After Hyperliquid came out, there are really many projects doing Perps and challenging Hyperliquid, with an estimated 20+ Perps not counting completely. I noticed that there is a rare one that has launched on Kaito's on-chain Perptual Futures, Paradex, so I wrote down the data to take a look:

- Paradex's assets under management are slightly above 50 million USDC, which is similar to the asset management situation of Ostium, which does perpetual futures for US stocks.
- 4.78k depositors, but since Paradex supports third-party bridges like Layerswap and rhino in addition to the official bridge, and some bridges use EOA addresses for intermediary deposits, the actual number of depositors/users will be somewhat higher.
- Historical accumulated Perptual Futures trading volume is 65.48 billion USD, with recent daily trading volume approximately 100-150 million USD.
Chain/Appchain

Paradex is launched by TradeParadigm, which specializes in institutional-grade derivatives trading, and can be considered a version aimed at retail investors that is also better for issuing tokens. It seems to have been in development since 2023, but the main growth has been since this year, likely referencing Hyperliquid and adopting a different approach. Overall, it is rather unremarkable, so let's continue to observe. I'll write more data in the next few days to see the actual situation of Lighter.

For exchanges, whether on-chain or off-chain, trading volume and liquidity determine the lower limit, while capital depth determines the upper limit.