Resolves to the relative Perpetual Futures notional trading-volume ranking of decentralized exchanges (DEXs) during November 2025.

Data source

Primary source: the Perp DEX Volume table on DeFiLlama (https://defillama.com/perps, view set to “Volume 30d”) captured at 00:05 UTC on 1 Dec 2025.

Each answer name must include the well-known front-end URL of the DEX (e.g. https://app.hyperliquid.xyz).  That URL unambiguously identifies the protocol even if there are multiple versions, forks, or UI mirrors.

The #1 Perp DEX by volume will resolve to 1.0, #2 to 0.9, on down to the 10th at 0.1. DEXs that don’t place in the Top 10 will resolve to 0.

If a DEX is exploited or shuts down during the month, it is still eligible; resolution will be based only on the preceding month's volume.

DeFiLlama lists separate versions in some cases, I will follow exactly the entry shown in the ranking; I will not manually aggregate separate versions.

Before adding a new answer, please confirm the URL is the primary trading interface for the protocol. Duplicate or botched entries will resolve to N/A or 0