Here’s a quick recap of everything we published this week
Let's catch up on the highlights 🧵🧠
Every Monday, we drop a mega thread with the DeFi updates that matter most this week.
We listed out 11 perp DEXs to trade and farm this year
The list can be longer, so stay tuned for the 2nd part
Onchain perpetual trading is still one of the biggest DeFi narratives in 2025
Here are 11 Perp DEXs to explore 🧵
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1. @HyperliquidX - the king of onchain perps trading
A purpose-built L1 with 200K+ TPS and sub-second execution.
CLOB model, 50x leverage, and dominating ~60% of onchain perp volume.
Massive $HYPE airdrop and strong community-first tokenomics.
2. @dYdX - The OG perp DEX
Now dYdX is fully on its own Cosmos-based chain (dYdX Chain).
200+ markets, $1.4T lifetime volume.
MegaVault passive yield + massive $20M incentives program.
3. @JupiterExchange - Solana’s turbo-charged aggregator and perps engine combined
LP-to-trader model + huge Jupuary airdrop.
Ranked #2 in daily trading volume ($755M) + ongoing annual token airdrops.
4. @GMX_IO - top OG perp DEX on @arbitrum and @avax
Introduced GLP model, powered by Chainlink oracle
Up to 50x leverage, $259B total volume, and long-time community favorite.
5. @vertex_protocol - a powerful perp DEX on Arbitrum.
Vertex Edge connects traders across chains on one orderbook
Hybrid CLOB + AMM, 5-15ms trades, universal cross-margining.
$213B lifetime volume + Sonic, AVAX, and $VRTX rewards campaigns.
6. @AsterDEX
Multi-chain perps with a focus on simplicity + depth.
Runs across BNB, ETH, Arbitrum, Solana.
Simple mode (up to 1001x leverage!), LST/LRT as margin, dual point system (Au + Rh points = airdrop)
7. @DriftProtocol - the dominant Solana perp DEX
DLOB + JIT auction model, yield-bearing collateral, ultra low slippage.
$841M TVL + cutting-edge Swift Protocol gasless execution.
8. @edgeX_exchange - built for pros by Amber Group.
Ultra low-latency order book + StarkWare zk tech + MPC wallets.
$35B+ lifetime volume + 2025 roadmap includes edgeX Layer 2 chain.
9 @OstiumLabs - the first serious RWA + Forex perp DEX on Arbitrum.
Trade indices, gold, forex with up to 200x leverage.
Unique two-tier liquidity + explosive growth from $5M to $74M TVL since March 2025.
10. @AxiomExchange - the all-in-one Solana trading hub
Combines perps, memecoins, yield farming, Telegram bots.
Turbo Mode + Pulse Engine + Axiom points for future airdrops.
11. @Lighter_xyz - Ethereum zk rollup perp DEX
Blazing sub-5ms execution + zero trading fees for retail.
Backed by a16z + Lightspeed, private beta running now.
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The next-gen perp DEXs have redefined what’s possible:
✅ Deep liquidity
✅ Ultra low-latency
✅ Friendly onboarding
✅ Trading incentives
As traders, you now have more power than ever to choose decentralized over centralized.
Which perp DEX are you trading/farming on? Drop your favorite in the comments ⬇️
To wrap it up, we dropped the usual 10 good threads/articles to read this week, covering web3 marketing, market insights, where to farm DeFi and more
Stay sharp, stay early!
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