CoinGecko Orderly Report

What Is Orderly?

Orderly is the backbone of a number of decentralized exchanges (DEXs) and perpetual exchanges, powering them from behind the scenes. Specifically, it operates as a B2B orderbook-based trading infrastructure, giving its brokers (also called builders) access to an unified liquidity network sourced from multiple blockchains. In addition, Orderly also functions as a white-label DEX solution, allowing creators and developers to spin off and create DEXs more easily. Orderly’s most recent innovation is “OrderlyOne”, the world’s first no code perpetuals (perp for short) DEX launchpad that enables anyone to launch a perp DEX in minutes.

Orderly is powered by the ORDER token which was airdropped to users on August 26 2024. ORDER functions as a utility token, earning a share of protocol revenue as well as being the governance token of the network. Thus far, Orderly has shown considerable growth in the year 2025, especially in Q3 2025, where market interest in perp DEXs grew considerably.

Key Takeaways 

• Orderly experienced heavy growth across all metrics in Q3 2025, riding the wave of surging perp DEX adoption.

• The ORDER token reached an ATH price of $0.47 in October 2025 on the back of OrderlyOne, a new perp DEX launchpad feature that powers over 1000+ DEXs.

• Total Value Locked (TVL) on Orderly grew from $19.1M to $51.3M since the start of 2025.

• Orderly processed a total of $37.2B in cumulative trading volume.

• Liquidations totalled $276.2M, a majority ($212.0M) of which are long liquidations.

• Generated a total of $2.4M in Protocol Revenue.

• ORDER’s Circulating Supply increased by 32.7% (217M to 288M), while Total Staking Ratio decreased by 1.3% from 33.6% to 32.3%.

• Orderly’s USDC OmniVaults delivered an average APR of 27.2% for its depositors since its inception on March 28 2025.

Methodology

All data presented in this report covers the period from January 1, 2025, to August 31, 2025, unless otherwise stated. Dollar figures quoted in this report are in USD.

Orderly TVL

Total Value Locked (TVL) on Orderly grew by 168.9% from $19.1M to $51.3M by the end of August 2025. A majority of the TVL is in USDC (93.2%), originally the only collateral token accepted on the network. USDT and ETH collateral were introduced starting July 11, 2025, to support multi-collateral margin which went live on July 24 2025.

While ETH’s TVL growth has been minimal, USDT TVL showed high growth potential, growing from $0 to $3.3M in slightly under 2 months.

Orderly Trading Volume

From its inception (2022), Orderly has processed a cumulative trading volume of $132B. Thus far (August 31 2025), Orderly processed $37.2B* in trading volume with August 2025 being Orderly’s best month yet, generating $21.5B.

The explosive growth in trading volume was fueled by the launch of Orderly-powered ADEN and the introduction of multi-collateral margin support in July 2025. ADEN is a perps exchange built by Bugscoin (an EduFi crypto project on BNB Chain) using Orderly's white-label solution.

The top 5 most popular trading pairs on Orderly are as below, with ETH/USDC pair taking the lion’s share with 62.6% of volume, more than all other pairs combined. BTC/USDC came in second with 36.6% share of volume. 

1. ETH/USDC Perpetuals: $23.3B

2. BTC/USDC Perpetuals: $13.6B

3. SOL/USDC Perpetuals: $4.1B

4. XRP/USDC Perpetuals: $315.9M

5. FARTCOIN/USDC Perpetuals: $280.0M

*This figure represents trading volume through Orderly's builder ecosystem. Including internal protocol trades and non-builder DEX activity, total volume reaches $41.1B.

Orderly Daily Open Interest (EVM Data Only)

Mirroring the trend in trading volume, Orderly’s Open Interest (OI) saw a dramatic expansion post July 2025. After holding steady in a range of approximately $8M to $10M per day for the first half of the year, OI began a steep ascent in late July, ultimately peaking on August 29, when a new yearly high for daily Open Interest of $77.6M was recorded.

Editor's Note: The data in this OI section reflects Orderly's activity on EVM chains. Activity from other non-EVM chains such as Solana is not included, and therefore the true total network figures are likely higher.

Orderly Liquidations

In total, $276.2M worth of positions were liquidated in this analysis period of 2025. The vast majority of the liquidations came from long liquidations ($212.0M) compared to short liquidations ($64.27M).

A majority of the liquidations was recorded in July and August ($178.9M). Rather than increased market volatility, this heavy increase in liquidations is explained by the general growth in trading volume across Orderly as a whole in this period (See Trading Volume above). While July and August was indeed a period of higher liquidations for other perpetual DEXs, it is not due to a major period of volatility like the data above suggests.

Orderly Daily Active Users (DAU)

The Daily Active Users (DAU) of Orderly was relatively consistent for most of 2025 until July 2025. Excluding ADEN, July and August still proved to be a relatively good month for the other builders (Raydium, WOOFi Pro, etc.) with broad gains in DAUs of ~10% each.

