Most people still don’t get what’s happening in the derivatives market. So let’s bring some clarity using the charts in this post. The first chart shows fees earned by the top perps protocols (ranked by volume) over the last 7 days, while the second highlights the ratio of DEX to CEX futures trade volume. For the first time since 2024, DEX futures volume jumped by more than 50% in a single month — September (per @TheBlock__ data). What makes this even more interesting is that this surge coincided with a wave of new players like @Aster_DEX, @edgeX_exchange, @Lighter_xyz, and @OfficialApeXdex gaining traction, meaning Hyperliquid is no longer carrying the market on its own. If you look closer at the first chart, you’ll notice fees for the top 10 perps by volume grew by over 100% in just one week (see full dashboard on @DefiLlama). This marks the first meaningful surge in fees since Hyperliquid began dominating, and it’s happening because other protocols are finally rising to match...
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