Solana is doubling down on the Perp track But taking liquidity away from Hyperliquid won’t be easy. Hyperliquid has already proven the profitability of Perp DEX with fee revenue and real trading depth, while Solana aims to complete the puzzle with a faster chain, lower costs, and ecosystem traffic. However, the Perp track isn’t one that can be won with just narratives. In the end, it’s all about liquidity, matching experience, market-making environment, and underlying performance.