🔥 A Panoramic Comparison of 14 Perp DEXs: Who Could Be the Next Hyperliquid? We systematically compare the top Perp DEXs by Defillama trading volume across six dimensions: features, tokens, participation methods, and capital structure. Grading them into popularity categories of S+, S, and A allows you to quickly grasp each project's core strategies. 👇

⭐️ 3/4 Popularity S Level 7️⃣ @tradeparadex, not yet TGE Features: Paradex is built on Ethereum's Layer 2 Starknet, integrating perpetual contracts, perpetual options, and a unified spot account. Paradex also employs a zero-fee strategy to encourage trading volume growth. Participation Opportunities: XP is earned quarterly for holding positions, trading, and market making. Link: app.paradex.trade/trade/BTC-US...… 8️⃣ @OrderlyNetwork,

⭐️ 4/4 Popularity Level A 1️⃣2️⃣ @reya_xyz, TGE not yet launched Features: Modular derivatives and margin engine logic, allowing users to maintain a single margin account that can be used across multiple exchanges. Opportunities: A points system rewards users for trading and staking USDC, with weekly settlement rankings. Link: app.reya.xyz/?referredBy=v2mla...… 1️⃣3️⃣ @DriftProtocol, $DRIFT Features: Drift is a Solana