Directory

Derivatives exchanges

6 derivatives exchanges with the facts we checked on each project’s own pages.

6 projects · ordered by our list “DEX Futures in the US: Why They Are Blocked and Regulated Alternatives”, then A–Z · updated Sep 26, 2026

This directory lists every derivatives exchange we have a profile for. Each card shows the chains, platforms and custody model stated by the project, and total value locked where DefiLlama tracks it. For our ranked picks with pros, cons and who should skip each one, see DEX Futures in the US: Why They Are Blocked and Regulated Alternatives.

All 6 derivatives exchanges

Showing 6 of 6

  • Cryptex Finance

    Onchain crypto index protocol behind TCAP and the Cryptex Digital Market Cap Index, governed by CTX holders.

    Chains
    Ethereum, Base, Arbitrum
    Platforms
    Web
    Custody
    Non-custodial
    TVL
    $465.6K
  • dYdX

    Perpetual futures exchange running on its own dYdX Chain with an order book and DYDX staking.

    Chains
    dYdX Chain
    Platforms
    Web, API
    Custody
    Non-custodial
    TVL
    $109.1M
  • Flash Trade

    Pool-to-peer perpetuals and spot exchange on Solana with up to 500x leverage.

    Chains
    Solana
    Platforms
    Web, SDK
    Custody
    Non-custodial
    TVL
    $228.4K
  • GMX

    Decentralized spot and perpetual exchange on Arbitrum, Avalanche and MegaETH that trades against liquidity pools.

    Chains
    Arbitrum, Avalanche, MegaETH
    Platforms
    Web, API
    Custody
    Non-custodial
    TVL
    $239.6M
  • Hyperliquid

    Layer 1 blockchain running a fully onchain order book for perpetual futures and spot trading.

    Chains
    Hyperliquid L1 (HyperCore and HyperEVM)
    Platforms
    Web, API
    Custody
    Non-custodial
    TVL
    $7.5B
  • Lighter

    Decentralized perpetual futures and spot exchange with verifiable order matching and zero fees on Standard accounts.

    Platforms
    Web, API
    Custody
    Non-custodial
    TVL
    $775.7M

TVL from DefiLlama, refreshed daily. Educational content, not financial advice.

How this directory works

  • Projects from our list “DEX Futures in the US: Why They Are Blocked and Regulated Alternatives” come first, in that order; the rest follow A–Z.
  • Chains, platforms and custody come from each project’s own pages.
  • No project pays to be listed. Full rules: methodology.

Further reading

FAQ

How is this directory ordered?

Projects ranked in “DEX Futures in the US: Why They Are Blocked and Regulated Alternatives” come first, in the order of that list; the rest follow alphabetically. The directory itself does not score projects.

How this page works

Sources: Cryptex Finance: official site, dYdX: official site, Flash Trade: official site. Data as of Sep 26, 2026.

How we review

Not affiliated with any project listed. Educational content, not financial advice.