Onchain Finance · 02 / 8
Leverage without expiry
Perpetual futures let traders take leveraged long or short exposure that never expires. A funding rate, paid between longs and shorts, keeps the perp price tethered to the spot index. Onchain perp venues hold margin in smart contracts or app-specific chains.
Volume, 24h · live
$6.9B
Onchain perp venues · CoinGecko
Largest
Hyperliquid
38% of the category · $2.7B
Live from CoinGecko · 17 Oct 2026 20:19 UTC · refreshed hourly
Onchain orderbook
A central limit orderbook run by validators of an app chain.
Oracle-priced pool
Traders trade against a liquidity pool at an oracle price.
Hybrid
Offchain matching with onchain settlement and custody.
Ranked by 24h trading volume, live from CoinGecko.
| # | Name | Volume 24h | Share | Open interest |
|---|---|---|---|---|
| 01 | Hyperliquid | $2.7B | 38.3% | OI $15.1B |
| 02 | Lighter | $1.2B | 17.1% | OI $1.5B |
| 03 | Variational | $809M | 11.7% | OI $1.9B |
| 04 | Aster | $516M | 7.4% | OI $2.4B |
| 05 | GRVT | $424M | 6.1% | OI $438M |
| 06 | Pacifica | $391M | 5.6% | OI $121M |
| 07 | ApeX | $364M | 5.2% | OI $153M |
| 08 | edgeX | $264M | 3.8% | OI $423M |
Oracle manipulation
Thin markets can be pushed to trigger liquidations or drain pools.
Liquidation cascades
Fast moves can outrun liquidators and create bad debt.
Counterparty vault risk
LP vaults that take the other side can lose in trending markets.
On Tempo
Perps aren't native to Tempo, but they are a stablecoin story: Tempo's Off-Hours Cash report cites $1.5B settled in USDC on a single weekend on stablecoin-margined venues, while bank rails were closed.