Original Title: "14 Perp DEX Landscape Comparison: Who Will Be the Next Hyperliquid?"

Original Source: Biteye

We conducted a systematic comparison of the top-volume Perp DEXs on Defillama across six dimensions: features, participation methods, capital series, etc. Graded by popularity S+, S, A, quickly grasp the core strategies of each project.

01 Overview

Binance Series (Aster, StandX), Amber Series (edgeX), Paradigm Series (Paradex), Solana Series (BULK/Backpack/Jupiter/Drift), Base Series (Avantis)… Each has its own territory.

Hyperliquid remains the leader, but new players are using points and APY to capture market share.

For retail investors: projects that have not had a Token Generation Event (TGE) can choose several interactive points brushing projects, while projects that have had a TGE need to consider market cap and trends, preferably buying on the right side.

02 S+ Level of Popularity

1. @HyperliquidX, $HYPER

Features: Hyperliquid is undoubtedly the current PerpDEX leader, with in-house L1 + full-chain CLOB, leading in liquidity and depth of trading. For example, HyperEVM supports sub-1-second trade execution latency and top-tier depth.

Participation Opportunity: The Hyperliquid team airdropped about 31% of HYPE to early users, becoming 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 opportunities for subsequent rounds through increasing trading volume, staking liquidity, etc.

2. @Aster_DEX, $ASTER

Features: Aster is a PerpDEX heavily promoted by the Binance camp, and $ASTER's price surged 20 times in the first week. The platform features simple one-click/grid, up to 1001x leverage, and is the entry point for BNB chain traffic.

Opportunity for Participation: The current main opportunity lies in trading, participating in a trading competition to 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, somewhat similar to the operational style of CeFi exchanges.

Opportunity for Participation: The trading points program rewards active users, and it is said that after the launch of the third season, the trading volume weighting will increase.

4. @edgeX_exchange, TGE Not Yet Conducted

Features: edgeX is incubated by the Amber Group and adopts StarkEx ZK-Rollup technology. edgeX also provides a well-polished user experience: integrating an MPC wallet to lower the barrier for private key management and other features, approaching the experience of a CEX platform.

Opportunity for Participation: Trading, with the weekly points weight = trading volume + activity level, with a minimum of 10U required for participation.

5. @Lighter_xyz, TGE Not Yet Conducted

Features: Lighter is currently in an invitation-only private testing phase, aiming to build a Starknet-compatible EVM network to ensure both privacy and cost-efficient operation. The LLP liquidity pool APY is relatively high, 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 introduced for invited users, where each transaction will accumulate points, which will be relevant for future airdrops.

6. @avantisfi, $AVNT

Features: Offers leverage of up to 500x, supporting trading in diverse markets such as cryptocurrency, forex, gold, and oil.

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

Level S: Hotness 03

7. @tradeparadex, TGE Not Yet Conducted

Features: Paradex is built on the Ethereum Layer 2 Starknet, implementing a mechanism for perpetual contracts, perpetual options, and spot unified accounts. Paradex also employs a zero fee strategy to encourage trading volume growth.

Engagement Opportunity: XP quarterly system, with points for holding, trading, and providing liquidity.

8. @OrderlyNetwork, $ORDER

Highlights: Building high-performance order book infrastructure, integrated with many wallets and DEXs, serving as a layer-two "backbone matching engine," with a one-click frontend setup.

Engagement Opportunity: Staking ORDER to receive trading fee dividends, achieving passive income similar to dividends.

9. @BasedOneX, TGE upcoming

Highlights: Equivalent to the Hyperliquid frontend, with a dealer model, building an omnichannel trading platform for Hyperliquid.

Engagement Opportunity: Ecosystem airdrops, trading competitions.

10. @StandX_Official, TGE upcoming

Highlights: Developed by former Binance Futures core team members, launched the DUSD auto-yield stablecoin, offering "trade-and-mine" margin-gain mining. The PerpDex feature is currently in testing, and the platform operates with its own funds without relying on VCs.

Engagement Opportunity: PerpDex feature in testing, can apply to join the waitlist. Currently running a pre-deposit activity.

11. @_bulktrade, TGE upcoming

Highlights: Solana native, with ultra-fast matching speed. BULK embeds the matching engine in the validation node so when a user submits an order, it bypasses Solana's regular "transaction queue" and directly enters the Bulk-Tile module built into the validator node. This way, matching can be completed in 20ms and settled within 40ms.

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

04 Hotness Level A

12. @reya_xyz, TGE upcoming

Highlights: Modular derivatives and margin engine logic, enabling users to have a margin account usable across multiple exchanges.

Engagement Opportunity: Rewards users with a points system, trading, staking USDC, with weekly leaderboard settlements.

13. @DriftProtocol, $DRIFT

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

Participation Opportunity: The main participation opportunities going forward are coin staking and governance, and the platform's treasury functionality can also be used, with APY ranging from 20% to 50%.

14. @JupiterExchange, $JUP

Feature: Formerly the largest DEX aggregator on Solana, Jupiter has now launched a perpetual contract in GMX mode as part of its business expansion, introducing GLP-like liquidity pools where users can perform spot and perpetual trading on a single platform.

Participation Opportunity: Future airdrops will continue to be distributed based on user activity and engagement on the Jupiter platform.

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