HTX Research Latest Report: From AMM to CLOB — The 2025 Perpetual DEX Boom, Competitive Reshuffle, and SunPerp’s Upward Curve

Summary In 2025, perpetual Decentralized Exchanges ( DEXs ) entered an accelerated growth phase, with comprehensive expansion across trading volume, user base, and Total Value Locked ( TVL ). Concurrently, advancements in Central Limit Order Book (CLOB) and Zero-Knowledge (ZK) technologies significantly boosted performance and user experience, bringing them closer to parity with Centralized Exchanges ( CEXs ). Regarding overall industry scale, both monthly and quarterly metrics reached record ￰14￱ share for perpetual DEXs surged from low single digits at the close of 2024 to over one-quarter by ￰15￱ adoption was primarily driven by Asia , particularly the Chinese-speaking ￰16￱ the competitive landscape, Hyperliquid maintained technological leadership and a closed revenue loop through its self-developed L1 + CLOB architecture; Aster achieved a volatile “boom–correction” growth curve through multi-chain deployment and integration with Binance’s ecosystem; Lighter entered the high-frequency trading niche with ZK-rollup and zero-fee ￰17￱ , as TRON’s first native perpetual DEX, forms a differentiated combination through “zero gas + millisecond matching + ADL risk framework”.

Leveraging TRON’s around $80 billion in USDT circulation and its high-speed transfer capabilities, SunPerp is pursuing a growth model based on “ low-cost user acquisition – on-chain capital reuse – natural derivatives extension .” Organic data since the public beta—including registrations, TVL, net inflows, and the frequency of large transactions—has already demonstrated a positive feedback loop involving its product, liquidity, and user ￰18￱ the tokenomics side, mechanisms such as fee buyback/revenue sharing, points seasons, spot and pre-launch asset coverage, and cross-chain expansion have become key tools for platform attraction and retention.

Overall, order bookization, cross-chain aggregation, MEV protection, and institutional-grade toolchains will form the main theme of the second half of 2025, while SunPerp , leveraging its cost and ecological advantages, is expected to gain a structural share in the “TRON × derivatives” ￰19￱ Overview and Market Status 1.1 Definition and Core Value of Perpetual DEX A Perpetual Decentralized Exchange (Perp DEX)is a blockchain-based platform for trading ￰20￱ allows users to trade perpetual futures contracts without requiring Know Your Customer ( KYC ) ￰21￱ with traditional centralized exchanges, Perpetual DEXs feature key advantages such as self-custody, high transparency, and censorship resistance, while offering leveraged trading of up to 50x or ￰22￱ core value of perpetual DEXs lies mainly in three aspects: First, the decentralized architecture ensures user fund security and transaction transparency, with all trading activities verifiable on-chain; Second, the permissionless nature allows long-tail assets and emerging tokens to be listed and traded rapidly; Finally, smart contract–based automated liquidation and risk management mechanisms provide a fairer and more efficient trading environment. 1.2 Market Size and Growth Trend The Perpetual Decentralized Exchange (Perp DEX) market has experienced unprecedented explosive growth in ￰23￱ to authoritative data sources such as DefiLlama and CoinGecko, the total trading volume of perpetual DEXs in 2024 reached USD 1.5 trillion, representing a 138% year-over-year increase from USD 647.6 billion in ￰24￱ 2025, this growth momentum further accelerated — in the third quarter alone, trading volume reached USD 1.8 trillion, with September’s single-month trading volume surpassing USD 1 trillion for the first time, marking a 48% increase from USD 707.6 billion in ￰25￱ a market share perspective, the proportion of perpetual DEXs within the global perpetual futures market surged from 2.7% at the end of 2024 to 26% by mid-2025, reflecting strong market demand for decentralized trading ￰26￱ is expected that by the end of 2025, this proportion will further rise to over 30%.

