Author: Scof, ChainCatcher
Editor: TB, ChainCatcher
Since entering the second quarter, the global market has faced multiple uncertainties: the Federal Reserve's delayed interest rate cut, fluctuating inflation expectations, and Trump's proposed reciprocal tariff policy have raised investors' concerns about the global economic trend. Against this background, crypto assets have weakened simultaneously, trading sentiment has clearly cooled, and market risk appetite has declined.
Meanwhile, several perpetual contract trading platforms built on different public chains have accelerated product development and incentive release during this phase, attempting to establish their user base in the "airdrop cycle" and "structural opportunities".
This article selects five currently representative Perp DEX projects and provides a basic observation from perspectives such as chain attribution, trading structure, incentive mechanisms, and project background.
1. edgeX: Incubated by Institutions, Limited Trading Pair Coverage
- Public Chain Attribution: Specific chain deployment information not yet disclosed
- Project Background: Incubated by Amber Group, Amber is a market-making and asset management platform headquartered in Hong Kong
- Trading Performance: Currently supports few cryptocurrencies, with mainstream coins like AAVE not yet listed. Taking the TRUMP trading pair as an example, the depth within 1% range is between $60,000-$70,000, with noticeable order book gaps
- User Incentives: Currently in Alpha stage points activity, with version naming suggesting potential future expansion. Users can earn points through trading or inviting new users.
- Current Status: Project is in early stage, with functionality coverage and trading pair support yet to be expanded
2. Ethereal: Not Yet Launched, Currently Focused on Points Pre-storage
- Public Chain Attribution: Built on Ethena network
- Project Background: Ethereal launched by Ethena Labs, current TVL around $6.2 billion, ranking top on defillama; partners include BlackRock
- Trading Performance: Spot and contract trading functions not yet open
- User Incentives: In "Season Zero" stage, users can deposit USDe to receive eUSDe receipt tokens and accumulate Ethereal and ENA dual points; no lock-up requirements, expected TGE in May 2025. Current total locked volume is $9.7 billion.
- Current Status: Not yet in formal trading stage, mainly attracting users through early points program pre-storage
3. Aster: Merged and Reshaped Derivatives Platform with Dual Mode Trading and Earnings
- Public Chain Attribution: Currently multi-chain deployment, mainly adapting to Ethereum mainnet and BNB Chain
- Project Background: Formed by Astherus and APX Finance merger in late 2024, integrating former's yield product capabilities and latter's perpetual trading infrastructure
- Trading Functions: Supports two mode switches
Simple Mode: On-chain execution, one-click position opening, MEV resistant
Pro Mode: Order book trading, with deep liquidity, low trading fees, and advanced tools, supporting high leverage trading
- User Incentive Mechanism: Currently in Stage 1: Spectra phase, with two point systems
Au Points: Earned by minting and holding Aster Earn related assets (like ALP, USDF, LP Token), used for $AST airdrop allocation
Rh Points: Earned by trading perpetual contracts in Pro Mode, supporting 1.1x point boost or $100 equivalent trading bonus
- Future Plans: Roadmap includes zero-knowledge proof (ZKP) integration, dedicated Layer 1, chain intent system, etc., to enhance user experience and decentralization
- Current Status: Trading functions open, points activity active, platform in early stage of brand reshaping and user acquisition
4. Paradex: Order Book Derivatives Trading Platform Based on Layer 2
- Public Chain Attribution: Based on StarkNet network, specific details not yet disclosed
- Project Background: Developed by Paradigm, currently mainnet launched, supporting on-chain self-custody trading. Current product built around order book structure, emphasizing on-chain settlement and risk management.
- Risk Control: Platform uses on-chain risk control engine for real-time user asset risk assessment. Supports margin calculation framework based on portfolio positions
- Expanded Products: Launched on-chain perpetual options
- Funding rate determined by option time value (difference between market price and intrinsic value), settled hourly
- Profit and loss continuously entered into unrealized PnL, settled when position updates
- Current Status: Mainnet launched, functions gradually expanding, options product in early stage. Currently in Warzone season 2, users can earn XP through trading, providing liquidity, depositing margin to Paradex vault, etc. Official states XP can be used for future rewards.
5. Backpack: Based on Solana, Liquidity Still Needs Strengthening
- Public Chain Attribution: Solana
- Team Background: Co-founded by former FTX legal counsel Can Sun and former Alameda engineer Armani Ferrante. Parent company Coral received $20 million financing led by FTX Ventures, Jump Crypto, etc. in 2022.
- Trading Experience: Current mainstream cryptocurrency liquidity relatively weak. Taking Sui as an example, 1% downward depth is about $230,000, with obvious order book gaps, difficult to support large capital high-frequency trading.
- Incentive Mechanism: Ongoing ten-week points activity (Season 1). Point calculation includes trading volume, profit and loss performance, holding time, deposit amount, and multiple other variables.
- Applicable Scenarios: More suitable for small and medium-sized capital to participate in trading and earn point rewards.
Overall, in actual use, Backpack's interface is relatively concise and smooth, suitable for light participation or first-time users. Aster has more comprehensive function design. The above is the author's personal experience, for reference only, and readers with different perspectives are welcome to discuss.
