# PerpDex Related Articles

HTX News Center provides the latest articles and in-depth analysis on "PerpDex", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

The DAO Restarts, Backpack Prepares for TGE: What's the Overseas Crypto Community Talking About Today?

Over the past 24 hours, the crypto market has seen significant developments across multiple fronts. Key topics include Backpack's upcoming TGE, with 25% of tokens set to unlock, and the announcement of Kevin Warsh as a potential Federal Reserve Chair nominee, sparking debates on monetary policy impacts. ERC-8004, a trustless AI agent standard, launched on Ethereum mainnet, while The DAO made a notable return with a $220M security fund to support Ethereum's infrastructure. In ecosystem updates, Solana saw Fuse Energy's product launch and the introduction of a JitoSOL ETP in Europe. Ethereum focused on cultural initiatives with the Ethereum Foundation's new podcast and MegaETH's incentive-aligned tokenomics. The Perp DEX sector featured Hyperliquid's reduced token unlocks and the announcement of N1 Chain's mainnet launch. Overall, market sentiment remains mixed, balancing optimism for innovation with caution around macro policy and execution risks.

marsbitYesterday 16:45

The DAO Restarts, Backpack Prepares for TGE: What's the Overseas Crypto Community Talking About Today?

marsbitYesterday 16:45

Huobi Growth Academy | In-Depth Research Report on the Stock Contract Track: The Next Trillion-Dollar Battlefield for On-Chain Derivatives

Stock Perpetual Contracts, an innovative product bridging traditional finance and crypto derivatives, are rapidly reshaping the on-chain trading landscape. This emerging sector combines the massive market cap of global equities (over $160 trillion) with the mature perpetual contract model, creating a new synthetic derivative that tracks stock price movements without actual equity ownership. Leading Perp DEXs like Hyperliquid, Aster, and Lighter have established comprehensive product matrices, excelling in trading depth, user experience, and asset coverage. The underlying mechanism relies on decentralized oracles (e.g., Pyth, Chainlink) for price feeds, dynamic risk management for cross-market volatility, and controlled leverage (5-25x). Despite its potential, regulatory uncertainty remains the primary constraint, as authorities may classify these products as securities derivatives or CFDs, triggering compliance requirements. Technical risks include oracle failures, liquidity issues, and smart contract vulnerabilities. The future outlook is vast, with potential expansion into commodities, indices, and forex, evolving Perp DEXs into multi-asset derivative platforms. Regulatory clarity is expected in 2-3 years, fostering institutional adoption. Stock perpetual contracts could become a trillion-dollar market, democratizing global asset trading with borderless, 24/7 access.

marsbit2 days ago 07:18

Huobi Growth Academy | In-Depth Research Report on the Stock Contract Track: The Next Trillion-Dollar Battlefield for On-Chain Derivatives

marsbit2 days ago 07:18

Seed Round Funding of $8 Million: How Does Bulk Trade Dare to Charge into the Red Ocean of Perp DEX?

Bulk Trade, a Perp DEX built on Solana, has raised $8 million in a seed round led by 6th Man Ventures and Robot Ventures, with participation from Wintermute, Chapter One, and angel investors including Solana co-founder Anatoly Yakovenko. The platform differentiates itself by customizing Solana’s validator client architecture to achieve high-speed, CEX-like matching performance while maintaining decentralized settlement. Its core innovation, Bulk-Agave, is a fork of Jito-agave with a dedicated plugin called Bulk Tile that handles order matching and liquidation logic efficiently. Orders are split into fragments and propagated via UDP to minimize latency and packet loss. Matching occurs every 20 milliseconds in structured “ticks” to ensure fairness and prevent front-running. The system also includes self-trade prevention and supports USDC margined perpetual contracts with a central limit order book. Bulk claims advantages in speed (20ms updates vs. 400ms on typical Solana DEXs), real liquidity (orders remain until cancelled), and cost efficiency (no gas fees for orders, batch processing). It emphasizes self-custody, avoiding cross-chain or sequencer risks. Currently in private testnet, Bulk Trade aims to combine near-CEX performance with decentralized security, positioning itself as a high-performance contender in the competitive Perp DEX landscape.

marsbit01/28 09:40

Seed Round Funding of $8 Million: How Does Bulk Trade Dare to Charge into the Red Ocean of Perp DEX?

marsbit01/28 09:40

Sei’s momentum vs. Avalanche’s depth – Which network is winning 2026 race?