Prior to July, Raydium and WOOFi Pro were the dominant builders of Orderly, in total, they accounted for ~60% of DAUs each month. In August, ADEN alone accounted for 66.8% of Orderly’s DAU.

Orderly Daily Protocol and Builder Revenue

To date (August 31), Orderly generated a cumulative protocol revenue of $10.9M since they went live in 2022. $2.4M was generated so far in 2025, with a huge increase in revenue in August. Builder revenues in 2025 totalled $1.6M. Builder revenues are a cut that Orderly pays to its network participants for bringing/routing trades through the Orderly.

Among Orderly’s builders, WOOFi Pro stood out as one of its most consistent builders, receiving an average of $86.8K each month, with monthly figures consistently ranging between $50K and $100K. 

For the first half of our analysis period (January to April), Orderly maintains an average revenue share of 65.5%, decreasing down to an average of 56.2% in the second half (May to August). The dip in revenue share in the second half of our analysis period is perhaps due to Orderly giving builders a larger cut. The monthly variation in Orderly's revenue share is likely driven by Orderly's tiered model, where each builder receives a different percentage cut based on factors like trading volume, strategic importance, and individually negotiated agreements, though the specific terms of these agreements are not public.

ORDER Token

ORDER’s token generally had a bearish year, until late September, where the token broke out and eventually reached a new ATH price of $0.47 on October 5 2025. The breakout was largely catalyzed by OrderlyOne's launch on September 23 but also aided by the strong launch of ADEN as well as a successful ORDER governance buyback proposal.

Orderly’s network and its token gained mainstream attention following several successful community launches using OrderlyOne, such as NuttyDex (by the PNUT Solana memecoin). These launches demonstrated a new paradigm where KOLs, DAOs, Memecoins, and trading communities could launch their own perp DEXs. The ORDER token benefits from this increased adoption, as each builder must purchase $1,000 worth of ORDER tokens to unlock revenue sharing from their perp DEX, creating consistent buy pressure.

Editor’s Note: ORDER achieved an intraday peak of $0.47 (hourly ATH). The 24-hour chart displays $0.42 as the high due to snapshot timing.

Staked ORDER

Users stake their ORDER tokens to participate in governance and earn a share of the protocol's fee revenue. Thus far, ORDER stakers have received an average APR of 19.5%. Staking ORDER also provides additional benefits such as boosted trading and market making rewards. The unstaking period for ORDER is 7 days.

While the cumulative number of ORDER staked increased from 73M to 93M tokens, the Total Staking Ratio (TSR) of ORDER fell slightly due to token inflation (TSR is calculated as staked tokens/circulating supply). ORDER’s circulating supply increased from ~217M tokens at the start of the year to ~288M at the end of August. This represents a 32.7% increase in circulating supply. Correspondingly, the network’s overall staking ratio decreased from 33.6% to 32.3%, a minor decrease. On one hand, this minor decline suggests that staking incentives struggled to fully absorb the new supply. On the other hand, the fact that the staking pool still grew in absolute terms despite high inflation can be seen as a sign of resilience from its core base of holders.

Orderly OmniVault

Orderly's OmniVaults is a cross-chain vault that accepts USDC deposits from Base, Arbitrum or Optimism. These funds are then deployed by professional market makers whitelisted by Orderly, such as Kronos Research, to provide deep, unified liquidity for trading strategies on Orderly's orderbook, serving all builders within the ecosystem. Accrued fees are then distributed to its users as rewards in the form of additional USDC.

This vault serves as the primary liquidity source for the network's orderbook, experiencing rapid growth in Total Value Locked (TVL) during the third quarter of 2025. Following their launch on March 28 2025, the vaults saw a steady increase in deposits which accelerated in late August, reaching a peak of $22.8M in TVL on August 29. This peak notably coincided with the days where both Open Interest and liquidations also recorded their yearly highs.

Orderly’s OmniVault delivered 156 profitable days out of the 157 days in the analysis period, the only unprofitable day recorded was the inception day on March 28. 30D PNLs grew from 0.6% to a peak of 4.1% in July before coming back down to 2.5% in August. On average, depositors received an APR of 27.2% on their USDC deposits.

OrderlyOne: The World’s First Perp DEX Launchpad

OrderlyOne is uniquely positioned as the world's first perp DEX launchpad. Much like Pump.fun commodified token creation, OrderlyOne aims to commodify perp DEX creation, providing plug-and-play infrastructure instead of forcing builders to start from scratch.

OrderlyOne provides the complete infrastructure: shared liquidity, order book technology, and cross-chain compatibility. With this level of accessibility we could start to see an explosion of specialized perp DEXs. Instead of a general purpose perp DEX, we may see memecoin-focused perps, forex-focused perps, region-specific platforms, or niche derivatives markets—all powered by Orderly's shared infrastructure and liquidity pool.

Whether this leads to sustainable competition or market fragmentation remains to be seen, but OrderlyOne's approach fundamentally lowers the barrier to entry for perpetual trading platforms.