14 Perpetual DEX Showdown: Who Will Be the Next Hyperliquid?
09-26 , 11:07
Using six dimensions including features, participation methods, and capital chain, we systematically compare the top Perp DEXs on Defillama's trading volume. Rated based on hotness S+, S, A, quickly grasp the core strategies of each project.
Binance Ecosystem (Aster, StandX), Amber Ecosystem (edgeX), Paradigm Ecosystem (Paradex), Solana Ecosystem (BULK/Backpack/Jupiter/Drift), Base Ecosystem (Avantis)… Each has its own territory.
Hyperliquid remains the leader, but new players are using points and APY to grab market share.
For retail investors: projects that have not had a Token Generation Event (TGE) can choose several projects for interactive point farming, while projects that have had a TGE need to consider market capitalization and trends, preferably buying on the right side.
Features: Hyperliquid is undoubtedly the current leader of PerpDEX, with its proprietary L1 + full on-chain CLOB, leading in liquidity and trading depth. For example, HyperEVM supports sub-1-second trade latency and top-level depth.
Participation Opportunity: The Hyperliquid team airdropped about 31% of HYPE to early users, making it one of the largest airdrops in history. More importantly, nearly 40% of the supply is reserved for future community rewards. Users who missed the first-round airdrop can consider subsequent opportunities through increased trading volume, liquidity staking, and other means.
Features: Aster is a PerpDEX strongly promoted by the Binance camp, and the price of $ASTER surged 20 times in the first week. The platform features simple one-click/grid, up to 1001x leverage, and serves as the entry point for BNB chain flow.
Opportunity for Participation: Currently, the main opportunity lies in trading to participate in a trading competition and receive the second-phase airdrop.
Features: Backpack emphasizes compliance and security, introducing a KYC mechanism to ensure user authenticity, and even adopting an operational style similar to that of CeFi exchanges.
Opportunity for Participation: The loyalty points program rewards active users, and it is said that after the launch of the third season, the trading volume weighting will be increased.
Features: edgeX is incubated by the Amber Group and utilizes StarkEx ZK-Rollup technology. edgeX also provides a polished user experience by integrating an MPC wallet to reduce the threshold for private key management, aiming to deliver an experience close to that of CEX platforms.