At present, the total value locked (TVL) of the perpetual DEX market stands at USD 20 billion, nearly five times higher than USD 3.5 billion at the beginning of the year, demonstrating rapid capital inflows and positive user adoption ￰27￱ average daily trading volume remains steady at around USD 50 billion, with peaks exceeding USD 100 ￰28￱ Perps Dashboard: ￰0￱ CoinGecko《State of Crypto Perpetuals 2024》report The Block Research Monthly Report 1.3 User Growth and Adoption Patterns The user base of perpetual DEXs expanded significantly in ￰29￱ to aggregated data from multiple platforms, the industry’s daily active users (DAU) increased from around 50,000 in Q4 2024 to a peak of 400,000 in Q3 2025, representing a 700% growth ￰30￱ total number of unique wallet addresses surpassed 5 million, marking a 400% increase compared to 1 million at the end of ￰31￱ Derivatives Exchange Data Galaxy Research Report: “Binance’s BSC Mogs, but for How Long?” The user adoption pattern shows distinct stage ￰32￱ adopters were primarily DeFi natives and professional traders, attracted by features such as no KYC requirements, high leverage, and MEV ￰33￱ user interfaces continued to improve and onboarding mechanisms were refined, more retail users began to experiment with perpetual DEX ￰34￱ particular, the introduction of airdrops and point-based incentive programs significantly boosted user growth and platform ￰35￱ terms of geographic distribution, the Asian market — especially Chinese-speaking user groups — played a major role in the adoption of perpetual ￰36￱ is mainly due to the region’s higher acceptance of crypto derivatives trading and stronger understanding of decentralized financial infrastructure. 1.4 Technological Development Stages The technological evolution of perpetual DEXs can be divided into three main ￰37￱ 1 (2019–2022) : Represented by dYdX, this phase adopted a hybrid model based on Ethereum, where order matching occurred off-chain while settlement was executed ￰38￱ 2 (2022–2024): The rise of AMM-based perpetual DEXs such as GMX, which enabled zero-slippage trading through liquidity pools but faced issues such as impermanent loss and ￰39￱ 3 (2024–2025): The emergence of fully on-chain order book (CLOB) systems, led by Hyperliquid, which achieved millisecond-level on-chain trade ￰40￱ current market is transitioning from the third stage toward a more advanced form, characterized by: Multi-chain deployment improving accessibility, Zero-knowledge proof technology enhancing privacy protection, Cross-chain liquidity aggregation optimizing capital efficiency, and Advanced order types meeting the needs of professional traders. 2.

In-depth Analysis of Major Platforms Project official website 2.1 Hyperliquid: The Leader in On-Chain Order Books Hyperliquid, the undisputed leader in the perpetual DEX market, has maintained its dominance in 2025 through its innovative Layer-1 blockchain architecture and fully on-chain Central Limit Order Book (CLOB) ￰41￱ platform’s core technological edge lies in the modular design of HyperCore and HyperEVM — the former responsible for high-performance order matching, and the latter providing smart contract composability — enabling single-block finality and sub-millisecond trade ￰42￱ a market perspective, Hyperliquid reached a peak market share of 72.7% in Q2 ￰43￱ it faced increasing competition from new entrants like Aster in Q3, it still retained a leading 31.6% ￰44￱ Total Value Locked (TVL) stabilized around $5 billion, with Open Interest (OI) of $7.6 billion, representing 46% of the overall perpetual DEX ￰45￱ terms of revenue structure, Hyperliquid employs an innovative fee distribution model — 100% of trading fees are returned to holders through HYPE token ￰46￱ revenue reached $106 million in August, equivalent to an annualized revenue of roughly $1.2 ￰47￱ sustainable revenue model provides a solid foundation for the platform’s long-term ￰48￱ the technology roadmap, Hyperliquid launched MON-USD perpetual contracts (3x leverage) in Q3, implying an estimated FDV of $14–15 billion for the Monad project.

HIP-3, implemented in early Q4, enhanced EVM compatibility and optimized spot trading ￰49￱ development priorities include expanding HyperEVM and improving cross-chain bridge functionality. 2.2 Aster: The Rapidly Rising Challenger Aster has emerged as the dark horse of the 2025 perpetual DEX ￰50￱ its multi-chain deployment strategy and tight integration with the Binance ecosystem, Aster achieved explosive growth within a short ￰51￱ on its custom Aster Chain Layer-1, the platform optimizes DeFi trading performance with theoretical throughput exceeding 10,000 TPS, leveraging a modular architecture that separates execution and settlement layers to enhance scalability.

