latency, ZK-encrypted positions/balances via Celestia DA, and fully on-chain settlement with solvency proofs.
Founded by an elite team from Citadel, Tower Research, IMC, Meta, Google, and Hashflow;
Pioneers "provably" private trading with institutional-grade privacy, CEX-like speed, and no compromise on self-custody.
Bullpen (@BullpenFi)
- 30-day Perpetual Futures Volume Rank: #71
- 30-day Volume: $162.09M
- Funding: Undisclosed (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 memecoins), and prediction markets via Polymarket through a unified mobile-friendly interface.
Co-founded by KOL Ansem; focuses on providing professional-grade tools, one-click execution, and cross-protocol aggregation for retail and pro traders.
Liquid (@liquidtrading)
- 30-day Perpetual Futures Volume Rank: #72
- 30-day Volume: $156.55M
- Funding: $7.6M raised (Paradigm, General Catalyst, Alpen Capital, etc.)
Liquid is a non-custodial perpetuals DEX aggregator consolidating 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 perpetuals trading, offering best execution, reduced fees, and institutional-grade features while maintaining full self-custody across multiple chains.
StandX (@StandX_Official)
- Funding: Bootstrapped
StandX is a decentralized perpetual futures DEX operating on Solana and BNB Chain with high-performance trading, using DUSD (a native yield-bearing stablecoin) as exclusive margin collateral to earn passive yield automatically without staking or locking.
Founded by an experienced team including former Binance Futures lead and Goldman Sachs engineers; innovates by making idle margin capital productive while maintaining delta-neutral platform design and point campaigns for traders/LPs.
Backpack (@Backpack)
- 30-day Volume: $32B (Perpetual Futures)
- Funding: $37M raised (Placeholder, FTX Ventures, Wintermute, etc.)
Backpack Exchange is a regulated centralized crypto exchange (CEX) offering spot, margin, and perpetual futures trading with cross-collateral, lending, and low fees, seamlessly integrated with the multi-chain Backpack self-custody wallet.
Founded by Armani Ferrante (Coral team behind Mad Lads xNFTs); stands out as a hybrid wallet-exchange platform with strong Solana roots, EU-regulated via FTX EU acquisition, with high perpetuals volume comparable to major CEXs.
Public Testnet Stage
Decibel (@DecibelTrade)
- Funding: Undisclosed
Decibel is a fully on-chain trading engine natively built on Aptos, unifying spot trading, perpetual futures, and yield strategies in a single cross-margin, multi-collateral interface with CEX-like speed and sub-second finality. Developed in collaboration with Aptos Labs and the Decibel Foundation;
Directly supported by Aptos Labs, designed as a neutral, composable execution layer for global on-chain markets; currently in public testnet stage.
How to Participate:
- Visit app.decibel.trade, connect an Aptos wallet, mint test USDC, and trade (perpetuals, spot, vaults) to earn volume-based XP and rankings.
- Participate in trading tournament competitions.
- Join the pre-deposit waitlist at decibel.trade.
RiseX (@risextrade)
- Funding: Undisclosed
RiseX (RISEx) is the flagship integrated perpetuals DEX on Rise Chain (a high-performance Ethereum L2), featuring a fully on-chain orderbook, shared liquidity via MarketCore, CEX-grade execution, and programmable market deployment for spot/perpetuals, with future support for options and prediction markets.
Powered by Rise Chain's ultra-low latency infrastructure (incorporating acquired BSX Labs tech); positioned as the home for global on-chain markets; currently in public testnet stage, with mainnet launch planned for early 2026.
How to Participate:
- Go to 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: Undisclosed
01.xyz is a decentralized perpetual futures exchange powered by the N1 blockchain (leveraging the high-performance NordVM engine), offering CEX-grade speed, low latency, and feature-rich orderbook while maintaining full on-chain transparency and self-custody. Built by veteran traders focused on precision and edge;
Currently in private testnet stage, positioned as the next-gen venue for unbounded scale perpetuals trading based on dedicated Layer 1 infrastructure.
How to Participate:
- Invite-only; no public code yet.
- To get an access code, follow/reply to @01Exchange posts, engage with community members sharing codes, or DM active users.
- Once in, trade heavily, invite friends, participate in events/leaderboards.
Cascade (@cascade_xyz)
- Current Status: Early Access Deposits Live (Invite-only); Trading not yet live
- Funding: $15M raised (Coinbase Ventures, Polychain Capital, Variant Fund, etc.)
Cascade is a high-performance perpetuals DEX on Arbitrum emphasizing deep liquidity, tight spreads, and institutional-grade execution for crypto and potentially broader asset classes.
Building momentum via liquidity strategies and reward points ahead of full trading launch.
How to Participate:
- Strictly invite-only; requires access code to deposit/pre-allocate.
- Codes are released limitedly/randomly to waitlist users or via community.
- Once code obtained: Deposit/pre-allocate to CLS (recent caps ~$1-3M total, $10k per account) to earn points.
Note:
Data Sources: DefiLlama (as of Jan 5), SoSoValue, CryptoRank. Information compiled and structured with assistance from Grok.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
