14 Perp DEXs Compared: Who Can Become the Next Hyperliquid?
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14 Perp DEXs Compared: Who Can Become the Next Hyperliquid?
For retail investors, pre-TGE projects can be selected for a few interactions to earn points, while post-TGE projects should be chosen based on market cap and trends, preferably bought on the right side.
Navigating Web3 tides with focused insightsAuthor: Viee, Core Contributor of Biteye
We systematically compare the top Perp DEXs on Defillama by trading volume across six dimensions—features, participation methods, capital affiliations, etc.—and categorize them into S+, S, and A tiers based on popularity to quickly grasp each project's core strategy.
01 Overview
Binance-affiliated (Aster, StandX), Amber-affiliated (edgeX), Paradigm-affiliated (Paradex), Solana-affiliated (BULK/Backpack/Jupiter/Drift), Base-affiliated (Avantis)... each has its own domain.
Hyperliquid remains the leader, but new entrants are capturing market share through points and APY incentives.
For retail investors: Choose a few pre-TGE projects to interact with and farm points; for post-TGE projects, consider market cap and trends, ideally buying on the right side of the trend.
02 Popularity Tier S+
1.@HyperliquidX, $HYPER
Features: Hyperliquid is undoubtedly the current leader among Perp DEXs, with its proprietary L1 and fully on-chain CLOB, leading in liquidity and trading depth. For example, HyperEVM enables sub-one-second execution latency and top-tier depth.
Participation Opportunity: The Hyperliquid team will airdrop approximately 31% of HYPE tokens 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 initial airdrop can aim for future distributions by increasing trading volume or providing liquidity.
2.@Aster_DEX, $ASTER
Features: Aster is a Perp DEX strongly backed by Binance, with $ASTER surging 20x in its first week. The platform offers simple one-click/grid trading and up to 1001x leverage, serving as a traffic gateway for the BNB chain.
Participation Opportunity: Current opportunities center on trading, with a chance to earn a second round of airdrops via trading competitions.
3.@Backpack, not yet TGE
Features: Backpack emphasizes compliance and security, implementing KYC to verify user authenticity, adopting an operational style somewhat similar to CeFi exchanges.
Participation Opportunity: An active trading points program rewards engaged users; reportedly, trading volume carries increased weight after the launch of Season 3.
4.@edgeX_exchange, not yet TGE
Features: edgeX, incubated by Amber Group, leverages StarkEx ZK-Rollup technology. It also delivers a refined user experience—integrating MPC wallets to lower private key management barriers—offering a CEX-like platform feel.
Participation Opportunity: Earn weekly points based on trading volume and activity; minimum entry at just 10 USDT.
5.@Lighter_xyz, not yet TGE
Features: Lighter is currently in an invite-only private testing phase. By building a dedicated EVM-compatible network (based on Starknet), it ensures privacy, high efficiency, and low cost. The LLP market-making treasury also offers relatively high APY, around 63%. Note: Full APY unlock requires a certain points threshold.
Participation Opportunity: Invited users can join a points reward program where every trade accumulates points affecting future airdrops.
6.@avantisfi, $AVNT
Features: Offers up to 500x leverage and supports trading across diverse markets including crypto, forex, gold, and crude oil.
Participation Opportunity: AVNT holders can stake tokens to share platform revenue, achieving annual yields of around 23%.
03 Popularity Tier S
7.@tradeparadex, not yet TGE
Features: Built on Ethereum Layer 2 Starknet, Paradex integrates perpetual contracts, perpetual options, and spot trading under a unified account system. It also adopts a zero-fee model to encourage trading volume growth.
Participation Opportunity: XP operates on a quarterly basis; points awarded for holding, trading, and market making.
8.@OrderlyNetwork, $ORDER
Features: Provides high-performance orderbook infrastructure, already integrated by numerous wallets and DEXs, acting as a backend matching engine enabling one-click frontend deployment.
Participation Opportunity: Staking $ORDER entitles holders to a share of trading fees, generating passive dividend-like returns.
9.@BasedOneX, not yet TGE
Features: Essentially a frontend for Hyperliquid, operating on a dealer model to build a full-channel trading platform for Hyperliquid.
Participation Opportunity: Ecosystem airdrops and trading competitions.
10.@StandX_Official, not yet TGE
Features: Developed by former core members of Binance Futures team. Has launched DUSD, an auto-yielding stablecoin, offering a "trade-and-mine" yield-bearing margin. The PerpDex functionality is currently in internal testing. The platform operates independently without VC reliance, using self-owned capital.
Participation Opportunity: PerpDex feature is in internal testing; users can apply to join the waitlist. Currently running a pre-deposit campaign.
11. @_bulktrade, not yet TGE
Features: Native to Solana, optimized for ultra-fast matching. BULK embeds its matching engine directly into validator nodes. When a user submits an order, it bypasses Solana’s standard transaction queue and enters the built-in Bulk-Tile module within validator nodes. This allows order matching within 20ms and final confirmation within 40ms.
Participation Opportunity: Mainnet not yet launched; users can interact via testnet.
04 Popularity Tier A
12.@reya_xyz, not yet TGE
Features: Modular derivatives and margin engine logic allow users to have a single margin account usable across multiple exchanges.
Participation Opportunity: Points system rewards trading and USDC staking, with weekly rankings and settlements.
13.@DriftProtocol, $DRIFT
Features: One of the earliest perpetual contract DEXs on Solana, introducing yield-bearing margin—users earn interest on collateral assets while they serve as margin.
Participation Opportunity: Future opportunities mainly involve token staking and governance participation, as well as using the platform vault with variable APY ranging from 20% to 50%.
14.@JupiterExchange, $JUP
Features: Previously Solana’s largest DEX aggregator, Jupiter has expanded its offerings to include GMX-mode perpetual contracts and GLP-style liquidity pools, enabling both spot swaps and perpetual trading on a single platform.
Participation Opportunity: Future airdrops will continue to be distributed based on users’ trading and engagement activities on the Jupiter platform.
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