Market-wise, Aster achieved remarkable growth in Q3 2025 — with monthly trading volume reaching $493–670 billion in September, briefly capturing 43–50% of market share, and propelling total perpetual DEX volume past $1 trillion per month. However, such rapid expansion also raised concerns over data authenticity; DeFiLlama temporarily delisted Aster’s data in October due to integrity issues. Technologically, Aster offers up to 50x leverage, deep liquidity pools, and a price oracle-independent mechanism to mitigate manipulation ￰52￱ core competitive advantages include lower fee structures than Hyperliquid and faster listings for new or pre-launch ￰53￱ integration with Binance’s ecosystem provides CEX-like liquidity support, making Aster a hybrid model between DeFi and CeFi. 2.3 dYdX: The Legacy Player’s Transformation Path As a pioneer of the perpetual DEX market, dYdX has witnessed the industry’s evolution from inception to ￰54￱ Cosmos SDK-based dYdX Chain marks a pivotal step toward becoming a native blockchain, featuring a full order book system supporting up to 20x leverage, ~50ms latency, and leveraging Cosmos interoperability.

However, 2025 brought significant headwinds. dYdX’s market share plummeted from 73% in early 2023 to below 5% by Q2 2025, with Q3 trading volume of $100–150 billion and average daily volume around $409 ￰55￱ decline primarily resulted from technological and user experience advantages offered by emerging ￰56￱ losing ground, dYdX remains strong in institutional-grade APIs, advanced order types (e. g., TWAP), and hybrid custody ￰57￱ long-standing operational record (since 2017) and the composability of the Cosmos ecosystem continue to provide differentiated ￰58￱ DYDX token (1 billion total supply, 692 million circulating) trades at $1.23, with a market cap of $850 ￰59￱ token serves governance and staking purposes, with 50% of trading fees distributed to ￰60￱ were no major unlocks in Q3, and token inflation remains tied to chain security incentives.

Strategically, dYdX allocated $10 million in grants in September 2025 to support ecosystem growth. A major announcement is expected in Q4, potentially tied to the v5 ￰61￱ roadmap focuses on API enhancements and Cosmos integration optimization by ￰62￱ challenged, strong backing from Paradigm and a16z underpins the project’s long-term viability. 2.4 Emerging Platform: Lighter Lighter, an Ethereum Layer-2 perpetual DEX built on zk-rollup technology, represents an innovative application of zero-knowledge proofs in derivatives ￰63￱ uses a hybrid order book architecture achieving sub-second latency, while V2 Perps focuses on scalability for high-frequency ￰64￱ technical features include zero gas fees for makers, 50x leverage, and OTC points ￰65￱ a market perspective, Lighter experienced rapid growth following its mid-2025 launch, reaching $50–100 billion in trading volume in September — positioning itself as a rising ￰66￱ momentum continued into Q4, with Lighter capturing share from ￰67￱ platform now has 188,000 unique accounts and 50,000 daily active users. ￰1￱ 3.

SunPerp: In-Depth Analysis 3.1 Project Background and Strategic Positioning SunPerp ( ￰2￱ is the first native perpetual futures DEX within the TRON ecosystem, carrying the crucial strategic mission of transforming TRON from a “transfer chain” into a “trading chain.” The creation of SunPerp aims to fill a major gap in TRON’s ecosystem — the lack of a mature, native on-chain derivatives trading platform — despite TRON’s over $80 billion in circulating USDT (representing more than 50% of global supply) and millions of daily transactions. SunPerp’s vision is to become the “core derivatives infrastructure” of TRON, with an addressable target audience equivalent to 1% of TRON’s massive user base — translating to ten million potential users and a scale comparable to a mid-sized centralized exchange (CEX).

