14 Perp DEX Panorama Comparison: Who Can Be the Next Hyperliquid?

We conducted a systematic comparison of the leading Perpetual DEXs (Perp DEXs) by trading volume on Defillama, evaluating them across six key dimensions, including unique features, participation methods, and capital structure.

We categorize each project by popularity—S+, S, or A—to provide a direct overview of their core strategies.

Overview

Major ecosystems include Binance (Aster, StandX), Amber (edgeX), Paradigm (Paradex), Solana (BULK/Backpack/Jupiter/Drift), and Base (Avantis), each representing its own segment of the market.

Hyperliquid continues to lead the market, while new participants compete for market share using point rewards and APY incentives.

For retail traders: For projects without a TGE, consider participating to earn points. For projects with a completed TGE, evaluate market capitalization and trends; the best entry is typically after upward momentum is confirmed.

S+ Popularity Tier

1. @HyperliquidX, $HYPER

Features: Hyperliquid is the current Perp DEX market leader, with a proprietary Layer 1 blockchain and fully on-chain CLOB, setting the standard for liquidity and trading depth. HyperEVM enables sub-second execution and top-tier order book depth.

Participation: The Hyperliquid team distributed roughly 31% of HYPE via Airdrop to early users, marking one of the largest Airdrops in history. Notably, nearly 40% of supply is reserved for future community incentives. If you missed the initial Airdrop, you can still earn future rewards by increasing your trading volume or staking liquidity.

2. @Aster_DEX, $ASTER

Features: Aster is a flagship Perp DEX promoted by the Binance ecosystem. $ASTER increased 20x in its first week. The exchange offers one-click/grid trading and up to 1,001x leverage and serves as an entry point for BNB Chain traffic.

Participation: The main opportunity is trading—participate in trading competitions to qualify for the next round of Airdrops.

3. @Backpack, TGE pending

Features: Backpack prioritizes regulatory compliance and security, implementing KYC to verify user identities and operating with a style similar to CeFi exchanges.

Participation: The platform rewards active users through a trading points system. With the launch of Season 3, trading volume has greater weight in point calculations.

4. @edgeX_exchange, TGE pending

Features: Developed by Amber Group, edgeX utilizes StarkEx ZK-Rollup technology and offers a seamless user experience, including an integrated MPC wallet that simplifies private key management for a CEX-like experience.

Participation: Weekly points are determined by trading volume and user activity. A minimum of 10 USDT is required to participate.

5. @Lighter_xyz, TGE pending

Features: Lighter is currently in invite-only beta, building a dedicated EVM-compatible network on Starknet to ensure privacy, efficiency, and low costs. The LLP market-making vault offers an APY of approximately 63%, although full APY benefits require sufficient points.

Participation: Invited users can join the points reward program, accumulating points with each trade that may lead to future Airdrops.

6. @avantisfi, $AVNT

Features: Provides up to 500x leverage and supports multiple markets, including crypto, forex, gold, and oil.

Participation: Current AVNT holders can stake tokens to earn a share of platform profits, with an APY of approximately 23%.

S Popularity Tier

7. @tradeparadex, TGE pending

Features: Paradex is built on Ethereum Layer 2 Starknet and offers unified accounts for perpetual contracts, perpetual options, and spot trading. Its zero-fee model incentivizes trading activity.

Participation: XP is awarded quarterly for holding positions, trading, and market making.

8. @OrderlyNetwork, $ORDER

Features: Provides high-performance order book infrastructure, integrated by numerous wallets and DEXs as a backend matching engine, with one-click frontend deployment.

Participation: Staking ORDER tokens entitles holders to trading fee dividends, resulting in passive income similar to dividend stocks.

9. @BasedOneX, TGE pending

Features: Functions as a front-end for Hyperliquid, using a dealer model to build a comprehensive trading platform.

Participation: Participate in ecosystem Airdrops and trading competitions.

10. @StandX_Official, TGE pending

Features: Developed by core members of the former Binance Futures team, StandX introduced the DUSD auto-yield stablecoin and offers yield-generating margin for “trade-and-mine” opportunities. PerpDEX is in closed beta and operates with proprietary capital, independent of VC funding.

Participation: PerpDEX is currently in closed beta—apply to join the waitlist. Pre-deposit campaigns are also ongoing.

11. @_bulktrade, TGE pending

Features: Solana-native with ultra-fast order matching. BULK embeds its matching engine in validator nodes, allowing orders to bypass Solana’s standard transaction queue and enter the Bulk-Tile module directly—matching completes in 20 ms, with final confirmation in 40 ms.

Participation: Mainnet is not live yet; users can participate through testnet interactions.

A Popularity Tier

12. @reya_xyz, TGE pending

Features: Modular derivatives and a unified margin engine allow users to maintain a margin account usable across multiple exchanges.

Participation: Users earn rewards via a points system for trading and staking USDC, with weekly leaderboard settlements.

13. @DriftProtocol, $DRIFT

Features: Drift is one of Solana’s pioneering perpetual DEXs, offering interest-bearing margin—collateral earns interest while serving as margin.

Participation: Future opportunities center on staking and governance. Vault functionality provides annualized returns of 20–50%.

14. @JupiterExchange, $JUP

Features: Previously the largest DEX aggregator on Solana, Jupiter now supports GMX-style perpetuals and GLP-like liquidity pools, enabling both spot and perpetual trading on a single platform.

Participation: Future Airdrops will be distributed based on trading and engagement on Jupiter.

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