Whilst crypto mcap is near an ATH, the perp dex space (excluding hyperliquid) is still near its ATL.
Here's the combined fully diluted market cap of $DYDX, $ARKM, $GMX, $AEVO, $VRTX, $PERP, $APEX and $SNX.
$1.8 Billion, down from $15 Billion just over a year ago.
There's one other than $HYPE bucking this trend.
$GNS is up 14% whilst this group of tokens went down 66% since the $GNS burn (burning almost 5M tokens or 15% of supply) started.
That's a 238% outperformance when you divide GNS by their market cap.
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