Perp DEX tokens are highly cyclical and often times correlated to the interest in crypto more broadly. Many of these pre token perp DEXs are farmed and often times the differences between venues are marginal for retail traders. However, what hasn't converged is how teams surface financial data such as buybacks, revenue splits, and incentive structures. Over time, the dispersion in price action could come down to how transparent teams are with their financials.(Delphi Digital)