Perps battlefield: there’s room for 1–2 winners. The rest? Background noise.
Let’s break down who’s actually got a shot 👇🧵
1/ HyperLiquid, Aster, Avantis, ApeX, MYX - the current “top league” of perp DEX chatter.
But the landscape is messy: VC dinos, Solana fragmentation & fresh token hype are all colliding.
2/ 🟠 @HyperliquidX— fast, aggressive, moving like a CEX onchain.
🟡 @Aster_DEX— exchange backing buzz, huge launch energy.
🔵 @avantisfi— deep pockets, major listings, RWA narrative.
3/ 🟤 @officialapexdex = orderbook-style multichain perps (Bybit / StarkEx links). Feels closer to CEX UX than AMM perps.
🟢 @MYX_Finance = loud token launch, tons of initial volume. Watching if users stick around.
4/ ⚫ @gmx_io and @dYdX = "old VC era" giants. But don’t sleep on them — they still run massive volume & are key liquidity hubs.
Legacy ≠ dead.
5/ The Solana scene is fragmented:
• @JupiterExchange= aggregator / superapp
• @DriftProtocol= strong Solana-native perp infra, but inconsistent execution
• @pumpdotfun = fresh token + big treasury — potential breakout
6/ L2 launches (Arbitrum / Optimism) don’t shake perps much anymore.
Avalanche & Injective might pull something off, but most attention is shifting elsewhere.
7/ To win, a perp DEX needs:
1️⃣ Native liquidity & MM depth
2️⃣ Low-latency, clean UX
3️⃣ Real distribution (CEX funnels or strong network effects)
4️⃣ Only 1–2 will sustain all three long term.
8/ Short hotlist to watch 👇
⭐ Aster — exchange backing, hype wave
🔥 Avantis — heavyweight backing + RWA angle
💥 Apex — Bybit-linked, orderbook first
🌊 Drift — Solana native volume moments
🏛 GMX / dYdX — incumbents
9/ TL;DR — Top league: HYPE, ASTER, AVANTIS, APEX, MYX.
Only 1–2 real winners will emerge.
Watch sustained volume, execution quality, & liquidity depth — not just memes.
10/ Practical alpha:
Pick 2–3 perp DEXs to track (Solana + L2 + CEX-backed).
Size in early, follow real volume, not noise.
This cycle will crown new perp kings 👑
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