For PERP DEX, liquidity is everything, trading depth is everything. Here’s a comparison of the 10BP depth on BTC contracts across three platforms: Screenshots of the order books were taken as quickly as possible within the same minute: @HyperliquidX 1900+ BTC @Aster_DEX 190+ BTC @StandX_Official 600+ BTC @HyperliquidX is truly impressive, capable of competing with PERP CEXs. @StandX_Official's Maker incentives are highly effective, reaching such a high level in such a short time. @Aster_DEX might need to work on this—offering incentives to Makers to provide depth could be a good move.