Perp DEX vaults: TVL and returns
Compare 21 vault pools from 16 perp DEXs, totaling $1.38B in TVL as of 28 Sep 2026. 30-day returns and drawdowns use the same method for every pool; the exchange's own APR is next to them.
Vaults whose depositors take traders' PnL
12 pools| Details | Pool | What it does | TVL | APR | Depositors | 7d | 30d | Drawdown 30d | Share price | Lock | ||||||||||||||||||||||||||||
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▸ | Jupiter Perps JLP | Counterparty | $941.7M | +9.7% | — | +0.55% | +9.39% | 4.82% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | Hyperliquid HLP | MM + liquidations | $183.8M | +3.8% | — | +0.11% | +0.31% | 0.00% | 4 days per deposit | Deposit | ||||||||||||||||||||||||||||
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▸ | Lighter LLP | MM + liquidations | $79.6M | +13.5% | — | +0.43% | +0.56% | 0.42% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | GMX GLV ETH-USDC | Counterparty | $15.1M | +11.6% | — | +1.19% | +6.04% | 2.31% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | GMX GLV WBTC-USDC | Counterparty | $13.4M | +9.5% | — | +1.29% | +4.24% | 2.47% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | Aster ALP | Counterparty | $5.6M | — | — | −0.61% | +1.94% | 1.47% | 48 hours on burn | Deposit | ||||||||||||||||||||||||||||
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▸ | gTrade (Gains Network) gUSDC | Counterparty | $4.6M | — | — | — | — | — | — | None | Deposit | |||||||||||||||||||||||||||
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▸ | Lighter RH LLP | MM + liquidations | $1.9M | +167.1% | — | +3.00% | +8.12% | 1.86% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | GMX GLV AVAX-USDC | Counterparty | $1.1M | +11.7% | — | — | — | — | — | None | Deposit | |||||||||||||||||||||||||||
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▸ | gTrade (Gains Network) gETH | Counterparty | $975K | — | — | — | — | — | — | None | Deposit | |||||||||||||||||||||||||||
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▸ | gTrade (Gains Network) gUSDC | Counterparty | $845K | — | — | +0.13% | +0.88% | 0.00% | None | Deposit | ||||||||||||||||||||||||||||
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▸ | GMX GLV USDM | Counterparty | $523K | 0.0% | — | — | — | — | — | None | Deposit | |||||||||||||||||||||||||||
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Jupiter Perps JLP
Hyperliquid HLP
Lighter LLP
GMX GLV ETH-USDC
Aster ALP
gTrade (Gains Network) gUSDC
Lighter RH LLPNo public data
figures only on the exchange's own page| Pool | Asset | What it does | Lock | Fees | |
|---|---|---|---|---|---|
| ApeX Omni Protocol Vault | USDT | Market making + liquidations | None | — | Deposit |
ApeX Omni Protocol VaultQuestions about perp DEX vaults
What is a perp DEX vault?
A pool run by a perpetual futures exchange itself, where deposits earn from fees and trading activity: market making, liquidations or taking the other side of trades. Each exchange sets its own strategy and deposit terms.
HLP, JLP and LLP: which vault pays more?
Returns change with market conditions and with which side traders take; the table compares their 30-day returns and APRs. Jupiter Perps JLP has the largest TVL, $941.7M.
How is the vault return calculated here?
It is the change in the vault's share price over 7 and 30 days. For vaults without a share (HLP, Extended, dYdX MegaVault) a price is built from the pool's PnL over its equity, so deposits are not counted as return.
Why does the exchange's APR differ from the return shown?
Each exchange computes its APR its own way: HLP takes 30-day PnL times 12, Orderly compounds a 30-day return, Jupiter JLP and GMX GLV count fees only. The returns here use one calculation for every pool.
Do vault depositors carry traders' losses?
Some pools do. HLP, LLP, JLP, GLV, gTrade and ALP pass traders' PnL to depositors: when traders win, the pool loses; when they lose, the pool gains.
What is the lock period?
From none (LLP, JLP, dYdX MegaVault, GLV) to 4 days (HLP, StandX, Nado, Aftermath); gTrade adds an optional lock of 7 to 365 days. Each pool's lock is in the table.
Only pools the exchange runs itself; no user or third-party vaults. Perp DEX stats →