Comparison of the 14 Major Potential Perp DEXs in 2025: Who Can Become the Next Aster?

Against the backdrop of sustained global inflationary pressures, seeking passive income has become a core strategy for digital asset investors. Perp DEX (Decentralized Perptual Futures exchange) offers users potential high-yield opportunities through liquidity provision and stake rewards mechanisms.

However, behind the high APY (Annual Percentage Yield) on the surface lies numerous risks. This article will analyze the true performance of 14 popular Perp DEX projects based on strict evaluation standards.

Platform Depth Assessment

Hyperliquid (HYPER)

Introduction

Hyperliquid, with its self-developed L1 and the full-chain CLOB model, is regarded as a technological leader in the current Perp DEX field. Its HyperEVM achieves transaction latency of less than 1 second, providing an experience close to that of centralized exchanges.

Data Presentation

• Participation Opportunity: Nearly 40% of the token supply is reserved for community rewards, which users can obtain by increasing trading volume, staking liquidity, and other methods.
• Featured Features: Order book mode, top trading depth.

Advantages

• Technologically Advanced: The self-developed blockchain architecture provides extreme trading speed and user experience.
• Community Emphasis: A high proportion of community rewards is set in the token economic model, which is beneficial for long-term ecological development.
• Deep Liquidity: As the current leader, it has a significant advantage in terms of liquidity and trading depth.

Disadvantages and Risks

• Competitive Pressure: As a market leader, facing numerous emerging projects competing for market share with points and high APY strategies.
• High Complexity: In-house L1 architecture may have specific technical understanding and learning costs.

Aster (ASTER)

Introduction

Aster is a Perpetual Futures DEX promoted by CZ, and the token ASTER surged 20 times in price during its first week. The platform offers up to 1001x leverage and serves as an entry point for traffic on the BNB chain.

Data Presentation

• Participation Opportunity: Currently, the second phase airdrop is mainly obtained through trading competitions.
• Featured Functions: One-click/Grid Trading.

Advantages

• Strong Background: Supported by the Binance ecosystem with abundant resources.
• High Leverage Demand: Provides 1001 times leverage to meet the needs of high-risk preference traders.
• Initial Hype: The project has high market attention in its early stages, and the volatility of the token price may bring trading opportunities.

Disadvantages and Risks

• High Leverage Risk: Excessive leverage may lead to rapid losses of user funds.
• Dependence on a Single Ecosystem: Heavily reliant on the development of the BNB Chain, the singularity of the ecosystem may limit long-term growth.

Backpack (not TGE)

Introduction

Backpack emphasizes compliance and security, introducing KYC mechanisms to ensure user authenticity, with an operational style similar to CeFi exchanges.

Data Presentation

• Participation Opportunity: The trading points program rewards active users, and the trading volume weight has increased after the launch of the third season.
• Featured Functions: KYC mechanism, MPC wallet.

Advantages

• Compliance Advantages: Emphasizing compliance may attract institutional users and conservative investors.
• Good User Experience: Drawing on CeFi operational concepts, providing a smooth experience close to that of a centralized exchange.
• Security First: KYC mechanisms and MPC wallet technology enhance account security.

Disadvantages and Risks

• Low level of decentralization: KYC requirements contradict the anonymous principle of cryptocurrency.
• Pre-TGE Risk: The project has not issued tokens yet, and investment returns are uncertain.

edgeX (not TGE)

Introduction

edgeX is incubated by Amber Group, utilizing StarkEx ZK-Rollup technology and integrating MPC wallets to lower the threshold for private key management.

Data Presentation

• Participation Opportunity: Weekly point weight = trading volume + activity level, a minimum of 10U is required to participate.
• Featured Features: StarkEx ZK-Rollup technology, carefully crafted user experience.

Advantages

• Advanced Technology: Utilizes ZK-Rollup technology, balancing security and efficiency.
• User Experience Optimization: Integrated MPC wallet, significantly lowering the entry barrier for new users.
• Reliable Background: Supported by Amber Group's industry resources and experience.

Disadvantages and Risks

• Incubation Dependence: Closely related to Amber Group, may be affected by its business conditions.
• Uncertainty before TGE: The token economic model is not fully disclosed, making it difficult to assess investment value.

Lighter (not TGE)

Introduction

Lighter is currently in the invited private testing phase, building a Starknet-based EVM-compatible exclusive network, with an LLP market-making treasury APY of approximately 63%.

Data Presentation

• Participation Opportunity: A points reward program launched for invited users, where points are accumulated for each transaction related to future airdrops.
• Feature: EVM-compatible exclusive network with high APY liquidity vault.

Advantages

• High Yield Opportunity: The market-making treasury offers an attractive APY of about 63%.
• Technical Innovation: A dedicated EVM-compatible network that balances privacy and efficiency.
• Strong Exclusivity: The invitation system creates scarcity and a sense of community belonging.