The project follows a “build first, expand later” development strategy — prioritizing security and sustainability (through non-upgradable smart contracts and an insurance fund) rather than early aggressive incentive ￰68￱ stands in sharp contrast to many earlier projects that pursued a “move fast and break things” approach. ￰3￱ Technical Architecture and Innovative Features SunPerp’s technical architecture fully leverages TRON’s high throughput and low-cost advantages, introducing an innovative zero-gas trading ￰69￱ platform adopts a hybrid structure of off-chain order execution combined with on-chain settlement, ensuring data security and privacy through zero-knowledge proofs, while avoiding the complete on-chain exposure ￰70￱ matching engine achieves sub-millisecond execution latency, supporting a deep order book ￰71￱ platform can process large orders (over US$1 million) with no slippage, and its low-latency APIs are suitable for institutional ￰72￱ order types include market, limit (FOK/GTC/IOC), post-only, trailing stop, and TWAP orders, meeting the needs of diverse trading ￰73￱ Auto-Deleveraging (ADL) system is a critical component of SunPerp’s risk management ￰74￱ extreme conditions (such as insufficient liquidation or insurance fund shortages), the system automatically reduces counterpart positions based on ranking (e.

g., by PnL or position size) to prevent full liquidation ￰75￱ independently funded insurance reserve covers shortfalls, and the on-chain ADL risk indicator enhances transparency — reducing systemic risk compared to full-liquidation models like dYdX. 3.3 Ecosystem Integration and Strategic Partnerships SunPerp’s deep integration with the TRON ecosystem underpins its distinctive competitive ￰76￱ TRON, the platform natively supports USDT-margined perpetual contracts (BTC, ETH, SOL, XRP, DOGE, TRX pairs), leveraging TRON’s US$80B USDT circulation and over one million daily transactions for liquidity ￰77￱ platform supports TRON wallets (e. g., TronLink) and utilizes Stake 2.0 to improve energy/bandwidth efficiency, transforming TRON into a derivatives infrastructure ￰78￱ $SUN token integration includes revenue buybacks and staking rewards, enhancing both utility and value ￰79￱ cross-chain expansion plans include bridging to Polygon, Aptos, and Sui, reducing single-chain ￰80￱ multi-chain strategy will significantly broaden SunPerp’s user reach and liquidity sources, complemented by upcoming MetaMask integration to further empower the ecosystem. 3.4 Market Performance and User Growth Since launching its public beta on September 9, 2025, SunPerp has demonstrated strong organic growth ￰81￱ of October 15, cumulative trading volume has reached US$1.8 billion, with over 20,000 registered users and TVL of around US$50 million.

Notably, this growth is entirely product-driven, without relying on heavy marketing or early token ￰82￱ user growth pattern shows a healthy organic ￰83￱ the beta phase (Sept 9–19), over 3,000 users joined, generating US$900M in cumulative volume and achieving net capital ￰84￱ the official launch (Sept 20), the user base quickly rose to 10,000, with over US$200M in trading ￰85￱ project’s official debut at its launch conference during TOKEN2049 Singapore (Oct 1) further accelerated growth, with 1,000+ new users added ￰86￱ flow data reflects strong ￰87￱ stands at around US$30M, with US$50M total asset deposits, and 74% of Sept 20 inflows coming from deposits (US$10.3M).

The 7-day average net inflow is US$326K, and daily depositors consistently outnumber ￰88￱ frequency of large trades (>US$10K) is steadily increasing. SunPerp’s roadmap reflects a measured expansion ￰89￱ the short term, the team commits to weekly product updates, including new asset listings (e. g., $TRADE token at $4) and feature optimizations. Q4 priorities include multi-chain expansion (ETH, BSC) and incentive launches (points, airdrops, copy trading, referral programs).

The platform now fully supports multi-chain trading (ETH, BSC, ARB) and multi-currency trading (USDC, USDD). In the medium term, the focus shifts to deep integration of the $SUN token, offering 12% APY staking and a Trade-to-Earn ￰90￱ platform aims to support 100+ markets, provide institutional-grade APIs, and allocate all revenue to $SUN token ￰91￱ multi-chain deployment strategy will further expand its user accessibility and liquidity ￰92￱ Innovation and Development Trends 4.1 Architectural Evolution: From AMM to CLOB The technical architecture of perpetual DEXs has undergone a major evolution—from Automated Market Maker (AMM) models to Central Limit Order Book (CLOB) ￰93￱ AMM models, exemplified by GMX, enabled zero-slippage trading via liquidity pools but suffered from impermanent loss and MEV (Maximal Extractable Value) ￰94￱ traders demanded greater execution precision and efficiency, fully on-chain order book models began to ￰95￱ CLOB model offers clear technical advantages, including more accurate price discovery, tighter spreads, and support for high-frequency trading.

