Summary

  • Hyperliquid leads onchain perps with 57% of open interest ($7.65B) as of 24 October 2026 per Castle Labs.
  • Perp DEX volume reached $13.26b in 24h and $618.133b over 30d as of Oct 25 2026 per DeFiLlama.
  • SpaceX perps saw over $6B turnover across Binance and Hyperliquid after earnings per CryptoSlate.

Explosive growth in onchain perps for pre-IPO names like SpaceX splits volume between centralized and decentralized venues. It also expands RWA derivatives adoption. The $6B turnover in SpaceX perps shows traders routing pre-IPO exposure through both Binance and hyperliquid.

Hyperliquid Captures 57% of Onchain Perps Open Interest

Hyperliquid holds 57% of onchain perps open interest at $7.65B as of 24 October 2026. Castle Labs data places Aster at 10% and Variational at 6.9% behind it. This shows hyperliquid's edge in liquidity and product range.

DeFiLlama shows total perp DEX volume hit $13.26b in the 24 hours ending 25 October 2026. The 30-day figure reaches $618.133b. Demand for decentralized perpetual futures stays strong beyond the recent SpaceX spike.

SpaceX Perps Generate $6B Split Between Venues

SpaceX perps delivered more than $6B in turnover across Binance and hyperliquid following the company's Q3 2026 earnings. The contracts trade under the SPCX ticker on hyperliquid via the HIP-3 market. Aggregated VWAP reached $155 against a $135 IPO reference price in earlier periods. Open interest topped $215M at times.

Traders now treat SPCX perps as the second-most active contract on hyperliquid after BTC in daily volume. The activity underscores how pre-IPO names drive defi perps growth.

DEX Models Differ on Liquidity and Execution

Hyperliquid, GMX, and Aster operate distinct models for fees, leverage, and on-chain settlement. GMX emphasizes liquidity pools that allow positions above $50m with limited price impact. Hyperliquid relies on an order-book approach. It has captured the majority of recent volume.

Onchain perps still face liquidity constraints versus centralized venues for large positions. This gap keeps some institutional flow on Binance. Retail volume migrates to hyperliquid and similar platforms.

What to Watch

  • Next SpaceX valuation updates after lock-up expiration.
  • Any shift in 24-hour perp DEX volume share among Hyperliquid, GMX, and Aster.
  • Further listings of pre-IPO or RWA-linked perps on additional venues.