Part Four | In-Depth Analysis of PERP DEX: Hyperliquid, Aster, Lighter, edgeX

edgeX - PERP DEX Incubated by Leading Crypto Market Maker Amber Group

This generation of PERP DEXs is fundamentally different from the previous generation, such as GMX and DYDX. Since the main focus is still PERP DEX, the title remains PERP DEX for discussion.

This article is the final installment of a month-long PERP DEX series, focusing on the last member of the PERP DEX F4 (top four on DefiLlama by data) — edgeX, and extending the discussion to the current state and trends of the entire PERP DEX sector.

As the mainstream players have basically taken shape, the Hot narrative phase for PERP DEX may be coming to an end, making it increasingly difficult for newcomers.

Today’s DefiLlama data (2025.10.20):

The total PERP DEX 24h volume is $41B, with OI at $15B. Hyperliquid remains dominant, accounting for about 50% of OI, Aster about 20%, Lighter about 10%, and edgeX about 5.5%. In other words, the F4 together hold about 85% of the market share.

The remaining hundreds of PERP DEXs split the remaining 15%, with a clear head effect.

*Here, the ranking is based on OI rather than volume to remove wash trading and present a more realistic comparison of actual strength.*

Additionally, you can derive the OI/Volume ratio from the OI and volume data. A higher value indicates more “real trading volume and users,” while a lower value suggests more “wash trading.”

Hyperliquid is about 1.5, Aster and Lighter are about 0.19, and edgeX is about 0.27.

Hyperliquid has the highest OI/Volume ratio, indicating strong user position stickiness or more long-term positions; Aster and Lighter have high trading volume but low OI, showing active short-term trading and high turnover (lots of instant open/close wash trading); edgeX is in the middle, with OI/Volume close to 0.27, meaning market depth and activity are relatively balanced, slightly better but not by much, and still far behind Hyperliquid.

edgeX Points Trading Rewards Program

Similar to Lighter, edgeX Points is a “weekly settlement (currently at week 20), multi-dimensional points split by contribution” system used to reward real trading and ecosystem participation.

Current Open Season weights: Trading volume 60%, invitations/ambassadors/events 20%, Vault and TVL 10%, liquidation 5%, holdings (OI) 5%; settlement every Wednesday 00:00 UTC, distribution the following week at 08:00 UTC.

Scoring dimensions include trading volume, invited user trading volume, holdings (OI), and feature Use frequency, with adjustable weights. The global weekly trading volume sets five prize pool tiers, commonly 150,000 or 200,000 points; actual values may vary. For example, Open Season week 20 distributed 300,000 points to 13,668 addresses. For invitations and rebates, every time a referred user earns 5 points, the referrer gets 1 point (20%). For Sybil and rules, wash trading/self-trading does not count; the platform can exclude abnormal trades. Officially stated: scoring criteria and weights may be adjusted.

High ROI farming strategy (for reference only, not investment advice, risk is your own responsibility)

Concentrate volume on a single main account, upgrade VIP to lower trading fees and reduce costs, prioritize limit orders for lower rates.

Like Lighter, avoid self-trading and ultra-short-term turnover; moderately extend holding time to balance “trading volume + OI.”

Participate reasonably in eStrategy/eLP Vaults to get the “Vault/TVL 10%” share and potential returns. Take advantage of official events and ambassador programs to stack the “20%” weight. Strictly control leverage and liquidation risk, as liquidation points only account for 5%. Additionally, NFT events can be joined as an operational innovation, Like. Officially stated that NFT and governance token Airdrop are linked, with a total supply of only 299. Also, edgeX can reference Hyperliquid’s Airdrop MEME, giving us farmers some Candy as an early incentive.

In terms of data, a total of 3,471,363 Points have been distributed so far (Open Season weeks 1–20).

edgeX User Distribution

For user distribution, edgeX and Aster have higher overlap, mainly concentrated in Asia, especially Chinese and Japanese/Korean regions. Although Aster is now focusing on European and American users, the main force is still in CN.

As shown in the web traffic data below (source: similarweb), Japan, Korea, and Taiwan account for half, plus many Chinese mainland VPN users scattered globally. From community observations, the CN proportion is also significant.

Vault Comparison

Like HLP and LLP, eLP (edgeX Liquidity Pool) is edgeX’s liquidity vault (see below).

