Original Article Title: "14 Perp DEX Comparison: Who Can Become the Next Hyperliquid?"

Original Source: Biteye

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.

01 Overview

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.

02 Hotness S+ Level

1. @HyperliquidX, $HYPER

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.

2. @Aster_DEX, $ASTER

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.

3. @Backpack, TGE Not Yet Conducted

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.

4. @edgeX_exchange, TGE Not Yet Conducted

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.

Opportunity for Participation: Trading, where the weekly points weight = trading volume + activity level, and a minimum of 10U is required to participate.

5. @Lighter_xyz, TGE Not Yet Conducted

Features: Lighter is currently in an invitation-only private testing phase. By building a Starknet-compatible dedicated network (based on Starknet), it ensures both privacy and efficiency at a low cost. The LLP liquidity pool APY is also relatively high, at around 63%. Note that a certain number of points are required to fully unlock the APY.

Opportunity for Participation: A points reward plan has been launched for invited users, where each transaction accumulates points that may be related to future airdrops.

6. @avantisfi, $AVNT

Features: Offers up to 500x leverage and supports trading across various markets such as cryptocurrency, forex, gold, and oil.

Opportunity for Participation: Current AVNT holders can earn platform revenue through token staking, with an annualized yield of around 23%.

03 Hotness Level S

7. @tradeparadex, TGE Not Yet Conducted

Features: Paradex is built on the Ethereum Layer2 Starknet, implementing a mechanism that unifies perpetual contracts, perpetual options, and spot trading under a single account. Paradex also employs a zero-fee strategy to encourage trading volume growth.

Opportunity to Participate: XP Quarterly System, with points for holding, trading, and providing liquidity.

8. @OrderlyNetwork, $ORDER

Features: Building high-performance order book infrastructure, integrated with many wallets and DEXs, serving as a layer-1 "backbone matching engine" for easy frontend deployment.

Opportunity to Participate: Staking ORDER for transaction fee dividends, achieving passive income similar to dividends.

9. @BasedOneX, TGE Not Yet Announced

Features: Equivalent to the Hyperliquid frontend, dealer model, building a full-channel trading platform for Hyperliquid.

Opportunity to Participate: Ecosystem airdrops, trading competitions.

10. @StandX_Official, TGE Not Yet Announced

Features: Developed by core ex-Binance Futures team members, launched DUSD auto-yield stablecoin, offering "trade-and-mine" yield-bearing margin. PerpDex feature is currently in beta with platform operating on self-owned funds without VC dependence.

Opportunity to Participate: PerpDex feature in beta, can apply to join waitlist. Currently running a pre-deposit event.

11. @_bulktrade, TGE Not Yet Announced

Features: Solana-native, ultra-fast matching speed. BULK embeds the matching engine into validator nodes, so when a user sends an order, it skips the Solana regular "tx queue" and directly enters the Bulk-Tile module within the validator's node. This allows matching to be completed in 20ms and settlement confirmed within 40ms.

Opportunity to Participate: Mainnet not yet launched, currently available for testnet interactions.

04 Heat Level A

12. @reya_xyz, TGE Not Yet Announced

Features: Modular derivatives and margin engine logic, giving users a margin account usable across multiple exchanges.

Opportunity to Participate: Rewarding users through a point system, trading, staking USDC, with weekly leaderboard settlements.

13. @DriftProtocol, $DRIFT

Highlights: Drift is one of the earliest perpetual contract DEXs on Solana, introducing yield-bearing collateral where users' staked assets earn interest while acting as collateral.

Opportunities for Participation: Future participation opportunities mainly involve coin staking and governance, and the platform's treasury feature can also be utilized, offering APY ranging from 20% to 50%.

14. @JupiterExchange, $JUP

Highlights: Formerly the largest DEX aggregator on Solana, Jupiter has expanded its business and now offers a perpetual contract in GMX mode, launching GLP-like liquidity pools, allowing users to conduct spot exchanges and perpetual trading on a single platform.

Opportunities for Participation: Future airdrops will continue to be distributed based on users' trading and interaction activities on the Jupiter platform.

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