《In-Depth Analysis of the Perp DEX Landscape: Why Hyperliquid Wins, and Lessons from dYdX and GMX?》 (Author: OKX Ventures) This article systematically reviews the three stages of Perp DEX evolution (dYdX/L2 validation → GMX/AMM rise → Hyperliquid/dedicated chain + CLOB dominance), comparing key trade-offs between AMM and CLOB in terms of cold start costs, scalability limits, MEV/liquidation, and margin efficiency.