Perpetuals are the cash engine of on-chain trading. @HyperliquidX, @GMX_IO, and @dYdX dominate the narrative, but midcaps are where real alpha hides. → @DriftProtocol (on @Solana): $2.9M in fees and $2.33M in revenue over the last 30 days. → @OstiumLabs (on @Arbitrum): $44.6M TVL, with $2.46B 30D volume, $1.2M in fees, and $9.4M in annualized revenue. Both are operating like ecosystem-native exchanges, not “apps.” Their ability to generate revenue and retain liquidity positions them for re-rating once the market looks past vanity TVL. ● Market Landscape The perp sector is stratified: Tier 1: @HyperliquidX (>80% share, dominant UX). Tier 2: @dYdX, @GMX_IO (brand, but declining relative share). Tier 3: @DriftProtocol and @OstiumLabs (ecosystem-native hubs with sticky bases). Key Insight: Traders don’t migrate endlessly. They anchor to ecosystem-native venues if the product is good enough. That’s why Drift rules Solana, and Ostium is emerging as Arbitrum’s challenger beside GMX....
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