# Perp Summer — Full Content > A trader's curated card file of perpetuals DEXes — honest takes, live metrics, and referral links. The summer issue of a trader's zine. Site: https://perpsummer.com ## DEXes ### Lighter - Tier: S - Chain: zkLighter - Status: live - Rating: 5 / 5 - Trade: https://app.lighter.xyz/?referral=PERPSUMMER - Docs: https://docs.lighter.xyz **Verdict:** Verifiable matching at CEX speed. The one I watch when I want both depth and integrity. **Notes:** Lighter runs a zk-proven orderbook — every match and liquidation is verifiable onchain, but execution feels like a centralized book. No token yet, points are live, and the farming window is wide open on a fresh chain. I trade here when I want real size without trusting a black box. **Pros:** - Zk-verifiable matching and liquidations - CEX-grade execution speed - No token — points active, farming window open **Cons:** - Single chain (zkLighter) - Still building out long-tail markets --- ### Variational - Tier: S - Chain: Off Chain - Status: live - Rating: 5 / 5 - Trade: https://omni.variational.io - Docs: https://docs.variational.io **Verdict:** P2P derivatives infra with $6B parked. Where size goes when it wants flexibility, not a template. **Notes:** Variational isn't another orderbook clone — it's infrastructure for peer-to-peer trading, clearing, and settlement of perpetuals and generalized derivatives. The OI numbers speak for themselves. No token, strong narrative, and the kind of novel architecture that tends to reward early participants. **Pros:** - Novel P2P clearing and settlement - $6B+ open interest — real size lives here - Generalized derivatives beyond standard perps **Cons:** - Off-chain — trust model differs from fully onchain venues - Complexity barrier for newcomers --- ### Extended - Tier: A - Chain: Starknet - Status: live - Rating: 4 / 5 - Trade: https://app.extended.exchange/join/CITADEL - Docs: https://docs.extended.exchange **Verdict:** Cross-asset collateral and unified margin. The broad product play — perps, spot, and lending in one. **Notes:** Built by ex-Revolut team, Extended is going for the full-stack venue: cross-asset collateral, unified margin, perps, spot, and lending under one roof. Volume is real, no token yet, and the multi-chain approach (Ethereum + Starknet) gives it reach. A solid trade-and-farm pick with credible operators. **Pros:** - Unified margin across perps, spot, and lending - Multi-chain (Ethereum + Starknet) - Ex-Revolut founding team **Cons:** - Broad scope vs. focused perp venues - Starknet adds UX friction for some users --- ### RISEx - Tier: B - Chain: RISE - Status: live - Rating: 3 / 5 - Trade: https://www.rise.trade/en - Docs: https://docs.rise.trade **Verdict:** Fully onchain perps on RISE chain. Pure farming speculation with real volume behind it. **Notes:** RISEx is a fully onchain perpetuals exchange on RISE — a very new L2. The 30-day volume ($1B+) shows real traction for such a young chain, and the fully onchain design is a genuine differentiator. This is the speculative pick: thin liquidity for real size today, but the farming upside on a fresh chain is the thesis. Get in early, accumulate, wait. **Pros:** - Fully onchain — no off-chain sequencer trust - Early on RISE chain — maximum farming upside - $1B+ 30d volume shows real traction **Cons:** - Thin liquidity for large positions - Very new chain, unproven long-term --- ### Hyperliquid - Tier: S - Chain: Hyperliquid L1 - Status: live - Rating: 5 / 5 - Trade: https://app.hyperliquid.xyz/join/KATE1991 - Docs: https://hyperliquid.gitbook.io/hyperliquid-docs **Verdict:** The fully onchain CLOB benchmark. Depth, speed, and scale that set the standard for perp DEXes. **Notes:** Hyperliquid runs a purpose-built L1 with HyperCore powering fully onchain perps + spot CLOBs at 200k+ orders/sec and deterministic finality. 