We systematically compare Perp DEX, the top DEX in Defillama's trading volume, across six dimensions, including features, participation methods, and capital structure. We categorize them by popularity: S+, S, and A, allowing you to quickly grasp the core strategies of each project. ?
Overview
Heat S+ level
1. @HyperliquidX, $HYPER
Participation Opportunity: A points reward program has been launched for invited users. Each transaction will accumulate points, which are related to future airdrops.
6. @avantisfi, $AVNT
Features: Provides up to 500x leverage and supports trading in multiple markets such as cryptocurrency, foreign exchange, gold, and crude oil.
Participation Opportunity: Current users holding AVNT can share in the platform's profits by staking tokens, with an annualized return of approximately 23%. 7. @tradeparadex, not yet TGE
Hotness S Level 7. @tradeparadex, not yet TGE
Features: Paradex is built on Ethereum's Layer2 Starknet, implementing a mechanism of perpetual contracts + perpetual options + spot unified accounts. Paradex also adopts a zero-fee strategy to encourage trading volume growth. Opportunities to Participate: XP is earned quarterly, based on holding, trading, and market making. 8. @OrderlyNetwork, $ORDER Features: Built on a high-performance order book infrastructure, it has been integrated by numerous wallets and DEXs, becoming a "backend matching engine" that allows for one-click front-end development. Opportunities to Participate: Staking ORDER earns you a share of transaction fees, achieving a passive income similar to dividends. 9. @BasedOneX, TGE not yet launched Features: Equivalent to the Hyperliquid front-end, a reseller model, building an omni-channel trading platform for Hyperliquid Opportunities: Ecosystem airdrops, trading competitions. 10. @StandX_Official, TGE not yet launched Features: Developed by a former core member of the Binance Futures team, it has launched the DUSD automatic interest-bearing stablecoin, providing a "trading and mining" income-generating margin. PerpDex is currently in beta testing. The platform does not rely on venture capital and operates with its own funds. Participation Opportunities: PerpDex is in beta testing, and you can apply to join the waitlist. A pre-deposit promotion is currently underway. 11. @_bulktrade, TGE not yet complete. Features: Solana-native, extreme matching speed. BULK embeds its matching engine into validator nodes. When a user places an order, it bypasses Solana's standard "transaction queue" and instead directly enters the validator node's built-in Bulk-Tile module. This allows matching to be completed within 20ms and finalized within 40ms.
Participation opportunity: The mainnet has not yet been launched, and testnet interaction is currently available.
Hotness Level A
12.@reya_xyz, not TGE yet
Features: modular derivatives, and margin engine logic, users have a margin account that can be used in multiple exchanges. Participation Opportunities: A points system rewards users for trading and staking USDC, with weekly settlement rankings. 13. @DriftProtocol, $DRIFT Features: Drift is one of the earliest perpetual contract DEXs on Solana, introducing interest-bearing margin. Users' collateral serves as margin and earns interest. Participation Opportunities: Subsequent participation opportunities primarily focus on staking and governance. Users can also use the platform's treasury feature, with annualized returns ranging from 20% to 50%. 14. @JupiterExchange, $JUP Features: Previously the largest DEX aggregator on Solana, Jupiter has expanded its business, launching GMX-based perpetual contracts and a GLP-like liquidity pool, enabling spot and perpetual trading on a single platform. Opportunities to Participate: Future airdrops will continue to be allocated based on user trading and interaction activities on the Jupiter platform.
Miyuki
