Onchain perpetual trading is still one of the biggest DeFi narratives in 2025 Here are 11 Perp DEXs to explore 🧵 ------------------------------ 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. ------------------------------ 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 ⬇️