Perpdex market structure is starting to shift. While overall derivatives volume has slowed across the sector, @grvt_io is still gaining share relative to the broader market. Data points suggest a widening gap: • Perpdex market growth around 4x • GRVT market share growth closer to 26x That divergence typically signals flow concentration rather than broad expansion. One factor is capital efficiency. GRVT’s model allows margin to generate yield, turning idle collateral into a productive asset instead of sitting unused. This approach is beginning to show up across competing platforms, suggesting early design influence. The platform is also expanding beyond pure perps into yield and broader financial primitives. Worth watching how market share, liquidity depth, and user retention evolve if this trend continues.(Whale Factor)