On-Chain Perpetual DEX Market Share Reaches 12.33%

According to a Castle Labs report, the market share of on-chain perpetual DEXs in global perpetual trading volume rose from 0.11% in January 2023 to 12.33% in September 2026. On-chain RWA perpetuals are also expanding, covering stocks, commodities, and Pre-IPO assets, with monthly volume reaching approximately $147.5 billion in July 2026. As of September 24, total open interest on perpetual DEXs stood at $14.64 billion, with Hyperliquid accounting for 56.8%, followed by Aster at 9.7% and Variational at 6.2%.