Analysis of Innovation and Arbitrage Opportunities in the Perp DEX Track: As the only rapidly growing track in Crypto, Perp DEX has always had a high number of players, but has not made many significant contributions in terms of trading volume and brand awareness. Currently, there is one Hyperliquid and one Aster. The current market is very quiet, but I think it is favorable for Perp DEX because the trading volume on Perp DEX mainly comes from arbitrage and hedging by market makers/institutions/whales. Hyperliquid is primarily focused on large currencies and TradFi assets, while Aster is primarily focused on acquiring long tail assets such as Binance Alpha tokens. Since December last year, BTC has been hovering around $8000 and ETH has been fluctuating around $2000 for the past six months. The volatility is terrifyingly low, and it seems that there are no factors that could cause Crypto to soar or plummet in the coming months. That is to say, the low volatility market is likely to continue, and this low volatility market is the most favorable situation for arbitrage. So @ DecibelTrade, which has been gaining momentum since the mainnet was launched at the end of February, seems to have set its sights directly on this point. The current trading volume of Perp DEX does not mainly come from arbitrage, so I will dig deeper into this area. I provide a better execution cost and funding rate environment for users who are sensitive to these factors to place some of their positions with me (in fact, arbitrage/hedging is not insensitive to transaction costs). Decibel specifically created a panel to visually compare their data with Binance and Hyperliquid, which I think is a very spiritual operation. This is not only a panel for users to reference arbitrage data, but also an advantage display panel for Decibel. Panel: https://www.decibel- (signal. com)/execution cost ◎ Figure 1: For example, the [Execution Cost] in the panel displays the transaction costs (fees+slippage) of three companies with transaction sizes ranging from $10000 to $1 million. Decibel can achieve the lowest transaction costs most of the time with the lowest handling fee rate (3.40 bps). Figure 2: [Order Book Depth] There is still a certain gap compared to the old Binance and Hyperliquid. Binance and Hyperliquid have a depth of tens of millions of dollars in the ± 10 bps order book, while Decibel has a depth of millions of dollars. Figure 3: The comparison of funding rates provides a visual display of the arbitrage potential and space among these three platforms. Taking current data as an example, the annualized arbitrage rate for long positions on Decibel, short positions on Binance or Hyperliquid is about 6.4% to 6.86%. In addition, there are also clearing maps and on chain clearing data on Decibel, which are actually quite informative data. The key is how you use them. Anyway, having more innovative and troublemaking "catfish" enter the Perp DEX track is a good thing for both the track and users. After all, this rapidly growing track is still in its early stages, and whoever has a better product experience and advantageous features will have users. Now is far from the time when the market landscape has been established and brand loyalty can be discussed.