Perp DEX trading volume soared from $680 billion in 2023 to $2 trillion in 2024. This marked a 185% rise, outpacing spot DEXes by $300 billion.

PDLPs (Perp DEX Liquidity Pools)—like @DriftProtocol’s USDC Insurance Fund Vault—delivered up to 4% returns in Q1 2025 and had favorable sharpe ratios, crushing traditional savings.

As institutional players creep in and stablecoin adoption grows, the race to be the most attractive protocol to park stables is heating up.

This is exciting, tbh. Before we get into the details of the top PDLPs for parking stablecoins, let's first break down this acronym.