Hyperliquid, for instance, achieves millisecond-level order execution on its Layer-1 blockchain, while Lighter utilizes zero-knowledge rollup technology on Ethereum Layer-2 to reach comparable ￰96￱ data shows that order book models now account for 70–80% of trading volume among leading perpetual DEX protocols. A hybrid approach is emerging as the next frontier, combining AMM’s liquidity benefits with CLOB’s execution ￰97￱ include Drift’s hybrid AMM-order book system on Solana and SunPerp’s off-chain matching + on-chain settlement architecture — both representing cutting-edge explorations of this model. 4.2 Layer 1 vs Layer 2 Solutions When it comes to blockchain infrastructure, perpetual DEX platforms are developing along two parallel tracks: Layer-1 and Layer-2 ￰98￱ Layer-1 solutions—led by Hyperliquid’s HyperEVM—achieve up to 200,000 TPS and sub-millisecond latency, putting them at the forefront of performance and capturing 22.8% of global market share.

Layer-2 solutions, on the other hand, strike a balance between performance and ￰99￱ such as GMX and Avantis (built on Arbitrum) leverage Ethereum’s security while significantly reducing transaction costs. Others, like Paradex on Base, are rapidly gaining traction. However, Layer-2 systems face sequencer risks and relatively higher latency compared to custom Layer-1s. Meanwhile, Solana, as a high-performance Layer-1, provides low-latency native execution for platforms like Jupiter and Drift, accounting for roughly 15% of total perpetual trading volume.

Multi-chain deployment strategies, such as Aster’s four-network integration (BNB, ETH, Solana, Arbitrum), enhance accessibility but also create liquidity fragmentation challenges. 4.3 Cross-Chain Interoperability and Liquidity Aggregation The advancement of cross-chain technologies has opened new opportunities—and challenges—for perpetual ￰100￱ aggregation is becoming a key differentiator, enabling platforms to enhance depth and execution by connecting across ￰101￱ protocols such as LayerZero and Wormhole, approximately 20% of total trading volume now involves cross-chain ￰102￱ instance, the Solana–Arbitrum bridge processed US$5B in USDC inflows into Hyperliquid in Q3, while Ethereum–Cosmos bridging brought US$1B in inflows to ￰103￱ are three primary technical models for implementing cross-chain liquidity aggregation: Native multi-chain deployment, Cross-chain bridging protocols, and Liquidity routing aggregation.

Aster’s native multi-chain deployment improves accessibility but requires maintaining independent liquidity pools on each chain. SunPerp’s cross-chain expansion plan will leverage bridging protocols to connect to Polygon, Aptos, and Sui, expanding its liquidity reach and network coverage. 4.4 Privacy Protection and MEV Defense Privacy preservation and MEV (Maximal Extractable Value) protection have become vital areas of perpetual DEX ￰104￱ integration of zero-knowledge proofs (ZKPs) allows traders to maintain strategy privacy while enjoying on-chain ￰105￱ example, Lighter’s ZK-rollup architecture and SunPerp’s zero-knowledge data transmission framework both exemplify this ￰106￱ protection mechanisms include hidden orders, performance-based routing, and ￰107￱ such as Aster (with its hidden order functionality) and Paradex (via continuous funding mechanisms) are actively experimenting with solutions to mitigate MEV.

