edgeX - Perp DEX incubated by the well-known Crypto market maker Amber Group

This generation of Perp DEX is fundamentally different from the "GMX, DYDX" generation of Perp DEX. Since it is still Perp DEX, the title will still use Perp DEX to discuss it.

This article is the final chapter of the one-month Perp DEX series, focusing on the last member of the Perp DEX F 4 (the top four on the DefiLlama data list) - edgeX , and extending the discussion to the current situation and trends of the entire Perp DEX track.

As the mainstream player landscape is basically formed, the popular narrative stage of Perp DEX may also come to an end, and it will become increasingly difficult for latecomers.

Today's DeFillama stats are as follows (2025.10.20):

The entire Perp DEX 24h volume is 41 B , and the OI is 15 B. Among them, Hyperliquid is still the dominant one, accounting for about 50% of the OI, Aster accounts for about 20% of the OI, Lighter accounts for about 10% of the OI, and edgeX accounts for about 5.5% of the OI. That is to say, F4 accounts for about 85% of the market share.

The remaining hundreds of Perp DEXs share the remaining 15%, and the head effect is very obvious.

* This discussion is based on OI ranking rather than Volume in order to eliminate water and present a comparison that is closer to the actual strength.

In addition, the OI/Volume ratio data can be derived from the OI and Volume data. The larger the value , the more real trading volume and users, and the smaller the value, the more serious the "wash volume" situation .

Among them, Hyperliquid is approximately equal to 1.5 , Aster and Lighter are approximately equal to 0.19 , and edgeX is approximately equal to 0.27 .

Hyperliquid has the largest OI/Volume ratio , indicating high user stickiness or long-term positions. Aster and Lighter have high trading volumes but low OI, indicating active short-term trading and high turnover (many instant opening and closings to increase turnover). edgeX falls in the middle, with an OI/Volume close to 0.27, indicating a relatively balanced market depth and activity, slightly better but not much, and still far behind Hyperliquiquid.

edgeX Points Trading Points Program

Similar to Lighter, edgeX Points are multi-dimensional points that are “settled weekly (as of the 20th week) and split by contribution” and are used to reward real transactions and ecosystem participation;

The current Open Season weights are: trading volume 60%, invitations/ambassadors/activities 20%, treasury and TVL 10%, liquidations 5%, and open interest (OI) 5% . Settlement occurs every Wednesday at 00:00 UTC, and distribution occurs the following week at 08:00 UTC.

Scoring dimensions include trading volume, invited user trading volume, open interest (OI), and frequency of feature usage, with adjustable weights. Five tiers of reward pools are set based on the network's weekly transaction volume, with 150,000 or 200,000 points being common; actual values are subject to change.

For example, in Week 20 of Open Season, 300,000 points were distributed to 13,668 addresses. For referrals and rebates, each referral earns 5 points, and the referrer receives 1 point (20%). Regarding witches and rules, wash trading/self-trading are not scored; the platform can remove abnormal transactions. Officials have clarified that the scoring criteria and weighting may be adjusted.

Cost-effective strategy for hair-pulling (for reference only, not investment advice, risk at your own risk)

Concentrate the volume on a single main account, upgrade VIP to lower transaction fees and reduce costs, and prioritize placing orders to obtain lower rates.

Like Lighter, avoid self-trading and ultra-short retracements; moderately extend the holding period to balance "trading volume + OI".

Participate in the eStrategy/eLP Vault appropriately to earn a 10% share of the Vault/TVL and potential returns. Capitalize on official events and the Ambassador Program to add a 20% weighting. Strictly manage leverage and liquidation risk, with liquidation points accounting for only 5%. Additionally, NFT activities are open for participation, a welcome operational innovation. Officials have clearly stated that NFTs are tied to the governance token airdrop, with a total supply of only 299. EdgeX could also take a cue from the Hyperliquid airdrop meme and give us coin flippers a little candy to stimulate the fun.

In terms of data, the current total number of points distributed is 3,471,363 (Open Season Weeks 1–20).

edgeX user distribution

In terms of user distribution, edgeX and Aster have a higher degree of overlap, mainly concentrated in Asia, especially in Chinese, Japanese and Korean regions. Although Aster has focused on European and American users, its main force is still in CN.

As shown in the web page access data in the figure below (source: similarweb), Japan, South Korea and Taiwan account for half, and there are also many VPN users from mainland China scattered around the world. Judging from the community situation, the proportion of CN is also quite large.