Currently, edgeX eLP’s income comes from passive market making profits, liquidation fees, and a portion of platform trading fees. In the next phase, eStrategy will introduce customizable pools managed by individual traders or institutions. In this regard, eLP is one stage behind HLP and LLP, which both have “protocol vaults” + “user vaults.”

Comparing the three, Aster’s ALP is not discussed, as ALP is currently only used in Simple 1001x mode, with just tens of millions.

Vault TVL ranking (2025.10.20): HLP $628m first, LLP $503m second (ignoring user vaults), eLP $147m third. Also, during the 1011 big dump, both eLP and HLP made money, while LLP lost (only paid out some points in the end).

Trading Fee Comparison

The fee structures of the PERP DEX F4 each have their own characteristics. For scenario selection, retail investors and low-frequency users choose Lighter Standard (zero trading fee), high-frequency takers choose Lighter Premium, passive market making and large trades choose Aster or Hyperliquid, and those sensitive to funding rate fluctuations prioritize Aster and Lighter. edgeX’s fee structure doesn’t seem to have much advantage in any aspect.

Final Thoughts on the PERP DEX Sector

The FTX exchange’s misappropriation of funds and blow-up, multiple CEXs betting against users and using KOLs to lead in copy trading for client loss rebates, as well as arbitrary K-line modifications and market manipulation, have continuously eroded user trust in centralized exchanges (CEX). Trust in CEXs has dropped to rock bottom. On the supply side, CEXs are shifting toward DEX/self-custody structures under global Compliance pressure. On the demand side, users are gradually moving to DEXs due to trust issues, KYC concerns, and the DEX experience increasingly matching CEX.

The essence of PERP DEX is to move CEX’s matching, liquidation, Risk Control, and custody into a verifiable Settlement/proof layer, while striving for low latency and deep liquidity. The core difference is “verifiability”: CEX order priority, fair matching, and liquidation are black boxes based on trust; PERP DEX uses on-chain execution and validity proofs to ensure “price-time priority” and “rule-based liquidation” are self-evident in Cryptography and Contract Layer, reducing the space for malicious behavior. In custody, CEXs hold funds with risks of blow-ups and freezes; PERP DEXs use contract custody, with priority queues/escape channels (priority tx), allowing users with Private Keys to exit safely in case of failure.

Trust less in human nature, trust more in mathematics. In math we trust, code is law — this is the core narrative of blockchain, and PERP DEX represents the spirit of openness, transparency, and immutability.

The current PERP DEX landscape is gradually taking shape. Hyperliquid leads in depth and performance; Aster and Lighter chase with incentives and feature innovation; edgeX differentiates by focusing on mobile and steady operations, building reputation in Asia. The key to winning is usability, ecosystem resource synergy, and sustainable incentives; users can interact across platforms for points in the short term, but long-term success depends on ongoing project returns and community stickiness.

In terms of narrative and competition, PERP DEX hype is gradually fading. The Airdrop windfall window will likely close in 2025, with the next wave being prediction marketplaces (like YZi Labs recently focusing on Prediction Market projects, and Hyperliquid’s latest HIP-4 is also about prediction marketplaces). Many farming communities are now comparing PERP DEX farming to the L2 era, with early big returns in OP/ARB/STRK, followed by more pullback; HYPE, ASTER, LIGHTER, edgeX returns may decrease, and later entrants are more likely to be “reverse farmed.” PERP DEX farming becoming “the next L2” is not impossible. On one side, Hyperliquid and Aster are in fierce competition, with the F4 head effect established; on the other, next year’s main theme may shift to prediction marketplaces. Any PERP DEX unable to TGE by year-end, with poor early data, or with conflicting ecosystem positions and no strong backing, should be approached with caution. Of course, real Futures users can move some positions from CEX to PERP DEXs that haven’t TGE’d yet for multiple benefits.

CEX bosses developing their own PERP DEXs need to speed up, while the Airdrop expectation buff is still active — MEME Airdrops, NFT MINTs, points trading competitions… take advantage of the buff… speed matters more than perfection.

For those looking to farm via PERP DEX trading, focus on the top platforms, go hard on quality projects, as it gets harder over time. Make a quick push, then switch to the prediction marketplace sector… choosing wisely matters more than working hard.

Finally, wishing everyone great wealth.

(The above is just personal opinion, not investment advice. If there are any errors, feel free to point them out.)