300+ markets across crypto, commodities, and indices. HYPE token live with daily fee buybacks accruing real value. Dominant lifetime volume ($4T+), OI, and revenue. The venue serious traders choose when they want CEX-like execution with onchain transparency and self-custody. Post-airdrop but still the liquidity king. **Pros:** - Deepest liquidity and tightest execution for real size - Fully onchain matching/settlement with CEX-rivaling performance - Broadest markets + relentless innovation (new assets, microstructures) - Strong token value accrual via transparent daily buybacks **Cons:** - Dedicated L1 requires bridging; less general composability than multi-purpose chains - Post-TGE incentive environment has normalized for some farmers - Social chatter occasionally notes UI/UX polish gaps vs top CEXs --- ### TradeXYZ - Tier: A - Chain: Hyperliquid L1 - Status: live - Rating: 4 / 5 - Trade: https://app.trade.xyz - Docs: https://docs.trade.xyz/ **Verdict:** Specialized frontend for XYZ/HIP-3 markets on Hyperliquid. Equities, indices, and commodities perps powered by HL depth. **Notes:** Trade[XYZ] is the interface for XYZ protocol markets (equities, ETFs, commodities perps) defined via HIP-3 permissionless market creation on Hyperliquid, plus broader HL markets. Leverages HL's onchain CLOB liquidity, speed, and settlement. TradingView integration. The extension of Hyperliquid for TradFi-style and non-crypto perps without leaving the HL ecosystem. **Pros:** - Access to diverse asset perps (stocks, indices, commodities) on proven HL infra - Pro tools via TradingView + full HL liquidity/depth/speed - Benefits from HL's onchain transparency and performance - Permissionless market creation potential via HIP-3 **Cons:** - Not an independent DEX — fully tied to Hyperliquid stack - Specific XYZ markets can have thinner liquidity than core crypto perps - Interface/frontend play rather than standalone venue --- ### Aster - Tier: A - Chain: Off Chain - Status: live - Rating: 4 / 5 - Trade: https://www.asterdex.com - Docs: https://docs.asterdex.com/ **Verdict:** Privacy by design on a high-speed custom chain. Fastest listings + position protection for size traders. **Notes:** Aster runs on its own Aster Chain L1 (100k+ TPS, ~50ms latency) with default end-to-end encryption of orders and positions — no front-running or hunting. Multiple modes: full orderbook perps, Shield Mode (private AMM-style, higher leverage), and 1001x onchain MEV-resistant. Low fees, deep liquidity, and quickest new market listings in the space. ASTER token live with active trade & earn, VIP, referrals, and campaigns. Strong revenue even in tough markets. The privacy + speed challenger. **Pros:** - Default privacy eliminates position sniping and front-running - Blazing custom chain + fastest listings of hot tokens/markets - Flexible modes (orderbook, Shield private AMM, 1001x onchain) - Active incentives + proven revenue generation **Cons:** - Newer custom L1 — bridging and security perception vs more battle-tested venues - Multiple modes can overwhelm beginners - Mixed X chatter on delivery timeline vs early privacy-chain hype --- ### StandX - Tier: A - Chain: StandX - Status: live - Rating: 4 / 5 - Trade: https://standx.com/referral?code=citadel - Docs: https://docs.standx.com/ **Verdict:** Yield-bearing collateral meets perps. Trade without idle capital — the capital-efficiency thesis. **Notes:** StandX is a perps DEX on BNB Chain + Solana centered on DUSD, a yield-bearing stable used as unified margin. Delta-neutral strategies (funding capture, spot-perp hedges) generate real yield that accrues automatically even while your capital is actively trading — no staking, no lockups. High capital efficiency (~80% OI/TVL in snapshots). Points/tiers system (SEED/SPROUT/FLOWER). Expanding to commodities, FX, and RWAs. Ex-industry team laser-focused on productive collateral. **Pros:** - Collateral earns real yield while actively used as trading margin - Seamless trading + farming in one flow (no separate actions or locks) - Strong capital efficiency and delta-neutral yield engine - Multi-chain + ongoing points/participation tiers **Cons:** - Yield varies with funding rates and volatility (not fixed high APY) - Current scale smaller than top-tier venues - DUSD peg/strategy risks in extreme scenarios (well-mitigated by design) --- ### Pacifica - Tier: A - Chain: Solana - Status: live - Rating: 4 / 5 - Trade: https://app.pacifica.fi - Docs: https://docs.pacifica.fi/pacifica/readme **Verdict:** Hybrid CEX+DEX perps on Solana with active points farming. Speed and liquidity for Solana degens + RWAs. **Notes:** Pacifica is a next-gen hybrid perpetuals exchange on Solana blending deep liquidity and advanced order types/APIs with DEX self-custody. Perps, spot, and RWAs. Points program with weekly merit-based distributions (real activity, quests, referrals) — anti-sybil and snapshots every Thursday. Ex-FTX/Huobi team, self-funded, fast Solana traction. The hybrid play for traders wanting CEX-like experience without full custody trade-offs. Farming window still relevant. **Pros:** - Hybrid model delivers CEX-grade speed/liquidity + onchain custody - Active points farming with weekly rewards and referral boosts - Strong Solana integration, advanced order types, and APIs - Solid early traction and relatively underfarmed vs some peers **Cons:** - Hybrid architecture includes some off-chain elements vs pure onchain purists - Competitive points program tied to consistent activity - Social notes it as strong but no longer the absolute earliest window --- ### Nado - Tier: B - Chain: Ink - Status: live - Rating: 3 / 5 - Trade: https://app.nado.xyz?join=6um89ap - Docs: https://docs.nado.xyz **Verdict:** CLOB on Ink. Lower volume today, but the farming window is the widest on this list. **Notes:** Nado is a vertically-integrated DEX for spot and perps on Ink — Coinbase's fresh L2. The off-chain sequencer with on-chain settlement delivers a CLOB that feels fast. Volume is smaller than the S-tiers, but that's the point: early on a new chain means the airdrop multiplier hasn't compressed yet. Farm now, trade as it grows. **Pros:** - Early on Ink (Coinbase L2) — wide farming window - Off-chain sequencer, on-chain settlement - Vertically integrated: spot + perps **Cons:** - Lower volume and OI than top-tier venues - Single chain (Ink) --- ### TxFlow - Tier: B - Chain: TxFlow - Status: live - Rating: 3 / 5 - Trade: https://app.txflow.com - Docs: https://docs.txflow.com/ **Verdict:** High-TPS L1 with shared TIP liquidity standards. Foundational infra for perps and composable apps, points incoming. **Notes:** TxFlow is an open L1 (claimed 250k TPS) built around TIP Liquidity Standards — shared on-chain liquidity, settlement, and markets across channels and apps. Integrated perp trading app. Currently invite-only access with points system planned/introduced soon. The infrastructure bet on shared liquidity layers for perps + broader DeFi. Early speculative play on novel L1 design. **Pros:** - Novel shared on-chain liquidity model across ecosystem apps - Extremely high throughput L1 purpose-built for trading/DeFi - Early access positioning + upcoming points farming - Multi-app composability potential **Cons:** - Invite-only app currently limits broad accessibility - Very early stage — unproven adoption and liquidity depth for perps - Perps as part of broader L1 rather than hyper-optimized standalone venue --- ### Vest - Tier: B - Chain: zkSync Era - Status: live - Rating: 3 / 5 - Trade: https://trade.vestmarkets.com/join/DJANG - Docs: https://vest-labs.gitbook.io/vest-markets/ **Verdict:** 24/7 zero-fee perps across equities, crypto, and FX. Instant settlement and high leverage for modern markets. **Notes:** Vest offers 24/7 zero-fee perpetual trading on equities, crypto, and FX with up to 50x leverage and instant settlement. Capital-efficient liquidity design and fair pricing focus. Built for always-on global trading without traditional market-hour constraints. The zero-fee, broad-asset, high-leverage perp venue. **Pros:** - Zero fees + true 24/7 trading across multiple asset classes - High leverage (up to 50x) and instant settlement - Broad coverage (equities + crypto + FX) in one venue - Capital-efficient liquidity and fair pricing for traders/LPs **Cons:** - May incorporate