In early 2026, Sei Network briefly lost its lead in perpetual DEX volume to Avalanche, but quickly rebounded by adding $23 million within 48 hours, reestablishing dominance. Sei also led in user engagement with 7.6 million monthly active addresses compared to Avalanche’s 1.6 million. However, Avalanche maintained a significant advantage in Open Interest at $443 million versus Sei’s $74 million, reflecting deeper liquidity and stronger market confidence. While Sei shows strong momentum and growing adoption among traders, Avalanche’s superior capital depth and stability position it as the more established network. The competition hinges on whether Sei can convert its user growth into sustained financial strength.

ambcrypto01/27 18:02

Sei’s momentum vs. Avalanche’s depth – Which network is winning 2026 race?

ambcrypto01/27 18:02

Farcaster Founder's Exit Controversy, Ethereum Performance Narrative Heats Up, What's the Overseas Crypto Circle Talking About Today?

The crypto community is currently focused on the controversy surrounding Farcaster's acquisition by Neynar and the subsequent exit of its founders, Dan Romero and Varun Srinivasan, amid allegations of potential "rug pull" behavior. Meanwhile, Polymarket faces criticism for spreading misleading news to drive engagement, raising concerns about platform credibility. In ecosystem developments, BitGo's IPO on the NYSE is seen as a milestone for crypto infrastructure entering traditional markets. Solana advances its RWA narrative with the tokenization of BitGo stock via Ondo Finance, enabling global wallet users to trade tokenized equities. Ethereum gains attention due to MegaETH's stress test achieving 16k TPS and Vitalik Buterin's emphasis on computational self-sovereignty and privacy tools for 2026. Additionally, Perp DEX platforms like Lighter.xyz are expanding into TradFi assets with ETF perpetual contracts, while Chainlink's acquisition of Atlas aims to enhance DeFi value capture through order flow auction mechanisms. The overall sentiment reflects a mix of skepticism toward speculative projects and optimism toward infrastructure maturation and real-world asset integration.

marsbit01/23 06:20

Farcaster Founder's Exit Controversy, Ethereum Performance Narrative Heats Up, What's the Overseas Crypto Circle Talking About Today?

marsbit01/23 06:20

The Rise and Future of Perp DEX: A Structural Revolution in On-Chain Derivatives

The rise of Perpetual DEX (Perp DEX) marks a structural shift in crypto, as derivatives trading migrates from centralized exchanges (CEXs) to on-chain platforms. Enabled by Layer 2 scaling, improved oracles, and growing user sophistication, Perp DEXs like Hyperliquid, dYdX, and Aevo are redefining derivatives through transparent, non-custodial, and programmable protocols. Unlike CEXs, Perp DEXs operate with open risk management, clear liquidation logic, and distributed revenue sharing, making them more than just decentralized copies—they are foundational risk infrastructure. Key mechanisms have evolved from virtual AMMs to hybrid order book models, prioritizing capital efficiency and low latency. Performance metrics now dictate success: high volume-to-TVL ratios, sustainable fee income, and professional user retention separate leading protocols. Hyperliquid, for example, has achieved dominance with its dedicated L1 and on-chain order book, capturing significant market share and revenue. The next phase will focus on higher performance, specialized appchains, and integrated products (e.g., options and perps under unified margin). As CeFi and DeFi converge via ETPs and structured products, Perp DEXs are poised to become core infrastructure in the on-chain financial system, provided they maintain robustness during volatility and enhance risk controls.

marsbit01/21 07:46

The Rise and Future of Perp DEX: A Structural Revolution in On-Chain Derivatives

marsbit01/21 07:46

Funds Are Still in the Market, But Interest in Altcoins Has Faded

The article analyzes the structural shifts in the crypto market in 2025, arguing it was not a typical bull or bear cycle but a period of institutional repositioning. Key themes include: - **Policy and Regulation**: Clearer frameworks emerged (e.g., GENIUS Act, ETF approvals), reducing uncertainty and defining compliance boundaries, but without triggering a broad market boom. - **Capital Flow**: Significant capital entered through low-risk channels like stablecoins (e.g., USDe growth), ETFs (favoring BTC/ETH), RWA (e.g., treasury bonds), and DAT strategies, but this liquidity did not spread to most altcoins. - **Market Stratification**: While Bitcoin and Ethereum saw institutional support, ~85% of new tokens underperformed, with median FDV down over 70%. The market split: institutional capital focused on compliant assets, while speculative activity concentrated in niches. - **Key Sectors**: - *Real-yield assets* (e.g., DeFi protocols with fee mechanisms) gained traction as they offered returns without relying solely on narrative hype. - *AI/Robotics x Crypto* cooled in price but remained relevant long-term for infrastructure potential. - *Prediction markets and Perp DEXs* grew by serving native demand for leverage and event speculation, though they face efficiency challenges. Conclusion: 2025 marked a transition where narrative-driven rallies became shorter and more selective, while institutional capital prioritized assets with clear utility, compliance, and yield. The market is structured for continued divergence between mainstream and altcoins in 2026.

