A MarsBit article titled Perp DEX: The War of the Next Generation of Exchanges argues that perpetual contract decentralized exchanges are moving into a new competitive phase. The focus is no longer limited to proving that functions work or that products can operate. According to the article, Perp DEX platforms are entering a behavioral retention phase, where the central contest is whether they can keep high-frequency, high-risk-appetite traders’ capital and trading activity inside the platform.
Different entry points for new Perp DEX models
The article compares Hyperliquid, Aster and Lighter as three differentiated approaches in the next-generation exchange race. Hyperliquid is described as building around position mindset, linking platform recognition to traders’ positions and operating habits. Aster is positioned around privacy protection, using protection of trading information as its distinguishing direction. Lighter, by contrast, takes verifiable trust as its entry point, using verifiable mechanisms to address user trust in the trading environment.
Old models and compliance forces compete in the same market
The article also identifies dYdX and GMX as representatives of the earlier Perp DEX paradigm, describing them as part of the old model. Coinbase’s entry is presented as another main line in the same contest: it brings off-chain compliance power into the derivatives market, competing alongside on-chain native trading platforms for market leadership. In this framing, the Perp DEX battle is not just a comparison of feature lists, but a fight over capital retention, closed trading behavior loops and control of the derivatives market.