Last issue we talked about the shift already underway.
Onchain perpetuals are no longer a fringe product. They’re becoming the product.
CEX dominance is fading.
Perp DEXs now command over 17% of crypto futures volume, and it’s not just hype. It’s speed, execution, and self-custody finally catching up to centralized performance.
So this week, we go deeper:
We’re going to explore which platforms are actually worth your time, when it comes to execution, self-custody, and PnL. And where, in our view, the greatest opportunity lies right now in the perpetual DEX space.
Over the past week, I’ve broken down the landscape of the most influential perpetual trading platforms currently live, comparing their key features, fees, leverage, custody models, execution styles, and more. What to know about each, how they stack up, and which platform might actually suit your style.
Here’s what you need to know first.
🔍 The Reality Check Most Traders Skip
Here's what I've learned after months of actually using these platforms with real money:
The fastest DEX isn't always the most profitable one. Hyperliquid has incredible execution, but their HLP vault yields 6% while newer platforms are offering 30-80% APR with active points programs.
“Decentralized” means different things. Some platforms let you verify every fill on-chain. Others abstract everything for speed but you're trusting their infrastructure. Both work – if you know what you're getting.
The fee structure tells you who the platform serves. Zero maker fees? They want volume. High taker fees? They're prioritizing LPs. Gasless trading? They're subsidizing your activity for a reason.
Points programs aren't all created equal. Some are just engagement theater. Others are backed by serious teams with real funding, positioning for major airdrops while everyone's still focused on the market leaders.
The platforms below represent the ones actually worth your attention – whether you're trading size, farming yield, or positioning for the next rotation. Each has real volume, real features, and real upside potential.
⚔️ The Perp DEXs That Actually Deserve Attention
Hyperliquid remains the speed king with over $8B daily volume and the smoothest UX in crypto. Built on its own L1 with full on-chain transparency, but you're still trusting their sequencer for execution. The HLP vault offers ~6% APR, and HYPE staking provides fee discounts up to 40%.
GMX is the battle-tested OG operating fully on-chain across Arbitrum, Avalanche, and now Solana. No major exploits despite processing over $100B volume. Multiple token models (GMX, GLP, GM, GLV) with transparent fee-sharing, but limited to high-quality pairs only.
ApeX Protocol offers true cross-chain perpetuals across Base, Arbitrum, Ethereum, BNB Chain, and Mantle. Deep Bybit liquidity integration, insurance vaults yielding up to 30% APR, and an active social points program. No exploits since 2022 launch.
You can read the full breakdown of all 8 here:
👉 Best Decentralized Perpetuals Platforms (2025)
💥 Where the Real Edge Is Right Now
Hyperliquid is still the best platform to trade on. No question.
But if you’re optimizing for ROI, not just execution – you’re looking in the wrong place.
Yes, Hyperliquid has its token ($HYPE), and yes, it now powers its own growing ecosystem with airdrop potential elsewhere. But the protocol itself?
No points campaign. No active rewards. And everyone’s already there.
The best DEX to trade on isn’t the best one to farm.
The real edge right now is farming the platforms trying to become the next Hyperliquid – while they’re still being ignored.
Right now, several perp DEXs are quietly offering:
- Gasless or zero-fee trading with Hyperliquid-level UX
- Vaults with real APR, often outperforming Hyperliquid’s HLP vault itself
- Points programs that reward trading, LPing, referrals, and more
- All with far fewer users than Hyperliquid – meaning potentially greater upside per action
This is early-stage rotation.
While Twitter’s still all focusing on Hyperliquid, the next meta is already underway, but it hasn’t been priced in.
Here’s how I’m filtering:
- ✅ Has to be live (no testnets, no “soon”)
- ✅ Needs vaults or actual usage incentives (not just a leaderboard)
- ✅ Has to feel like it trades – speed, fills, and UI need to work under pressure
A few platforms pass that test:
Lighter
With over $184M in TVL, Lighter is the closest thing live to Hyperliquid in terms of experience, gasless trading, frictionless UI, and near-instant execution. The LLP vault is yielding 62.2% APR, but there’s a twist: your deposit cap is based on your points, and points are earned strictly through trading. No shortcuts, no referrals, just activity. It’s one of the few setups that actually forces usage over passivity. If you want full exposure to the vault, you have to trade.
Ostium
Ostium isn’t trying to be the next Hyperliquid. It’s going after a different market entirely. Here, you can trade synthetic perps on forex, gold, indices, and oil, not just crypto. The points program rewards both traders and LPs, and the OLP vault is currently yielding up to 30% APR. Unlike Lighter, the vault isn’t gated or capped, making it far more accessible. For anyone looking beyond the usual crypto-only airdrop grind, Ostium is one of the few perp platforms doing something structurally different.
EdgeX
Backed by names like Bybit and Binance, EdgeX is one of the more CEX-like trading experiences in the space, clean interface, fast execution, and a surprisingly deep feature set. Their points program is live and rewards based on a mix of trading volume, referral trading, open interest, and how often you use advanced features. The eStrategy eLP vault is currently yielding a massive 114.25% APR, but access is whitelist-only with strict per-user caps. It’s not wide open like other farms, which could make it one of the more lucrative plays if you get in early.
Extended Exchange
Built by former Revolut team members, Extended feels like a lighter version of Hyperliquid. Smooth UI, responsive markets, and zero-friction onboarding. The points campaign is live and rewards not just trading, but inviting users and providing liquidity to the Extended Vault, which currently yields 21.46% APR. The vault is capped at $8 million in TVL, meaning APR concentration is still high and entry is limited. Another polished product flying under the radar.
Aster
Formerly known as Astherus, Aster is the result of a merger between the Astherus yield protocol and APX, previously the top perp DEX on BNB Chain. It’s a clean, responsive platform built for active traders, with points campaign already running. Points are earned through trading volume, and you can also boost your position by inviting others and forming a team, which affects your rank. There are no vaults live yet, but it’s a solid pick if you’re already trading and want points upside without friction.
Paradex
Paradex is a StarkEx-based perp DEX with a live XP campaign and a more structured feel than most. You earn points through both trading volume and providing liquidity to their Gigavault, which is currently yielding 17% APR. It’s one of the cleaner products in this space, backed by strong infra and running on Base. If they follow through with a well-structured airdrop, early volume and vault participation could pay off.
🧠 What Actually Matters Right Now
If you’re trading size, Hyperliquid is still the best experience.
But if you want to stack on the side, sit back, and let capital work, you’re better off putting it into vaults outside of Hyperliquid while catching the upside.
Platforms like Lighter, Ostium, and EdgeX are live, yielding, and already rewarding real usage, not just trading, but LPing, building, referring. Some of them feel nearly as smooth to use, but with a fraction of the crowd and actual points that likely lead to serious airdrops, just like $HYPE did.
This isn’t about picking the winner.
It’s about catching the rotation before everyone else.
💡 My View
We’re not farming vapor anymore. These platforms are live.
Vaults are yielding. Points campaigns are running. Right now.
I’ve been allocating across several of them. I don’t have time to trade on every platform, but I can park capital in the right vaults, earn real APR, and position for points and future airdrops while others are still watching Hyperliquid charts.
The rotation out of Hyperliquid isn’t loud, but it’s already happening.
The edge is real, but it won’t last.
Most won’t notice until the vaults are capped, the airdrops are done, and the yields are gone.
If you missed early Hyperliquid, this is one of those windows.
Make your move, or watch someone else farm it.
Until then,
Stay sharp. Stay onchain.
– Seb