Crunching venue history (~100k venue-days)…
Crunching venue history (~100k venue-days)…
Stacked venue analytics from our owned daily metrics table. Use the period controls on each chart to compare daily, weekly, monthly and quarterly venue activity as the dataset fills.
Notional trading volume stacked by venue
Open interest stacked by venue
Distinct traders per day — measured venues only (Ostium live via its subgraph; Hyperliquid family lands with the fills pipeline). Never estimated.
Estimated trading fees stacked by venue
Estimated platform revenue using an 85/15 taker-maker mix
Real-world-asset (stocks, FX, commodities, indices) share of perp volume — owned, forward-only
Real-world-asset share of perp open interest — owned, forward-only
What's inside RWA: perp volume by asset category — owned, forward-only
Open interest by real-world asset category — owned, forward-only
Tradable markets with volume that day, by asset category — owned, forward-only
Perp volume by venue and asset category, last 30 days — owned data. The leader in each category is highlighted with its share of that category.
| Venue | Crypto | Stocks | Indices | Commodities | Pre-IPO | ETFs | FX | Bonds | Total |
|---|---|---|---|---|---|---|---|---|---|
| Hyperliquid | $128.7B62% · leader | — | — | $79.7M | — | — | — | — | $128.8B |
| tradeXYZ | $2.4B | $35.2B88% · leader | $18.0B93% · leader | $12.4B69% · leader | $9.8B93% · leader | $4.2B89% · leader | $229.0M42% · leader | — | $82.3B |
| Lighter | $36.0B | $848.9M | $75.5M | $2.0B | $486.8M | $69.8M | $119.9M | — | $39.6B |
| Variational | $21.2B | $910.5M | — | $2.2B | $203.1M | $340.9M | — | — | $24.9B |
| Extended | $13.1B | — | $68.0M | $961.2M | — | — | $65.6M | — | $14.2B |
| QFEX | $3.3B | $2.4B | $601.1M | $61.4M | $5.2M | $70.1M | $39K | — | $6.4B |
| Vest | $754.6M | $191.8M | $119.0M | $13.7M | $90.1M | $38.6M | $8.8M | — | $1.2B |
| Ostium | $348.3M | $89.2M | $470.6M | $151.4M | — | $8.9M | $119.6M | — | $1.2B |
| Dreamcash | $214.8M | $392.7M | $68.3M | $15.5M | — | — | — | — | $691.4M |
| Hyena | $112.5M | — | — | — | — | — | — | — | $112.5M |
| Kinetiq Markets | $1.1M | — | $30.4M | $3.5M | — | — | $244K | $470K100% · leader | $35.6M |
| Markets by Kinetiq | — | — | $7.2M | — | — | — | — | — | $7.2M |
| Paragon | $41K | $206K | — | — | — | — | — | — | $247K |
Minimum inputs needed to add venues cleanly to the landing page and analytics page.
Venue metadata: id, display name, color, logo, website, trading URL and referral URL.
Market catalog: tradable pairs, canonical asset mapping, active/delisted status and contract type.
Core market data: mark price, index price, 24h change, 24h volume and open interest in USD terms.
Funding data: funding rate, native interval, countdown/next funding timestamp and unit convention.
Historical backfill: daily venue-level volume, open interest, fees, revenue and user activity, plus source labels and timezone rules.
Fees and revenue: maker/taker schedule, fee tiers, spread model or direct fee/revenue endpoint.
User activity: daily unique traders or wallets by venue, with a clear definition and deduping rules.
API operations: auth needs, rate limits, pagination, freshness timestamp, retries and failure modes.
Validation: unit checks, stale-data detection, duplicate market handling and sample payload fixtures.
Implementation: exchange registry entry, fetcher, landing-page card fields, analytics inclusion and test route.