prop-trading or funded-account elements vs pure margin DEX - Newer/less battle-tested in pure onchain perp circles - Potential jurisdiction or verification nuances (verify non-KYC claims) --- ### Ondo - Tier: B - Chain: Off Chain - Status: live - Rating: 3 / 5 - Trade: https://app.ondoperps.xyz/?ref=CMY7HV - Docs: https://docs.ondoperps.xyz/ **Verdict:** Institutional-grade 24/7 perps on US stocks & ETFs. TradFi exposure with onchain leverage and custody. **Notes:** OndoPerps (from Ondo Finance) brings 24/7 perpetual futures on leading US stocks and ETFs with up to 20x leverage. Institutional focus, onchain infrastructure for real-world asset exposure via perps. Part of the broader Ondo tokenized finance stack. The compliant-feeling onramp for equity perps without traditional market hours or full CEX custody. **Pros:** - True 24/7 access to US equities/ETFs perps (no market close) - Institutional-grade from established Ondo team - Onchain self-custody with DeFi composability upside - Regulated-adjacent feel with crypto-native leverage **Cons:** - Focused on stocks/ETFs rather than broad crypto perps - Leverage capped (~20x) vs higher limits on pure crypto venues - Availability/jurisdiction restrictions (e.g., not for US persons in some contexts) --- ### Paradex - Tier: B - Chain: Ethereum - Status: live - Rating: 3 / 5 - Trade: https://app.paradex.trade - Docs: https://docs.paradex.trade/ **Verdict:** ZK-encrypted zero-fee perps with full position privacy. The cost + privacy edge on fast L2. **Notes:** Paradex delivers zero-fee perps and options with ZK encryption for orders and positions — complete privacy from the book, other traders, and liquidations. Unified account across perps, spot, and options. Built on fast L2 infrastructure. Paradigm-incubated, no VC round, strong community allocation at TGE. XP/points farming matured but utility remains. The venue for traders who refuse to be front-run or pay fees. **Pros:** - Zero fees + full ZK privacy for orders and positions - Strong backing (Paradigm) and generous community token allocation - Unified account for perps + options + spot - Consistently ranked high in trader airdrop/utility tier lists **Cons:** - Early XP farming window has largely closed (per early-2026 chatter) - L2-specific bridging/UX considerations - Some social views it as slightly late or overfarmed relative to fresher plays --- ### Perpl - Tier: B - Chain: Monad - Status: live - Rating: 3 / 5 - Trade: https://app.perpl.xyz/trade?ref=G6yHDG2Cvrx - Docs: https://docs.perpl.xyz/ **Verdict:** Fully onchain CLOB perps on Monad. Fresh-chain farming upside with Dragonfly backing. **Notes:** Perpl is a CLOB-based fully onchain perpetuals DEX building on the Monad blockchain. Raised $9.25M from Dragonfly. Focus on best execution, TradingView-powered charts, and permissionless onchain trading. Early on a high-performance new L1 — maximum speculative/farming upside while liquidity builds. The onchain perps bet on Monad's speed and adoption. **Pros:** - Fully onchain CLOB — no off-chain sequencer trust - Strong VC backing (Dragonfly) and building on promising Monad L1 - Early-stage positioning for points/farming if/when live - Pro-grade TradingView integration **Cons:** - New chain/venue — thinner liquidity than established leaders - Monad timing and adoption risks remain - Limited current volume/OI vs top-tier venues --- ### Reya - Tier: B - Chain: Reya Network - Status: live - Rating: 3 / 5 - Trade: https://app.reya.xyz/trade?referredBy=syl6yjj8 - Docs: https://docs.reya.xyz/ **Verdict:** Ultra-fast based-rollup perps on Ethereum rails. Zero gas/MEV + yield-bearing collateral with active points. **Notes:** Reya is positioning as Ethereum's trading layer — currently high-speed perps on Arbitrum Orbit, evolving toward the first based rollup enshrined in Ethereum L1. Sub-millisecond execution, zero gas/MEV in design, yield-bearing collateral (srUSD + wstETH). Reya Chain Points (RCP) for trading, srUSD staking, and contributions — significant community token allocation. Perps + spot + staking + RWAs roadmap. Fast, fair, and Ethereum-aligned. **Pros:** - Blazing speed with zero trust assumptions (based rollup direction) - Yield on collateral + active points farming toward token allocation - Strong Ethereum modular alignment and long-term decentralization path - Expanding full trading venue (perps + more) **Cons:** - Architecture still evolving (Orbit → based rollup) — some transition uncertainty - Points/yield require active trading or staking participation - Smaller current scale vs HL/Aster leaders --- ### 01/N1 - Tier: B - Chain: Solana - Status: live - Rating: 3 / 5 - Trade: https://app.n1.xyz/r/opal-bloom-crest - Docs: https://docs.n1.xyz/ **Verdict:** Now part of N1 — consolidated perp venue on N1 infrastructure. Points and trading live on app.n1.xyz. **Notes:** 01 Exchange (Solana/N1-based perp DEX with $3B+ historical volume and 25k+ traders) has been acquired by N1. All trading, positions, points, and rewards migrated seamlessly to app.n1.xyz — no user action or asset migration required. Funds unaffected. The original product and team are now integrated into N1's broader stack. Early farmers' points continue in the larger ecosystem. **Pros:** - Seamless migration — no disruption to positions or funds - Continued development under N1 infra and resources - Proven historical volume ($3B+) and trader base - Points/rewards preserved and folded into larger N1 ecosystem **Cons:** - Lost standalone identity; now part of bigger N1 play - Original independent farming window has closed/transformed - Users must operate within N1 app/stack going forward --- ### Derive - Tier: B - Chain: Derive Chain - Status: live - Rating: 3 / 5 - Trade: https://app.derive.xyz - Docs: https://docs.derive.xyz/docs/about-derive **Verdict:** Institutional-grade Rust orderbook with portfolio margining and self-custody on Ethereum. First to offer serious options trading in crypto. **Notes:** Derive runs a high-performance Rust orderbook with offchain matching and WebSocket streaming on an Ethereum optimistic rollup. Portfolio margining, cross-asset collateral, and block RFQ deliver capital efficiency for perps, options, and large trades. DRV token is live with staking rewards, fee discounts, and ongoing trading incentives (points airdrop closed). **Pros:** - Blazing fast orderbook + low-latency WebSocket (genuine CEX-grade feel) - Portfolio/cross-margining + cross-asset collateral for maximum capital efficiency - Block RFQ and pro tooling built for size and complex strategies - Self-custody on Ethereum with optimistic rollup security and audits - DRV token live: staking rewards, fee discounts, and trading/liquidity emissions **Cons:** - Single ecosystem (Ethereum optimistic rollup) - Optimistic (not zk) — relies on fraud proofs and challenge windows - Heavier on options and institutional features — less “pure perp degen” than some peers - Token already launched; the massive early points multiplier window is closed --- ### Blink - Chain: Blink Chain - Status: watchlist - Trade: https://blink.trade - Site: https://blink.trade **Verdict:** Microsecond execution over equalized fiber with fully verifiable sequencing and blockchain-native settlement. First co-location solution in crypto. **Notes:** Blink builds from physical infrastructure: colocated equalized low-latency fiber ensures fair access with ~200μs execution for spot and perps. Sequencing, market data, and settlement are independently verifiable with blockchain-native finality. Pre-launch with regulatory focus — early access likely offers strong farming potential. **Pros:** - Physical colocation + equalized fiber for true fair access and microsecond speeds - Verifiable sequencing, market data, and settlement (independently checkable, no black box) - Blockchain-native settlement for both perps and spot - Designed explicitly for the next era of regulated, high-performance trading - Early stage = wide-open farming window likely on launch **Cons:** - Physical infrastructure model (colo/fiber access has real-world geographic and setup considerations) - Still