2025’s Perp DEX Wars: New Money, New Tech, No off-Switch
September 26, 2025
Perpetual futures have become crypto’s main event, and the perp DEX wars—led by Hyperliquid, Aster, GMX, DYdX, ApeX, Drift, Jupiter, EdgeX, and Sunperp—are where the action won’t quit.
From Order Books to Onchain: Inside 2025’s Perp DEX Dogfight
Perpetuals are without an expiry; funding payments between longs and shorts keep contract prices tethered to spot, a design popularized in…