Written by: Yue Xiaoyu

I have compiled the top ten platforms by trading volume, from which many opportunities can be discovered:

In the past 7 days, only 4 platforms have exceeded a trading volume of $10 billion, with Aster being the dividing line. The platforms that surpassed Aster are edgeX, Lighter, and Hyperliquid.

Aster has a fully diluted market cap of $13 billion, while Hyperliquid has a fully diluted market cap of $48 billion. In comparison, the yet-to-launch Lighter and edgeX are definitely major projects.

The platforms following Aster have a trading volume of basically below $5 billion in the past 7 days, which can be considered the second tier, with Paradex and Pacifica also yet to launch tokens.

If Lighter and edgeX are too competitive, consider making a push for Paradex and Pacifica.

If you want to take advantage of these platforms, how should you operate?

To reduce losses and holding risks, the main operational strategy is to open positions on two platforms simultaneously to hedge, going short on the higher-priced platform and long on the lower-priced platform.

There are price differences for the same asset across different platforms. For example, the BTC price on Lighter is higher, while the BTC price on edgeX is lower. You can simultaneously open a BTC short position on Lighter and a long position on edgeX.

Here’s a more detailed introduction to the top 10 platforms by trading volume, so everyone can have an overall understanding:

1. Hyperliquid: Truly achieves high performance and low cost; Hyperliquid is definitely the king of on-chain contract platforms.
2. Lighter: The largest contract exchange on Ethereum, invitation-only; currently, the off-market price for one point has reached $40, with many early big players holding tens of thousands of points.
3. edgeX: Extremely high real user engagement, with over 35% of trading volume coming from Japanese and Korean users; incubated by Amber, combining technical capability and financial strength.
4. Aster: Incubated by Binance, endorsed by CZ; Aster is the first contract exchange in the BNB ecosystem, with Binance's goal to leverage Aster to challenge Hyperliquid.
5. Paradex: Incubated by the top VC team Paradigm in the crypto space, launched as a cryptocurrency derivatives exchange on Starknet's first application chain.
6. Orderly: A multi-chain decentralized derivatives infrastructure that provides underlying liquidity and trading engines for the entire ecosystem, already integrated with over 50 DEXs.
7. ApeX Protocol: Incubated by Bybit, a perpetual contract DEX on StarkWare L2. With Aster supported by Binance, will ApeX also see a surge with Bybit's backing?
8. Drift: The largest Perp exchange on Solana, its biggest advantage is its perpetual contract collateral, which has the highest APY across the network, greatly enhancing the capital efficiency of arbitrage combinations.
9. Pacifica: A project formed by the COO of the FTX team, which launched a points program not long ago; the TGE timing might be a bit late.
10. Avantis: The largest Perp exchange on Base, also supports RWA assets, effectively catching the heat of both on-chain contracts and RWA tracks.

Overall, the top ten platforms generally have luxurious team backgrounds, and more importantly, occupy significant ecological positions, receiving strong support, such as Aster in the BNB ecosystem, Lighter in the Ethereum ecosystem, and Drift in the Solana ecosystem, etc.

Contract trading is definitely a cash cow business, and the trend of moving from off-chain to on-chain will not stop. We must participate in this wave of on-chain contracts.

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