Disadvantages and Risks

• Access Restrictions: Ordinary users find it difficult to participate, leading to unequal opportunities.
• Conditions: High APY requires a certain amount of points to fully unlock, and the earnings are subject to conditions.
• Early Risk: The project is in its early stages, and the technology and services may not be mature.

Avantis (AVNT)

Introduction

Avantis offers up to 500x leverage, supporting trading in diverse markets such as cryptocurrencies, forex, gold, and crude oil.

Data Presentation

• Participation Opportunity: Users holding AVNT can share platform earnings by staking tokens, with an annualized return of approximately 23%.
• Features: Diverse market trading, high leverage.

Advantages

• Asset Diversity: Supports trading of various asset classes, providing a richer investment choice.
• Stable Returns: Staking AVNT can yield an annualized return of about 23%, which is relatively stable.
• High Leverage Demand: 500x leverage meets the needs of professional traders.

Disadvantages and Risks

• Cross-Market Risk: Involves traditional financial assets and may face more complex market risks.
• High Leverage Warning: Extremely high leverage significantly increases investment risks and is not suitable for ordinary investors.

Paradex (not TGE)

Introduction

Paradex is built on Ethereum Layer 2 Starknet, implementing a unified account mechanism for Perptual Futures + Perptual Options + Spot.

Data Presentation

• Participation Opportunities: XP quarterly system, positions, trading, and market making all earn points.
• Features: Perptual Futures + Perptual Options + Spot Unified Account, zero fee strategy.

Advantages

• Rich Product Offering: The unified account model supports various derivatives trading, catering to diverse needs.
• Cost Advantage: Zero fee strategy significantly reduces trading costs.
• Advanced Technology: Based on Starknet, benefiting from Ethereum's security and scalability.

Disadvantages and Risks

• Pre-TGE Risk: The token has not been issued, and the uncertainty of investment returns is high.
• Technical Novelty: Starknet technology is relatively new and may pose unknown technical risks.

Orderly Network (ORDER)

Introduction

Orderly Network builds a high-performance order book infrastructure and has become the "back-end matching engine" for many wallets and DEX.

Data Presentation

• Participation Opportunity: Holding ORDER for stake can earn transaction fee dividends.
• Featured Features: Order book infrastructure, integrated by numerous wallets and DEX.

Advantages

• Stable Returns: Staking ORDER can earn transaction fee dividends, providing passive income similar to dividends.
• Infrastructure Status: As a foundational infrastructure, the business model is more defensive.
• Ecosystem Integration: Integrated by numerous projects, forming a network effect.

Disadvantages and Risks

• Dependency on B-end Business: Performance is highly reliant on the development of integration projects.
• Competitive Pressure: The infrastructure sector is highly competitive, and it is necessary to continuously maintain a technological advantage.

BasedOneX (not TGE)

Introduction

BasedOneX is equivalent to the Hyperliquid front end, adopting a dealer model to build a full-channel trading platform for Hyperliquid.

Data Presentation

• Participation Opportunities: ecological airdrop, trading competition.
• Featured Features: Hyperliquid Frontend, Dealer Mode.

Advantages

• Ecosystem Collaboration: Utilizing Hyperliquid technology and liquidity, with relatively low risk.
• Interface Optimization: As a professional front-end, it may provide a better trading experience than the original platform.
• Multiple Opportunities: Potential airdrops from both BasedOneX and Hyperliquid.

Disadvantages and Risks

• High Dependence: Completely reliant on the Hyperliquid ecosystem, lacking autonomy.
• Difficulty in Value Capture: As a frontend, the ability of tokens to accumulate value may be limited.

StandX (not TGE)

Introduction

StandX was developed by core members of the former Binance Futures team and has launched the DUSD auto-yield stablecoin. The platform does not rely on VC and operates with its own funds.

Data Presentation

• Participation Opportunity: PerpDex feature is in internal testing, you can apply to join the waitlist, and there is currently a deposit activity.
• Featured Features: DUSD auto-yield stablecoin, a yield-generating margin that allows "trading while mining".

Advantages

• Team Expertise: Core members come from Binance, possessing industry experience and resources.
• Product Innovation: Auto-yield stablecoins and yield-based margins are differentiated features.
• Capital Independence: Not relying on VC, operating with self-owned funds may focus more on long-term development.

Disadvantages and Risks

• Uncertainty Before TGE: The token model and issuance plan are not clearly defined.
• Intense Competition: The derivatives DEX space is crowded, making it difficult to break through.

BULK (not TGE)

Introduction

BULK is the native trading platform of Solana, embedding the matching engine into verification nodes to achieve ultra-fast trade matching.

Data Presentation

• Participation Opportunity: The mainnet is not yet online, and currently, interaction can be conducted on the testnet.
• Features: Ultra-fast matching speed, matching engine embedded in verification nodes.

