Dossier
perpetual DEX
Coverage of perpetual DEX in the Nexus archive.
- Starting to think ASTER isn’t pumping because of hype alone.
An analyst discusses ASTER token momentum on Bitget's perpetual DEX, noting it's driven by access to broader markets like SpaceX pre-IPO and RWA (Real World Assets) perps rather than pure hype. The observation suggests the perpetual DEX sector is evolving beyond crypto leverage trading into real-world asset exposure, with liquidity rotating into smaller infrastructure plays.
- Compared fee revenue across the top 8 perp DEXs last month and the gap between Hyperliquid and everyone else is actually insane.
Analysis of fee revenue across top 8 perpetual DEXs shows Hyperliquid generating nearly 3x the fees of dYdX despite similar TVL, indicating higher per-user trading activity. Vertex shows the highest fee-to-TVL efficiency ratio at 2.35%, while GMX's low 0.50% ratio raises concerns about its revenue sustainability.