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Decentralized Exchanges

Dissecting Derivatives Data

Toe Bautista

Nov 29, 2023 ⋅  14 min read

dYdX, with $83.8 billion in volumes in the last 120 days, currently stands as the market share leader of perp DEXs. Synthetix sits at second with $14.6 billion, followed by Kwenta with $12.7 billion. As of writing, 90% of GMX users have only used GMX, supplanting it as the stickiest and most popular Arbitrum DEX, with 46% of all Arbitrum perp DEX users finding GMX as their first exchange. Drift and Jupiter continue to jockey for Solana perps DEX market share, with Jupiter ($40 million daily volumes) surpassing Drift ($25 million) despite only launching last month.

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Toe Bautista

26 Reports_ThePinkyToe

Toe is a technical research analyst at Messari specializing in DeFi coverage. Before joining Messari, he worked as a data scientist at both Celsius Network and IBM. Toe graduated from the University of Michigan School of Information.

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About the author

Toe Bautista

Toe is a technical research analyst at Messari specializing in DeFi coverage. Before joining Messari, he worked as a data scientist at both Celsius Network and IBM. Toe graduated from the University of Michigan School of Information.

26 Reports_ThePinkyToe

Mentioned in this report