1/5
Perp DEX has evolved from niche DeFi experiments to a core crypto trading layer.
Weekly volume exploded in 2024–2025 bull run, driven by modern orderbook perp platforms.
By early 2026, the market is highly fragmented: dozens of protocols share volume, ending the earlier low-competition era dominated by a few names.

5/5
Bottom line: Perp DEX went from fragmented experiments to a high-stakes, concentrated market in just a few years.
Hyperliquid’s OI lead shows where trust still lives, but Aster/Lighter proved volume can move quickly.
The real battle is who holds liquidity longest.
What’s your read on the next chapter? 👀 #PerpDEX #DeFi
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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