Most people know that the most profitable business in the crypto space is contracts.

But can you imagine a low-key dark horse, Perp DEX, which has only been operating for a year, surpassing top public chains like Ethereum and Base in 24-hour revenue? When looking at a longer time frame of 7 days, it has trampled over DeFi veterans like Uniswap, Jupiter, AAVE, and Lido. It is not only one of the few projects in the top 15 daily revenue list that has not issued a token, but it also has the best liquidity depth for buying BTC and ETH within a 0.01% price range among perp DEXs.

This new revenue curve "monster" is called edgeX.

Why is the revenue curve so fierce?

Unlike the Hyperliquid we are familiar with, edgeX is a ZK-structured perp DEX. The team is incubated by Amber, with core members coming from a background in high-frequency trading at firms like Goldman Sachs and Jump Trading. In terms of product form, edgeX resembles a "full-stack on-chain financial base": in addition to the perp DEX, it also has two other product lines, eStrategy (treasury) and the edgeX chain.

As mentioned at the beginning of the article, the quality of the product is directly reflected in the revenue, so comparing the revenue among perp DEXs can more directly show the ferocity of edgeX.

As a perp DEX that has only been operating for a year, edgeX's fee revenue in the past 30 days is $10.53M, far exceeding the $3.85M of veteran GMX and $1.92M of dYdX. In other words, edgeX's revenue is almost more than twice that of GMX and more than five times that of dYdX.

Data source: DefiLlama

So, how did edgeX break into the top tier of perp DEXs through its revenue curve? The answer may lie in trading depth and fees, the two most important and intuitive metrics for traders.

In terms of liquidity depth, edgeX currently ranks second among all Perp DEXs. Taking the core BTC/USDT pair as an example, within a 0.01% price range, edgeX's order book can support an order volume of up to $6M for BTC, surpassing Hyperliquid ($5M), Aster ($4M), and Lighter ($1M). Although the overall depth is still slightly inferior to Hyperliquid, edgeX has the best depth among Perp DEXs for most cryptocurrencies, aside from Hyperliquid. For more in-depth content on this point, you can refer to edgeX's research lead Dan's latest article, "Understanding DEX Liquidity: A Comparative Look at Trading Efficiency," which discusses this in greater detail.

Additionally, edgeX offers highly competitive rates for both Makers and Takers: Maker fees are only 0.015%, and Taker fees are 0.038%, significantly lower than Hyperliquid's 0.045%. Furthermore, users can unlock VIP1 status by registering through ambassador referral links, allowing Taker fees to drop to 0.036%, and becoming an ambassador can earn up to 35% in fee rebates—saving on trading costs while continuously accumulating airdrop points.

With such advantages in trading depth and fees, edgeX's moat has naturally formed, driving the growth of its revenue curve. Even without issuing a token yet, it demonstrates edgeX's ability for continuous "token buybacks" and to generate funds for ecosystem development.

Interestingly, when looking at the overall revenue leaderboard: among the top 15 protocols (excluding the issuers of stablecoins USDT and USDC), only four have made it to the forefront without issuing tokens, and edgeX is one of them.

Data source: DefiLlama

Many friends in the Chinese community may not have heard of this dark horse because this perp DEX rarely engages in narrative packaging, with its community audience primarily in South Korea and North America.

In other words, this is a clear case of high revenue, low valuation, and still in a token-free period—a rare Alpha.

Currently, edgeX uses edgeX Points as a contribution metric, distributing them weekly, with 2.4M already issued. The ways to earn include trading volume, positions, treasury participation, and invitations, among others. Meanwhile, edgeX's Messenger Ambassador Program is ongoing.

Trading volume can be manipulated, but profit revenue cannot lie. Whether in traditional finance or the web3 industry, only the genuine "willingness to pay" from users is the most direct validation of "product sustainability."

In less than a year, edgeX has achieved cash flow within the industry's top 15, representing a highly certain growth trajectory, and perhaps a very strong alpha. What FDV it will launch with in the next phase and what returns it will provide to early participants is something we can look forward to.

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