Arbitrum is Now The Second Biggest Perps Market

Arbitrum Breaks Into the Top Two

Arbitrum has climbed to the No. 2 spot among major perpetual futures markets, recording approximately $1.48 billion in 24-hour perps volume on August 18. Open interest on the network reached $1.834 billion on the same day, according to shared market data. Over the prior seven days, Arbitrum processed $6.70 billion in total perps volume, a figure that underscores the consistency of trading activity on the chain rather than a one-day spike.

Only Hyperliquid ranked higher, posting $6.12 billion in daily volume. The gap between first and second place remains wide, but Arbitrum's ascent to the runner-up position is a meaningful shift in how decentralized derivatives volume is distributed across chains.

What Is Driving Arbitrum's Perps Growth

PerpFinder tracks 45 perpetual futures DEXs on Arbitrum, and the density of those protocols creates real liquidity fragmentation. Unlike Hyperliquid, where all volume concentrates in one venue, Arbitrum's protocols compete for the same pool of active traders. That competition has kept fee pressure low and drawn in a broad range of participants.

The concentration of perp protocols on Arbitrum reflects the chain's combination of low transaction costs, EVM compatibility, and an established user base. GMX is the most recognized name, using oracle-based execution that eliminates price impact for large orders, while Gains Network covers the widest market set: forex, stocks, commodities, and indices alongside crypto perps.

The No. 2 ranking places Arbitrum ahead of all other EVM-compatible chains in perpetual futures volume, reinforcing the network's role as the primary hub for on-chain derivatives outside of Hyperliquid's purpose-built L1.

Sources:
PerpFinder: Perpetual Futures on Arbitrum, Volume and TVL
DefiLlama: Arbitrum Perp DEX and Futures Volume