2026-01-10 03:24:29

Perpetual Contract DEXs have become the hot trend this year. Upon closer inspection, almost every mainstream public chain is actively promoting its own Perp DEX ecosystem project——

Ethereum ecosystem has $LIGHT, on BSC it's $ASTER, and on Arbitrum, the focus is on supporting Hyperliquid. When it comes to Solana, it's $JUP that takes the spotlight.

These projects are backed by major players and essentially represent each public chain's strategic layout in the derivatives track. Considering trading depth, user base, and ecosystem synergy, this round of competition will be quite intense.

The question now is: which of these Perp DEXs will ultimately break through? Or, which public chain's perpetual contract ecosystem has the most potential? Some have already quietly positioned themselves—what about you?

ETH-0,34%

LIGHT0,8%

ASTER0,05%

HYPE2,85%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

17 Likes

Reward
17
8
Repost
Share

Comment

0/400

MetaverseHomeless

· 01-13 02:33

Everyone is promoting Perp, but whether it can really be used depends on liquidity depth. Hyperliquid indeed has some advantages. How come JUP is back in the Solana ecosystem? The pace is a bit fast. Ambush? I've already jumped in. It all depends on who can hold out until the end. This round of competition still feels like the main public chains are playing by themselves, retail investors are just waiting to be cut. I've never heard of LIGHT and ASTER... Arb is still relatively stable. It's not about ambush; the key is who dares to invest real money to boost liquidity.

View OriginalReply0

UnluckyValidator

· 01-11 20:24

I've already fully committed to Hyperliquid, the ecosystem synergy on Arbitrum is the most effective. Solana's $JUP is indeed powerful, but I still think it's not as stable as Arb. Each chain is competing, honestly I can't say who will win. $LIGHT and $ASTER are also watching, just afraid of chasing the high. It feels like this year is the time for Perp to make a comeback. In this market, not deploying perpetual contracts with leverage is just too weak. Hyperliquid currently offers the best user experience, while others are still catching up. I'm betting that the Arbitrum ecosystem can withstand it; anyway, I've already jumped in.

View OriginalReply0

BetterLuckyThanSmart

· 01-10 12:05

I say this with a clear conscience, the growth rate of JUP on Solana is truly outrageous, I should have gone all in a long time ago.

View OriginalReply0

PoolJumper

· 01-10 03:54

Solana's JUP indeed has some substance, with speed and cost advantages clearly evident.

View OriginalReply0

OnChain_Detective

· 01-10 03:53

ngl, pattern analysis screams concentration risk here... every chain pushing their own perp dex simultaneously? statistical anomaly detected tbh. lemme dig deeper on these token flows before anyone starts bagholding.

Reply0

GasFeeCrier

· 01-10 03:52

Having suffered several rounds of perpetual contract losses, I now see all of this as just clouds of dust. Who wins and who loses is still uncertain. I've always been optimistic about the Solana ecosystem. JUP's liquidity is indeed deep, but Hyperliquid's approach on Arbitrum is also quite aggressive. It feels like this round won't be so easy to determine a winner. I couldn't lay an ambush early on; now it's all about countering each move and following the trend. I never paid attention to LIGHT; is anyone playing with it? Watching various public chains compete fiercely, I guess the real winners are probably the exchanges, haha. In the perpetual contract ecosystem, liquidity is the key to success, regardless of the coin. But to be honest, if I could really predict who will break through in the end, I would have already made a fortune. JUP's recent performance does show some potential, but saying it has the most potential might be a bit too absolute. Every public chain is pouring money into this area, which indicates that market demand is indeed high, but risks must also be acknowledged. This round of perpetual contract competition is like a beauty contest; in the end, it still depends on who has stronger user stickiness. Actually, those who laid ambushes early are now also losing money. Don’t be fooled by marketing hype.

View OriginalReply0

FrogInTheWell

· 01-10 03:44

Actually, Solana's recent move is quite aggressive, and the speed at which JUP is rallying is truly hard to understand. To be honest, I prefer Arbitrum's Hyperliquid; its depth is indeed solid. However, on the Ethereum side, LIGHT still seems to be exploring and feels a bit left behind. Now, it all depends on who can establish real trading volume; relying solely on fundraising won't last long. The true winner probably hasn't appeared yet, right?

View OriginalReply0

BearWhisperGod

· 01-10 03:40

I've long moved on from Arb, and Hyperliquid's liquidity depth really can compete. JUP is also quite strong on Solana. Who will ultimately win between these two is really hard to say. All chains are competing, but I think it still depends on who has stronger user stickiness. Ethereum is a bit lacking in momentum, and transaction fees are high. Let's wait and see. Anyway, the derivatives track should still have opportunities this year. Feels like everyone wants to build on-chain futures exchanges; the competition is intense. I'm optimistic about Solana. JUP's speed advantage is very obvious. Hyperliquid's depth does make me a bit interested, but the ecosystem still needs some improvement.

View OriginalReply0