pre-launch / coming soon — full trading and details pending - Limited public info so far on exact tokenomics, points program, or supported chains - Likely starts more professional/regulated-flow oriented --- ### Superluminal - Chain: TBA - Status: watchlist - Trade: https://slx.fi - Site: https://slx.fi **Verdict:** Finally fixing the part where the fastest order always wins unfairly. The next evolution in high-speed, fair onchain perp execution. **Notes:** Superluminal challenges “fastest order wins” dynamics with a fairer high-performance matching engine for onchain perps (waitlist-only, evolving from Ambient). Strong positioning in the Hyperliquid-era perp space. Early access via waitlist suggests solid points/farming upside once live. **Pros:** - Direct attack on unfair “fastest order wins” dynamics in high-speed trading - High-performance “Superluminal” positioning squarely in the onchain perp conversation - Waitlist open — prime early access and likely points/farming upside - Builds on proven demand for serious, non-custodial perp trading venues - Potential for genuinely novel verifiable or fair-matching mechanics **Cons:** - Pre-launch / waitlist gated — not live for public trading yet - Very limited public technical details (matching engine specifics, chains, settlement model, zk or not) - Unknown timeline, token status, or full feature roadmap - Typical early-stage project risk (delays, pivots, execution risk) --- ### TrueNorth - Chain: TBA - Status: watchlist - Trade: https://truenorth.xyz - Site: https://truenorth.xyz **Verdict:** AI agents running professional trading desks with self-custody rails. The agentic layer for automated, intelligent perp execution. **Notes:** TrueNorth is the world’s first agentic brokerage, enabling AI-powered agents for professional perp and derivatives trading with self-custody focus. More meta-layer than traditional DEX orderbook. Early stage with potential incentives as AI-onchain execution develops. **Pros:** - Agentic/AI automation for always-on, intelligent perp and derivatives strategies - Professional trading desk focus and infrastructure - Early-stage positioning — potential points or incentive programs ahead - Bridges AI agents with self-custodial/onchain trading rails - Could become a powerful meta-layer on top of existing perp DEX liquidity **Cons:** - Not a core perp DEX with its own orderbook or matching engine (more brokerage/agent layer) - Very limited public information on tech stack, verifiability, chains, or exact markets - Agent/AI model and smart contract risks (errors, exploits, strategy drift) - Timeline to meaningful perp features and live status still unclear --- ### Arcus - Chain: Robinhood Chain - Status: watchlist - Trade: https://arcus.xyz - Site: https://arcus.xyz **Verdict:** dYdX team's next chapter: cross-margined perps on real-world assets with zero-fee stock tokens on Robinhood Chain. **Notes:** Arcus is a self-custodial DEX built by the dYdX team on Robinhood Chain, combining spot Stock Tokens (zero fees, 24/7) with cross-margined perpetuals across equities, crypto, commodities, and indices (up to 50x). Spot is live in beta; perps are waitlisted by prior trading volume and referrals. Unified margin and high-throughput chain deliver strong capital efficiency and real-world asset exposure. **Pros:** - dYdX team pedigree with proven orderbook/perp expertise - Unified cross-margin across stocks, crypto, commodities, and indices - Zero-fee spot Stock Tokens + 24/7 global markets - High-throughput Robinhood Chain purpose-built for these volumes - Waitlist for perps based on history/referrals — strong early farming potential **Cons:** - Perps still gated/waitlisted (spot open, full rollout phased) - Newer chain (Robinhood Chain) — adoption and liquidity still building - Heavy real-world asset focus may add regulatory/complexity considerations - Token or points program details not yet prominent publicly --- ## Links - Live site: https://perpsummer.com - Deck: https://perpsummer.com/#deck - About: https://perpsummer.com/#about