The perpetual DEX landscape is evolving at lightning speed, with major ecosystems like BNB Chain driving a massive surge in on-chain activity. While valuations tell one part of the story, recent volume trends highlight where the real competition lies. Here's a look at the players shaping the #PerpDEXRace.
The table below breaks down the top protocols by their Fully Diluted Valuation (FDV), giving insight into their market stature .
What the Trends Tell Us
Beyond FDV, trading volume reveals the current momentum. The BNB Chain ecosystem has become a dominant hub for perpetuals trading, with its total daily volume even surpassing Hyperliquid's on occasion. Protocols like Aster, MYX Finance, and PancakeSwap Perps are key drivers of this growth, leveraging the ecosystem's scalability and innovative incentives to attract liquidity . This shows that while FDV indicates market cap size, liquidity and trading activity can shift quickly based on user incentives and platform performance .
The race is far from over. With major players like Binance and Tron officially backing Perp DEX development, this sector is poised for even greater growth and innovation .
Which Perp DEX are you watching most closely this season?