For most of the past year, Hyperliquid held the top spot—but its market share has now plummeted to just 20%, with new challengers vying for dominance. This article will provide an in-depth analysis of the four major decentralized exchanges offering perpetual contracts.
JinseFinanceThe challenge is sustainability. It’s easier to soar in revenue when the story is fresh and hot, but it’s harder to maintain traction.
JinseFinanceThe Hyperliquid ecosystem demonstrates strong growth momentum and healthy development.
JinseFinanceBehind the ASTER surge: Is it real competitiveness or short-term hype?
JinseFinanceIn September 2025, former Binance CEO Changpeng Zhao publicly supported the decentralized perpetual exchange ASTER, whose token soared 400% within the week and was seen as a challenge to the leading project Hyperliquid.
JinseFinanceThe ongoing DEX war intensified when the world’s largest exchange backed a Hyperliquid competitor.
JinseFinanceThis generation of Perp DEX is fundamentally different from the "GMX, DYDX" generation of Perp DEX. Since it's still essentially Perp DEX, the title will still refer to Perp DEX. Starting as "Perp DEX," it quickly rose to prominence.
JinseFinanceWhat are the highlights of Aster and SunPerp? Why did Binance and Tron launch two competing products so quickly?
JinseFinance
Coinlive A deeper dive was done into various aspects of Aptos through interviews with relevant guests from Ouyi and Moledao.
Tristan