Who is the next 10 billion dark horse? 14 Perp DEX full PK

Author: Viee, Biteye Core Contributor

Editor: Biteye core contributor Denise

We systematically compared Defillama's Perp DEX with the highest trading volume from six dimensions, including characteristics, participation methods, and capital system.

Classify according to popularity S+, S, and A to quickly grasp the core style of play for each project.???

01. Overview

Binance (Aster, StandX), Amber (EdgeX), Paradigm (Paradex), Solana (bulk/backpack/Jupiter/Drift), Base (Avantis)... each has its own layout.

Hyperliquid is still the leader, but new players are using points and APY to divide the market.

For retail investors, you can choose several interactive points for non-TGE projects. Projects that have already been TGE need to combine market value and trends, so it's best to buy them on the right.

02. S+ level of heat

1. @HyperliquidX, $HYPER

Features: Hyperliquid is undoubtedly the current leader in PerpDEX, self-developed L1+ full-chain CLOB, and a leader in liquidity and transaction depth. HyperEVM, for example, supports transaction delays of less than 1 second and top depth.

Opportunity to participate: The Hyperliquid team airdropped approximately 31% of HYPE to early users, making it one of the largest airdrops in history. More importantly, nearly 40% of the supply is reserved for subsequent community rewards. Users who missed the first round of airdrops can consider seeking follow-up opportunities by increasing transaction volume and pledging liquidity.

2. @Aster_DEX, $ASTER

Features: Aster is PerpDEX promoted by the Binance faction, and the price of $ASTER skyrocketed 20 times in the first week. The platform has a simple one-click/grid, up to 1001x leverage, and is the BNB chain traffic entry point.

Participation opportunities: Currently, the main opportunity is trading to get the second airdrop through a trading competition.

3. @Backpack, not yet TGE

Features: Backpack emphasizes compliance and safety, introduces KYC mechanisms to ensure user authenticity, and even has an operating style similar to CeFi exchanges.

Participation opportunities: The trading credit program rewards active users. It is said that after the launch of the third season, the trading volume weight has increased.

4. @edgeX_exchange, not yet TGE

Features: EdgeX is an Amber Group incubation and uses StarkEx zk-rollup technology. EdgeX also provides a carefully polished user experience: integrating MPC wallets to reduce private key management thresholds and other functions, close to the CEX platform experience.

Participation opportunities: Trading, the weight of weekly points = trading volume + activity, at least 10U is required to participate.

5. @Lighter_xyz, not yet TGE

Features: Currently, Lighter is still in the invitation-based private testing stage. By building an EVM-compatible exclusive network (based on Starknet), it not only guarantees privacy but also ensures efficiency and low cost. LLP market-making treasury APY is also relatively high, about 63%. Note that APYs require a certain amount of credits to unlock them all.

Participation opportunities: A points reward program has been launched for invited users. Each transaction will accumulate points, which is related to future airdrops.

6. @avantisfi, $AVNT

Features: It provides up to 500x leverage and supports trading in various markets such as cryptocurrencies, foreign exchange, gold, and crude oil.

Participation opportunities: Users currently holding AVNT can share the platform's revenue by pledging tokens, with an annualized rate of up to 23%.

03. S grade of heat

7. @tradeparadex, not TGE yet

Features: Paradex is built on Ethereum's Layer 2 Starknet and implements the mechanism of perpetual contract+perpetual options+spot unified account. Paradex also uses a zero-fee strategy to encourage increased trading volume.

Participation opportunities: XP quarterly system, with points for positions, trading, and market making.

8. @OrderlyNetwork, $ORDER

Features: Build a high-performance order book infrastructure. It has been integrated with many wallets and DEXs to become a “back-office matching engine”, and the front-end can be built with one click.

Participation opportunity: Holding ORDER as a pledge can receive transaction fee dividends to achieve passive income similar to dividends.

9. @BasedOneX, not yet TGE

Features: Equivalent to Hyperliquid front-end, reseller model, building an omni-channel trading platform for Hyperliquid

Participation opportunities: ecological airdrops, trading contests.

10. @StandX_Official, not yet TGE

Features: Developed by a former core member of the Binance Futures team, the DUSD automatic interest-bearing stablecoin has been launched, providing a profit margin of “mining while trading”. Currently, the PerpDEX function is in closed beta, and the platform does not rely on VC and is operated with its own funds.

Participation opportunity: In the closed beta of the PerpDEX feature, you can apply to join the waitlist. There is currently a pre-deposit campaign.

11. @_bulktrade, not TGE yet

Features: Solana native, extreme matching speed. BULK embeds the matching engine into the verification node. When a user places an order, they do not need to go through Solana's normal “transaction queue”, but directly enter the Bulk-Tile module built into the validator node. In this way, the match can be completed within 20ms, and the end can be confirmed within 40ms.

Participation opportunities: The main network is not online, and test network interaction is currently possible.

04. Heat level A

12. @reya_xyz, not TGE yet

Features: Modular derivatives, and margin engine logic. Users have a margin account that can be used on multiple exchanges.

Participation opportunities: Use a points system to reward users, trade and stake USDC, and weekly settlement rankings.

13. @DriftProtocol, $DRIFT

Features: Drift is one of the earliest perpetual contract DEXs on Solana. It introduces a yield interest margin, and users can receive interest while acting as security deposit.

Participation opportunities: Subsequent participation opportunities are mainly about coin holding and management. You can also use the platform's treasury function, which ranges from 20% to 50% per annum.

14. @JupiterExchange, $JUP

Features: Previously, it was the largest DEX aggregator on Solana. With business expansion, Jupiter has now launched a GMX model perpetual contract, launched a GLP-like liquidity pool, and can complete spot exchange and perpetual transactions on one platform.

Participation opportunities: In the future, airdrops will continue to be distributed according to users' transactions and interactive activities on the Jupiter platform.