However, fully on-chain platforms like Hyperliquid still face front-running risks from large traders due to public order visibility. 4.5 Advanced Order Types and Trading Tools Perpetual DEXs are rapidly catching up to centralized exchanges (CEXs) in terms of order type variety and trading ￰108￱ leading platforms now support market orders, limit orders, FOK/GTC/IOC, post-only modes, trailing stops, and TWAP ￰109￱ trading support has become a critical factor for institutional ￰110￱ like Pacifica (with enhanced APIs) and dYdX (offering institutional-grade API access) cater directly to professional ￰111￱ trading features—such as copy trading and strategy replication—are also emerging across multiple ￰112￱ in risk management tools include real-time risk dashboards, automatic deleveraging (ADL) systems, and multi-oracle price feeds.

SunPerp’s ADL framework and Hyperliquid’s multi-source oracle system both exemplify the advancement of decentralized risk control ￰113￱ Competitive Landscape Analysis 5.1 Competitive Landscape and Market Share In 2025, the perpetual DEX market has become fiercely competitive, with a relatively high but rapidly shifting level of market ￰114￱ to the latest data, Hyperliquid remains the market leader with a 31.6% share, though this marks a sharp decline from its Q2 peak of 72.7%. The rapid rise of emerging platforms is fundamentally reshaping the industry ￰115￱ distribution of market share highlights the rivalry between different technological approaches and business ￰116￱ ranks second with a 23.5% share, driven by its zero-knowledge rollup technology and zero-fee trading model, which have attracted a large user ￰117￱ concerns over data integrity issues, Aster still maintains roughly 12% of market ￰118￱ platforms such as dYdX, GMX, and Drift have each seen their share fall below 5%, signaling a technological generational shift within the ￰119￱ pace of change in market dynamics is ￰120￱ instance, in September, Aster surged from zero market share at the start of the year to a peak of 40%, only to drop back to 12% following regulatory ￰121￱ rapid fluctuation underscores users’ strong appetite for innovation and improved user experiences, while also exposing new platforms’ sustainability challenges. 5.2 Differentiated Competitive Strategies Each platform has adopted unique differentiation strategies to compete for market ￰122￱ focuses on technological leadership , building its own Layer-1 blockchain to achieve top-tier performance while establishing a sustainable token ￰123￱ 100% fee rebate mechanism and zero external financing model have become benchmarks for the ￰124￱ takes an ecosystem integration approach, leveraging deep ties with the Binance ecosystem to gain traffic and liquidity ￰125￱ multi-chain deployment and fast asset listing capability meet users’ demands for diversity.

However, its marketing-driven growth model raises concerns about long-term ￰126￱ platforms such as Lighter and SunPerp, on the other hand, adopt strategies of technological innovation and cost advantage. Lighter’s zero-knowledge technology and zero-fee model offer significant value to high-frequency traders, while Sun Wukong leverages multiple technological advantages to create a top-tier, seamless trading experience, opening up new market space, including: Deep Liquidity Aggregation: Seamless integration of top liquidity sources across multiple chains, supporting ultra-fast execution of large-volume assets with near-zero slippage; Ultra-Fast Trading Performance: Millisecond-level order matching and high-performance API, combined with smart on-chain routing technology, provide rapid response and smooth operations; Zero Gas Fee Architecture: A proprietary hybrid model of off-chain execution and on-chain settlement means users do not have to pay Gas fees for transactions, significantly reducing the cost of frequent trading; Multiple Intelligent Risk Controls: Innovative anti-front-running mechanisms and real-time quotes from multi-source oracles effectively mitigate unexpected risks caused by abnormal market fluctuations.” Traditional players are taking different ￰127￱ relies on its first-mover advantage and institutional-grade features to retain professional users; GMX continues to serve retail users through a simplified AMM model; and Drift seeks growth within the Solana ecosystem. 5.3 User Acquisition and Migration Patterns User acquisition has become the central battlefield of platform competition, with various incentive schemes and UX improvements constantly ￰128￱ systems and airdrop expectations are now the main drivers of user migration, as users increasingly rotate between platforms to maximize rewards (“airdrop farming”).