比推01/20 05:41

Funds Are Still in the Market, But Interest in Altcoins Has Faded

比推01/20 05:41

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

Title: From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution of Perp DEX The 2025 period was a "great filtering era" for the derivatives sector. Surviving Perp DEX platforms have moved beyond being mere "low-cost versions" of CEXs by solving the core cost in finance: trust. With the adoption of full-chain abstraction, users in 2026 can perform seamless cross-chain transactions while retaining asset sovereignty, as funds are secured in smart contracts rather than held by intermediaries. On-chain derivatives now consistently account for over 25% of total trading volume, marking a fundamental shift in user behavior. Over 90% of Perp DEXs failed due to product homogeneity, reliance on subsidized "rented liquidity," and soaring customer acquisition costs. Merely forking existing code or offering token incentives proved unsustainable. Four successful models have emerged: 1. **Hyperliquid**: Achieved near-CEX performance by building its own L1 blockchain optimized for low-latency order books, attracting quantitative capital. 2. **Aster**: Leveraged the Binance ecosystem to offer enhanced capital efficiency, allowing users to earn yield on collateral (e.g., staking rewards) while trading. 3. **Lighter**: Built an app-specific ZK-Rollup to provide a verifiable, mathematically-proven trading infrastructure with anti-MEV properties, appealing to institutions. 4. **Decibel**: Unified high performance and full-chain composability on Aptos, achieving sub-20ms latency and enabling cross-chain margin accounts for seamless trading from wallets like MetaMask. Future evolution will focus on: * **Intent-centric trading**: Users express a desired outcome, and solvers find the optimal execution path. * **AI Agents**: The rise of AI-driven trading strategies will require DEXs to provide high computational power and low latency. * **Advanced Pricing Models**: Dynamic risk engines will use real-time volatility data to automatically adjust parameters, increasing system robustness beyond traditional CEXs. The key to survival is providing unparalleled execution efficiency that capital and trading strategies cannot refuse.

marsbit01/15 04:34

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

marsbit01/15 04:34

Stablecoins Control 60% of Revenue but Face 'Liquidation' from Interest Rate Cuts

The article analyzes the revenue structure of the crypto industry, highlighting that stablecoin issuers, particularly Tether and Circle, dominate with over 60% of the total revenue, though their share is expected to weaken due to declining interest rates. Decentralized perpetual exchanges (perp DEXs) like Hyperliquid emerged as a significant revenue driver, accounting for 7-8% of total revenue in 2025, surpassing older DeFi sectors. Three key revenue sources are identified: spread income (from stablecoins), trade execution (from perp DEXs), and distribution channels (from token launch platforms). The industry generated $16 billion in revenue in 2025, with 58% retained by protocols after paying suppliers. Notably, value transfer to token holders via rewards, buybacks, and burns increased, reaching over 18% of protocol revenue at its peak, signaling a shift toward token-based economic ownership. The trend is expected to accelerate in 2026 as protocols prioritize incentivizing holders.

比推01/14 14:21

Stablecoins Control 60% of Revenue but Face 'Liquidation' from Interest Rate Cuts

比推01/14 14:21

2025 Epic Showdown: Has DEX Finally Overtaken CEX?

In 2025, decentralized exchanges (DEXs) experienced unprecedented growth, with trading volume nearly quadrupling compared to previous years. This surge was particularly driven by the rise of perpetual decentralized exchanges (Perp DEXs), which saw a 176% increase in annual trading volume—exceeding the cumulative total of the previous four years. Key players like Hyperliquid, Lighter, and Aster led this expansion, while established platforms like dYdX and GMX saw slower growth. The year began with Solana-based DEXs outperforming Ethereum in Q4 2024, fueled by meme coin and AI-related trading. However, Ethereum regained momentum in Q1 2025 following its Pectra upgrade and renewed investor confidence. Binance’s collaboration with PancakeSwap in Q2 significantly boosted BSC-based DEX volume, while Q3 saw intensified competition among Perp DEXs and the successful launch of Jupiter Lend, which attracted over $1 billion in deposits within days. Despite a market shake-up in Q4 due to the "10·11" liquidation event, Perp DEXs demonstrated resilience, with Aster and Lighter recovering faster than Hyperliquid. In spot trading, Uniswap maintained dominance in TVL, while Solana-based DEXs collectively reached trading volumes comparable to Uniswap. The article concludes that DEXs are not outright replacing centralized exchanges (CEXs) but are evolving alongside them. Both are integrating each other’s strengths—DEXs improving in efficiency and user experience, and CEXs adopting self-custody and on-chain transparency—suggesting a future of coexistence rather than displacement.

marsbit01/14 10:14

2025 Epic Showdown: Has DEX Finally Overtaken CEX?

marsbit01/14 10:14

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