Vault comparison

Like HLP and LLP, eLP (edgeX Liquidity Pool) is the liquidity pool of edgeX. (See the figure below)

Currently, edgeX eLP revenue comes from passive market making profits, liquidation fees, and a portion of the platform's trading fees. In the next phase, eStrategy will introduce customizable pools managed by individual traders or institutions. In this regard, eLP lags behind HLP and LLP, which currently have a " protocol treasury" and a "user treasury."

Comparing the three, Aster's ALP is not discussed. ALP is currently only used in Simple 1001 x mode, with a bandwidth of only tens of meters.

Vault TVL ranking (October 20, 2025): HLP $628 million first, LLP $503 million second (user vaults are ignored), and eLP $147 million third . Also, during the October 11th crash, both eLP and HLP were profitable, while LLP was in the red (only paying out a few points in the end).

Fee Comparison

A comparison of the fees of the Perp DEX F4 shows their distinct characteristics. For retail investors and low-frequency trading, choose Lighter Standard (0 handling fee), for high-frequency order-taking, choose Lighter Premium, for passive market making and large-volume transactions, choose Aster or Hyperliquid, and for those sensitive to funding fee fluctuations, choose Aster and Lighter. EdgeX's fee structure doesn't appear to offer an advantage in any respect.

Finally, let’s talk about the Perp DEX track

The collapse of FTX Exchange, which misappropriated funds, several CEXs engaging in gambling with users by recruiting influencers (KOLs) to lead trades and rebate commissions to offset losses, as well as arbitrary K-line manipulation and market manipulation, have continuously eroded user trust in centralized CEXs, bringing trust in CEXs to a freezing point. Furthermore, under increasing global regulatory pressure for compliance, CEXs on the supply side are transitioning to decentralized exchanges (DEXs) and self-custodial architectures. Meanwhile, users on the demand side are slowly turning to DEXs due to trust issues, KYC (know your customer) challenges, and the fact that DEX experiences are increasingly approaching those of CEXs.

The essence of Perp DEX is to unbundle the matching, clearing, risk control, and custody functions of CEXs into a verifiable settlement/proof layer, while striving for low latency and deep integration. The core difference lies in "verifiability." CEX's order prioritization, fair matching, and clearing are black boxes and trust-based. Perp DEX, through on-chain execution and validity proofs, allows "price-time advantage" and "liquidation according to rules" to be self-proven at the cryptographic and contractual levels, reducing the scope for malicious actors. Regarding custody, CEXs face the risk of collapsing and freezing funds. Perp DEX is managed through contracts, and with priority queues and escape routes (priority tx), users holding private keys can safely exit the market in the event of a loss of coordination.

Trust less in human nature and more in mathematics. In math we trust, code is law is the core narrative of blockchain. Perp DEX represents the open, transparent and tamper-proof blockchain spirit.

The current Perp DEX landscape is gradually taking shape. Hyperliquid leads with depth and performance; Aster and Lighter are catching up with incentives and innovative features; edgeX is differentiated, focusing on mobile and robust operations, building a strong reputation in Asia. Success will depend on ease of use, ecosystem resource synergy, and sustainable incentives. In the short term, users can earn points across multiple platforms, but in the long term, the project's continued success and community engagement will be key.

In terms of narrative and competition, Perp DEX's popularity is gradually waning. The window for getting rich quick with airdrops will likely close in 2025, with the next wave of investors expected to be prediction markets (for example, YZi Labs has been looking at prediction market projects recently, and Hyperliquid's latest HIP-4 is also about prediction markets). Many in the trading community are comparing Perp DEX's trading to the then-current L2. Early gains were made in OP/ARB/STRK, followed by increased losses. The returns of HYPE, ASTER, LIGHTER, and edgeX may be declining, making latecomers more vulnerable to "reverse trading." It's not impossible for Perp DEX's trading to become the "next L2." While Hyperliquid and Aster are fiercely competing, with the "F4" head-to-head effect forming, the main focus next year may shift to prediction markets. Perp DEXs that cannot TGE before the end of this year, those with poor data at the beginning, and those without backing behind niche conflicts need to be participated in with caution. Of course, real contract users can kill two birds with one stone by transferring part of their positions from CEX to Perp DEX that has not yet TGE.

CEX owners who are developing their own Perp DEX need to speed up their progress and take advantage of the expected airdrop buffs, meme airdrops, NFT mints, points trading competitions... take advantage of the buffs... speed is more important than perfection.

For those who want to make money by trading on Perp DEX, seize the opportunity to interact with the top projects and rush into high-quality projects. The further you go, the harder it will be. Make a quick move and then quickly switch to the prediction market track... Choice is more important than effort.

Finally, I wish everyone to become rich.

(The above is just my personal opinion, not investment advice. Please point out any errors.)