User migration shows clear phase characteristics : Early adopters are DeFi natives, drawn by new technologies and superior trading experiences. Mid-phase users are mainly motivated by incentives such as point farming and airdrop potential . Late-phase users prioritize platform stability and long-term ￰129￱ mobility between platforms continues to rise, with many holding positions on multiple DEXs ￰130￱ trend pushes platforms to continuously improve user experience, trading cost structures, and feature completeness. Meanwhile, user awareness of security and fund safety is also increasing. 5.4 The Technological Arms Race The technological race among perpetual DEX platforms has intensified across execution speed, cost efficiency, feature richness, and user ￰131￱ speed competition has entered the millisecond era—Hyperliquid offers sub-millisecond execution, SunPerp achieves millisecond-level matching, and Lighter delivers sub-second ￰132￱ efficiency battles are even ￰133￱ low-fee models of Lighter and SunPerp pose direct challenges to traditional fee-based structures, forcing others to revise their pricing.

Hyperliquid’s zero maker fee and GMX’s gasless trading are examples of cost ￰134￱ completeness competition focuses on order type diversity, risk management tools, and ecosystem ￰135￱ order types such as conditional, algorithmic, and social trading orders are becoming ￰136￱ management differentiation lies in auto-deleveraging (ADL), insurance funds, and multi-oracle price feeds—now key competitive advantages. 5.5 Token Economic Model Comparison Perpetual DEX platforms employ distinct token economic models reflecting their strategic orientations and value-sharing philosophies. Hyperliquid’s HYPE model is the most aggressive—returning 100% of trading fees to token holders via ￰137￱ model excels in bull markets but may face pressure during ￰138￱ traditional staking-reward models remain ￰139￱ allocates 80% of fees to ASTER stakers, dYdX distributes 50% to DYDX holders, and GMX shares revenue via its GLP ￰140￱ models provide steady yields but may lack strong price appreciation ￰141￱ tokens remain mainstream, but pure governance utility no longer satisfies ￰142￱ tokens combine fee sharing, trading discounts, governance rights, and ecosystem incentives.

Jupiter’s JUP and Drift’s DRIFT tokens embody this multi-utility design ￰143￱ mining and user incentives remain crucial but are ￰144￱ token rewards are being replaced by more sustainable point-based and long-term incentive ￰145￱ systems have become the new industry standard—seen in Lighter’s points, SunPerp’s future airdrop credits , and seasonal reward systems on other ￰146￱ advantage lies in incentivizing participation without diluting token value, offering greater flexibility in reward ￰147￱ Perpetual DEXs are evolving from “functionally viable” to “infrastructure-grade” ￰148￱ performance, risk engines, and token value feedback mechanisms are redefining competitive ￰149￱ the short term, the industry will remain in an arms race centered on features and ￰150￱ the mid term, success will hinge on liquidity depth, institutional readiness, and cross-chain ￰151￱ this framework, SunPerp’s combination of low-fee trading experience , TRON-native USDT liquidity , and synergy with HTX exchange bridging presents a rare mix of low user acquisition cost and high capital ￰152￱ setup suits Asian high-frequency users and stablecoin settlement habits, offering a feasible path from niche breakout to platform-scale ￰153￱ its roadmap delivers on multi-chain expansion , points/airdrop programs , and $SUN buyback-distribution , SunPerp’s market share and revenue elasticity could rise ￰154￱ risks include: liquidation and ADL behavior under extreme volatility, cross-chain and custody security, and liquidity coordination with centralized ￰155￱ assessment: SunPerp stands out as one of the most cost-effective and milestone-validated TRON-native derivatives projects for 2025–2026.

About HTX Research HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market ￰156￱ to providing data-driven insights and strategic foresight, HTX Research plays a pivotal role in shaping industry perspectives and supporting informed decision-making within the digital asset ￰157￱ rigorous research methodologies and cutting-edge analytics, HTX Research remains at the forefront of innovation, driving thought leadership and fostering a deeper understanding of evolving market ￰158￱ ￰159￱ with HTX Research Team: research@htx-inc.

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Dune Analytics. ￰10￱ ￰11￱ ￰12￱ ￰13￱ The post HTX Research Latest Report: From AMM to CLOB — The 2025 Perpetual DEX Boom, Competitive Reshuffle, and SunPerp’s Upward Curve first appeared on HTX Square .