In the past few days, I have briefly followed up on the market of Perp DEX. Compared with the peak in October last year, the overall market trading volume decreased by about 48.6% last month (from the peak of $1.36 trillion in October last year to around $699 billion), which means that the entire Perp DEX market is currently in a phase of decline in early 2026. However, it is worth noting that Perp DEX has started to make efforts in the tokenized stock sector as a segmented asset. At present, Hyperliquid is still the leader, with the best depth in crypto Perps. There are also tokenized stocks and HIP-3 ecosystem supported stocks/dice, and the overall trading volume is still the highest. Other stocks that support Perps include Aster, GRVT, Ostium (Arbitrarum), Extended (starknet), etc. However, lighter, GMX, dYdX v4, and Drift currently have weak or no support for this area, so we are not paying attention to it at the moment. Aster is currently deployed on multiple chains, supporting stock perps with a maximum leverage of 1000x+, with a high proportion of retail investors; Ostium is mainly based on Arbitrarum, with a dedicated Perp DEX for asset tokenization, focusing on synthesizing stocks, commodities, foreign exchange, etc. It has high leverage (200x) and liquidity from off chain MM. Currently, its overall scale is smaller than GRVT's performance in stocks; Extended (Starknet) supports traditional asset tokenization, S&P 500、 Gold, Brent Oil, EUR/USD, etc, hybrid CLOB， The speed is less than 10ms, but the stock trading volume and depth are temporarily not as outstanding as GRVT. Overall, apart from Hyper, GRVT currently has a trend of standing out in this niche vertical within the observed range among these Perp DEX that support stock tokenization. GRVT has also launched Perps stocks (including AAPL/TSLA/NVDA/Asian ETFs, etc.), and it is expected that they will also be listed in commodities such as crude oil/natural gas in the future. There is an interesting data on the liquidity and slippage data of GRVT on April 7th: GRVT ranked second in the $100000 level of stock slippage, and also ranked second in 24-hour stock trading volume. In the field of tokenized stocks, its trading liquidity quality is currently second only to Hyper. Perhaps this is GRVT's attempt to explore differentiated competition in this field. For real traders, it doesn't matter how you promote or narrate, it just depends on the liquidity. If the sliding point of large-scale trading is low, it will have a real appeal to traders and bring more traders, leading to an increase in trading volume and thus greater liquidity. This is a positive cyclic signal. Once the positive cycle starts, there is a chance to form structural opportunities, which can then be transformed into moats. GRVT has launched stock trading, and another interesting design is its One Balance design, which supports simultaneous trading of cryptocurrencies/stocks/commodities on the same account, as well as earning profits from idle assets (integrated with Aave for pledged assets). This is different from other platforms (usually either primarily based on encryption or with separate stock tokens). Overall, the competition among Perp DEX has entered an exceptionally fierce state, especially in the current market conditions. In order to gain a differentiated competitive advantage, each company is utilizing their own skills. The tokenization of stocks and subsequent commodities/forex will enter the competitive field. At present, this part is just starting, and it will gradually become more intense in the future. Whoever can truly improve the quality of liquidity has the opportunity to acquire more real traders. And when traders come in and liquidity scales up, there is an opportunity to transform institutional advantages and ultimately settle into the platform's moat.