HTX Research releases重磅 report: 2025 Perpetual DEX sector to explode, Sun Wukong leads the rise of new forces
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HTX Research releases重磅 report: 2025 Perpetual DEX sector to explode, Sun Wukong leads the rise of new forces
With the maturation of CLOB architecture and ZK technology, perpetual DEXs experienced a surge in growth in 2025, reaching record highs in trading volume, user count, and TVL, capturing over a quarter of the global perpetual futures market share.
Navigating Web3 tides with focused insights
Recently, HTX Research, the dedicated research arm of cryptocurrency exchange platform HTX (Huobi), released a new report titled "From AMM to CLOB: The 2025 Perpetual DEX Boom, Competitive Reshuffle, and SunPerp's Upward Curve". The report provides an in-depth analysis of the explosive growth and technological evolution within the perpetual decentralized exchange (Perp DEX) sector in 2025, with a focus on SunPerp—the first native perpetual DEX on the TRON ecosystem—and its unique breakthroughs and growth potential amid the current landscape.
The report highlights that with the maturation of CLOB architecture and ZK technology, perpetual DEXs have entered a phase of comprehensive growth in 2025, setting new records in trading volume, user count, and TVL. They now account for over one-quarter of the global perpetual futures market share. Amid technological advancements led by top platforms such as Hyperliquid and Aster, SunPerp has emerged as a rising force, leveraging the TRON ecosystem and innovative design to rapidly build its own upward trajectory.
SunPerp: A Game-Changer in the TRON Ecosystem
SunPerp is the first native perpetual DEX on the TRON network and the world’s first decentralized perpetual trading platform to launch with a Chinese-language brand. It leverages the massive circulation—approximately 80 billion USDT—and high-frequency transaction advantages of the TRON blockchain to deliver differentiated strengths: “zero gas fees + millisecond-level order matching + automatic deleveraging (ADL).” On the user benefits front, SunPerp offers the lowest trading fees across all platforms and high annualized yields on staked assets. Users depositing USDT automatically earn a 12% annual yield without any lock-up period.
Since its public beta launch on September 9, 2025—without yet introducing large-scale incentive mechanisms like a points system—SunPerp has rapidly accumulated users and trading volume through pure product-driven growth. By mid-October, the platform had achieved $1.8 billion in trading volume, surpassed 20,000 registered users, and reached a TVL of $50 million, with continuous positive growth in user retention and net capital inflows.
Balancing High Performance with Institutional-Grade Experience
SunPerp employs a hybrid architecture combining off-chain order matching with on-chain settlement, enhanced by zero-knowledge proofs to ensure secure, efficient data transmission and user privacy protection. Its matching engine supports sub-millisecond execution, enabling slippage-free execution for large orders, and offers diverse order types—including market, limit, post-only, trailing stop, and TWAP—catering to professional traders and high-frequency strategies.
For risk management, the platform features a highly transparent automatic deleveraging (ADL) system that dynamically hedges positions during extreme market conditions, avoiding systemic liquidation risks. Combined with an independent insurance pool, this mechanism effectively safeguards user assets.
Advantages Through Ecosystem Integration
SunPerp is deeply integrated into the TRON ecosystem, natively supporting USDT-denominated contract trading and TRON wallets such as TronLink. It utilizes Stake 2.0 to improve energy and bandwidth efficiency, transforming TRON into a derivatives infrastructure backbone.
SunPerp’s multi-chain expansion is already underway. In addition to TRON, it currently supports Ethereum, BNB Chain, and Arbitrum, with plans to extend to Polygon, Aptos, and Sui, further breaking down liquidity silos between chains. The platform will also introduce incentive mechanisms including points, airdrops, referrals, and copy trading, while integrating MetaMask to broaden user reach.
Market Landscape: Technological Arms Race Meets Business Model Innovation
HTX Research notes that the total trading volume of the perpetual DEX market exceeded $1.8 trillion in 2025, with intense competition among platforms: Hyperliquid secures a technological edge through its proprietary L1 and cross-chain order book; Aster achieves explosive growth via integration with Binance’s ecosystem; while newer platforms like Lighter and SunPerp are carving out blue oceans through innovations in ZK tech, zero-fee models, and ecosystem synergy.
Currently, the competitive focus is shifting from “feature wars” to “efficiency wars.” SunPerp demonstrates strong alignment with Asian stablecoin users and high-frequency traders. Combined with its ultra-low customer acquisition cost and capital reuse pathways, it holds significant potential to break out from niche markets and evolve into a full-fledged platform.
Conclusion: SunPerp Poised to Be a Core Asset in “TRON × Derivatives”
HTX Research believes that SunPerp, powered by core capabilities such as ultra-low-fee trading, native TRON liquidity, and CEX-level seamless trading experience, is poised for dual growth in market share and revenue over the coming quarters. It stands out as one of the most cost-effective and milestone-verifiable high-potential “native TRON derivative” projects for 2025–2026. Key future developments include multi-chain expansion, implementation of the $SUN token buyback mechanism, and full rollout of the points-based incentive program.
Read the full report at:
About HTX Research
HTX Research is the dedicated research division of HTX (Huobi), conducting in-depth analysis across cryptocurrencies, blockchain technology, and emerging market trends. It produces comprehensive reports and expert assessments, delivering data-driven insights and strategic foresight. HTX Research plays a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous methodology and cutting-edge data analytics, HTX Research remains at the forefront of innovation, leading thought leadership and fostering deeper understanding of evolving market dynamics. Visit us.
For inquiries, please contact research@htx-inc.com
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