Author: Biteye Core Contributor Viee

Editor: Biteye Core Contributor Denise

We systematically compare the top Perp DEXs by trading volume on Defillama across six dimensions: features, participation methods, capital systems, etc.

Projects are graded by popularity as S+, S, and A, allowing for a quick grasp of each project's core strategies.????

01. Overview

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

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

For retail investors: Projects that have not undergone TGE can be selected for interaction to earn points, while projects that have completed TGE should be evaluated based on market cap and trends, ideally buying on the right side.

02. Popularity S+ Level

1. @HyperliquidX, $HYPER

Features: Hyperliquid is undoubtedly the current leader in Perp DEXs, with self-developed L1 + full-chain CLOB, leading in liquidity and trading depth. For example, HyperEVM supports transaction delays of less than 1 second and top-tier depth.

Participation Opportunities: The Hyperliquid team airdropped about 31% of HYPE 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 first round of airdrops can consider increasing trading volume, staking liquidity, and other methods to compete for subsequent opportunities.

2. @Aster_DEX, $ASTER

Features: Aster is a Perp DEX strongly promoted by the Binance camp, with the price of $ASTER skyrocketing 20 times in its first week. The platform features easy one-click/grid trading and offers leverage up to 1001 times, serving as a traffic entry point for the BNB chain.

Participation Opportunities: The main opportunity currently lies in trading, with a trading competition offering a second round of airdrops.

3. @Backpack, not yet TGE

Features: Backpack emphasizes compliance and security, introducing KYC mechanisms to ensure user authenticity, resembling the operational style of CeFi exchanges.

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

4. @edgeX_exchange, not yet TGE

Features: edgeX is incubated by Amber Group and uses StarkEx ZK-Rollup technology. edgeX also provides a carefully crafted user experience: integrating MPC wallets to lower the threshold for private key management, approaching a CEX platform experience.

Participation Opportunities: Trading, with weekly points weighted by trading volume + activity, with a minimum of 10U to participate.

5. @Lighter_xyz, not yet TGE

Features: Lighter is currently in an invite-only private testing phase, building a dedicated network compatible with EVM (based on Starknet), ensuring both privacy and efficient low-cost operations. The LLP market-making treasury APY is also relatively high, around 63%. Note that the APY requires a certain amount of points to be fully unlocked.

Participation Opportunities: An incentive program for invited users has been launched, where each transaction accumulates points, which will be relevant for future airdrops.

6. @avantisfi, $AVNT

Features: Offers leverage up to 500 times, supporting trading in diverse markets such as cryptocurrencies, forex, gold, and crude oil.

Participation Opportunities: Currently, users holding AVNT can share platform profits by staking tokens, with an annualized return of about 23%.

03. Popularity S Level

7. @tradeparadex, not yet TGE

Features: Paradex is built on Ethereum Layer 2 Starknet, implementing a mechanism that unifies perpetual contracts, perpetual options, and spot accounts. Paradex also adopts a zero-fee strategy to encourage trading volume growth.

Participation Opportunities: XP quarterly system, with points for holding positions, trading, and market making.

8. @OrderlyNetwork, $ORDER

Features: Builds high-performance order book infrastructure, integrated by numerous wallets and DEXs, becoming a "backend matching engine" for easy front-end setup.

Participation Opportunities: Holding ORDER for staking can earn trading fee dividends, achieving passive income similar to dividends.

9. @BasedOneX, not yet TGE

Features: Equivalent to the front end of Hyperliquid, a dealer model that builds a full-channel trading platform for Hyperliquid.

Participation Opportunities: Ecosystem airdrops, trading competitions.

10. @StandX_Official, not yet TGE

Features: Developed by core members of the former Binance futures team, it has launched the DUSD auto-yield stablecoin, providing a yield-bearing margin that allows for "trading while mining." Currently, the PerpDex function is in internal testing, and the platform operates with its own funds without relying on VC.

Participation Opportunities: The PerpDex function is in internal testing, and applications can be made to join the waitlist. There is currently a pre-deposit activity.

11. @_bulktrade, not yet TGE

Features: Native to Solana, with extreme matching speed. BULK embeds the matching engine into validator nodes, allowing user orders to bypass the ordinary "transaction queue" of Solana and directly enter the Bulk-Tile module built into the validator node. This allows matching to be completed within 20ms and confirmed within 40ms.

Participation Opportunities: The mainnet is not yet online, but interactions can be conducted on the testnet.

04. Popularity A Level

12. @reya_xyz, not yet TGE

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

Participation Opportunities: A points system rewards users for trading and staking USDC, with weekly ranking settlements.

13. @DriftProtocol, $DRIFT

Features: Drift is one of the earliest perpetual contract DEXs on Solana, introducing yield-bearing margin, where users' collateral assets can earn interest while serving as margin.

Participation Opportunities: Future participation opportunities mainly lie in holding tokens for staking and governance, and users can also utilize the platform treasury function, with annualized returns ranging from 20% to 50%.

14. @JupiterExchange, $JUP

Features: Previously the largest DEX aggregator on Solana, with business expansion, Jupiter has now launched perpetual contracts in GMX mode and introduced liquidity pools similar to GLP, allowing for spot exchanges and perpetual trading on one platform.

Participation Opportunities: Future airdrops will continue to be allocated based on user trading and interaction activities on the Jupiter platform.

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