衍生品赛道竞争升温，一文盘点当前值得关注的五个 Perp DEX

链捕手2025-04-10 tarihinde yayınlandı2025-04-10 tarihinde güncellendi

作者：Scof，ChainCatcher

编辑：TB，ChainCatcher

进入二季度以来，全球市场面临多重不确定性：美联储延迟降息，通胀预期反复；特朗普提出的对等关税政策则引发投资者对全球经济走势的担忧。在此背景下，加密资产同步走弱，交易情绪明显降温，市场风险偏好回落。

与此同时，多个基于不同公链构建的永续合约交易平台在此阶段加速产品推进和激励释放，试图在“空投周期”与“结构性机会”中建立自己的用户基础。

本文选取当前五个较具代表性的 Perp DEX 项目，从链上归属、交易结构、激励机制与项目背景等角度，提供一份基础观察。

1、edgeX：由机构孵化，交易对覆盖有限

  • 公链归属：暂未公开具体链部署信息
  • 项目背景：由 Amber Group 孵化，Amber 是总部位于香港的做市与资管平台
  • 交易表现：当前支持币种较少，AAVE 等主流币未上线。以 TRUMP 交易对为例，1% 范围内深度在 6–7 万美元之间，订单簿存在断层

  • 用户激励：处于 Alpha 阶段积分活动中，版本命名暗示后续可能有扩展计划。用户可以通过交易或者邀请新用户获得积分。
  • 当前状态：项目处于早期阶段，功能覆盖和币对支持有待扩展

2. Ethereal：尚未上线交易，当前以积分预存为主

  • 公链归属：构建于 Ethena 网络之上
  • 项目背景：Ethereal 由 Ethena Labs 推出，Ethena 当前 TVL 约 62 亿美元，排名 DeFiLlama 全网前列；其合作方包括贝莱德（BlackRock）
  • 交易表现：尚未开放现货与合约交易功能
  • 用户激励：正处于“Season Zero”阶段，用户可通过存入 USDe 获得 eUSDe 收据代币，并积累 Ethereal 和 ENA 双重积分；无锁仓要求，预计 TGE 时间为 2025 年 5 月。目前总锁仓量为 97 亿美元。
  • 当前状态：尚未进入正式交易阶段，主要吸引用户通过预存参与早期积分计划

3、Aster：合并重塑后的衍生品平台，双模式交易与收益并重

  • 公链归属：目前为多链部署，主要适配以太坊主网和 BNB Chain
  • 项目背景：由 Astherus 与 APX Finance 于 2024 年底合并后组建，整合了前者的收益类产品能力与后者的永续交易基础设施
  • 交易功能：支持两种模式切换

Simple Mode：链上执行、一键开仓、抗 MEV

Pro Mode：订单簿交易，具备深度流动性、低交易费与高级工具，支持高杠杆交易

  • 用户激励机制：目前处于 Stage 1：Spectra 阶段，分为两类积分体系

Au 积分：通过铸造并持有 Aster Earn 相关资产（如 ALP、USDF、LP Token）获得，用于分配 $AST 空投份额

Rh 积分：在 Pro Mode 交易永续合约可获得，支持 1.1 倍积分加成或获得 100 美元等值交易奖金

  • 后续计划：路线图包括零知识证明（ZKP）集成、专用 Layer 1、公链意图系统等，用于提升用户体验和去中心化程度
  • 当前状态：交易功能已开放，积分活动活跃，平台正处于品牌重塑与用户获取初期阶段

4、Paradex：基于 Layer 2 的订单簿式衍生品交易平台

  • 公链归属：基于StarkNet网络，具体细节暂未公开
  • 项目背景：Paradex 由 Paradigm 开发，目前已上线主网，支持链上自托管交易。当前产品围绕订单簿结构构建，强调链上结算与风险管理。
  • 风险控制：平台采用链上风控引擎，对用户资产风险进行实时评估。支持基于组合仓位的保证金计算框架
  • 扩展产品：推出链上永续期权产品（Perpetual Options）

-资金费率由期权时间价值（即市价与内在价值的差额）决定，按小时结算

-盈亏持续计入未实现 PnL，并在持仓更新时结算

  • 当前状态：平台已上线主网，功能正在逐步扩展，期权产品尚处早期阶段。目前正在 Warzone season 2，用户可以通过交易、提供流动性、向 Paradex 保险库存入保证金等方式获得 XP。官方表示 XP 可用于后续奖励。

5、Backpack：基于 Solana，流动性仍待加强

  • 公链归属：Solana
  • 团队背景：由前 FTX 法律顾问 Can Sun 和前 Alameda 工程师 Armani Ferrante 联合创立。母公司 Coral 于 2022 年获得 FTX Ventures、Jump Crypto 等领投的 2000 万美元融资。
  • 交易体验：当前主流币种流动性相对薄弱。以 Sui为例，1% 下浮深度约为 23 万美元，订单簿存在明显断档，难以支撑大资金高频交易。
  • 激励机制：正在进行为期十周的积分活动（Season 1）。积分计算包括交易量、盈亏表现、持仓时间、存款金额等多个变量。
  • 适用场景：更适合中小资金参与交易和获取积分奖励。

总的来说，在实际使用过程中，Backpack 的界面相对更简洁、操作流畅，适合轻量参与或初次尝试者。而 Aster 在功能设计上更为丰富。以上为笔者的个人体验，仅供参考，欢迎持不同观点的读者共同探讨。

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