Advantages

• Technical Excellence: Matching completed within 20ms, confirmation finalized within 40ms, speed advantage is obvious.
• Native Advantage: Designed specifically for Solana, it may better leverage Solana's features.
• Early Opportunity: Participate in the testnet phase for a chance to receive generous airdrops.

Disadvantages and Risks

• Technical Risks: Innovative technology architectures may contain unknown vulnerabilities.
• Uncertainty Before TGE: The project is in a very early stage, and the uncertainty is high.

Reya Labs (Pre-TGE)

Introduction

Reya Labs focuses on modular derivatives, allowing users to have a margin account that can be used across multiple exchanges.

Data Presentation

• Participation Opportunity: A points system rewards users for trading and staking USDC, with weekly ranking settlements.
• Features: Modular derivatives, cross-exchange margin accounts.

Advantages

• High Capital Efficiency: Unified margin accounts improve the utilization of funds.
• Product Innovation: Modular design may offer more flexible derivatives combinations.
• Good User Experience: Unified account across exchanges simplifies the operation process.

Disadvantages and Risks

• Innovative Concept: The concept of modular derivatives is relatively new, and market acceptance needs to be verified.
• Pre-TGE Risk: Tokens have not yet been issued, and their investment value is uncertain.

Drift Protocol (DRIFT)

Introduction

Drift is one of the earliest Perptual Futures DEXs on Solana, introducing yield-generating margin, where users' staked assets can earn interest while serving as collateral.

Data Presentation

• Participation Opportunities: Future participation opportunities mainly lie in staking tokens and governance, and you can also utilize the platform treasury function, with an annualized return of 20%-50%.
• Featured Functionality: Yield-bearing margin, hybrid design.

Advantages

• Capital Efficiency: Margin earns interest simultaneously, improving the utilization efficiency of funds.
• Long History: As an early project on Solana, it has withstood the test of the market.
• Diverse Earnings: Offers staking and vault functions, with multiple earning options.

Disadvantages and Risks

• Competitive Pressure: Facing intense competition from up-and-coming players like Jupiter.
• Complex Interface: The rich features lead to a relatively complex interface, which is not user-friendly for beginners.

Jupiter (JUP)

Introduction

Jupiter was originally the largest DEX aggregator on Solana, and has now expanded its business to launch Perptual Futures in the GMX model, introducing a GLP-like Liquidity pool.

Data Presentation

• Participation Opportunity: Future airdrops will continue to be distributed based on users' trading and interaction activities on the Jupiter platform.
• Features: DEX aggregator, Perptual Futures, unified margin account.

Advantages

• Traffic Advantage: As the main aggregator of Solana, it has a natural user base.
• Product Improvement: A platform that completes spot exchange and Perptual Futures trading, providing a seamless user experience.
• Airdrop Expectations: Ongoing airdrop programs incentivize early users.

Disadvantages and Risks

• Low Capital Efficiency: The capital efficiency is approximately 0.38, which is relatively low.
• Limited Supported Assets: Currently, only a few major assets are supported for Perptual Futures, and there are fewer trading pairs.

Final Recommendations and Summary

Based on different user profiles, this article provides the following suggestions:

New User: Backpack > Jupiter

Backpack's CeFi-style experience and compliance framework provide a safe bridge for newcomers to transition into the DeFi world. Jupiter, with its aggregator traffic and intuitive interface, is suitable for users with a basic understanding of Solana to make initial attempts.

Yield Farmer: Lighter > Avantis

For mature users seeking high returns, Lighter's 63% APY is attractive, but attention should be paid to its points unlocking conditions. Avantis' 23% staking rewards are relatively more stable and support diversified market trading.

Tech Enthusiasts: Hyperliquid > BULK

Users who value underlying technology and innovative architecture can pay attention to Hyperliquid's self-developed L1 or BULK's embedded matching engine, but they must bear the corresponding technical risks.

Risk Averter: Drift > Orderly Network

Drift, as one of the earliest Perpetual Futures DEXs on Solana, has withstood the test of the market for a longer time. Orderly Network, as the underlying infrastructure, has a more defensive business model, and the stake rewards also provide relatively stable returns.

Strong Risk Warning

Investing in Perp DEX carries the following significant risks that may result in the loss of principal:

• Smart Contract Risks: Even audited projects may have vulnerabilities that can lead to loss of funds.
• APY Volatility Risk: The advertised high APY is often not sustainable in the long term, and returns will vary with market conditions.
• Leverage Liquidation Risk: High leverage trading may lead to positions being quickly liquidated.
• Regulatory Uncertainty: The global regulatory policies on the DeFi sector are still evolving, which may affect platform operations.
• Market Risk: The cryptocurrency market itself is highly volatile, and any investment may depreciate due to market changes.

This article is for news information only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make decisions cautiously.