Comparison of Perp DEXs for Retail Traders ❌ Original Article The most important comparison criteria is execution costs. Comparison Targets No Fees: Lighter, Paradex Fees: Hyperliquid, Extended Data Source: LiquidView Baseline: $100K Order, Last 24 Hours Integration: BTC, ETH, SOL, HYPE, XRP Results 1st Place: Lighter Nearly 2nd Place: Paradex While slippage appears acceptable, fee-based DEXs are disadvantaged in terms of total costs, including fees. Key Points Zero-fee DEXes are structurally advantageous. Even with the same execution, account balances vary. Improvements Paradex is not optimal for ultra-large orders. Instead, it offers privacy, perf options, expiry options, and Paradigm tradebacking. Conclusion Prioritizing execution costs → Lighter / Paradex Focusing on functionality and privacy → By preference Zero fees are advantageous in terms of transaction costs.