Author: Scof,

Edit: TB,

Since the second quarter, the global market has faced multiple uncertainties: the Federal Reserve has delayed interest rate cuts, and inflation expectations have been repeated; Trump's reciprocal tariff policies have aroused investors' concerns about the global economic trend. Against this background, crypto assets have weakened simultaneously, trading sentiment has cooled significantly, and market risk preferences have declined.

At the same time, multiple perpetual contract trading platforms built on different public chains accelerate product promotion and incentive release at this stage, trying to establish their own user base in the "airdrop cycle" and "structural opportunities".

This article selects the current five more representative Perp DEX projects, and provides a basic observation from the perspectives of on-chain attribution, transaction structure, incentive mechanism and project background.

1. edgeX: Incubated by institutions, with limited transaction pair coverage

• Public chain attribution: The specific chain deployment information has not been disclosed yet
• Project background: Incubated by Amber Group, Amber is a market maker and asset management platform headquartered in Hong Kong
• Trading performance: There are currently few supported currencies, and mainstream currencies such as AAVE have not been launched. Take the TRUMP trading pair as an example. The depth in the 1% range is between $60,000 and the order book has a fault.

• User motivation: In the Alpha phase point activity, the version naming implies that there may be a subsequent expansion plan. Users can earn points through transactions or inviting new users.
• Current status: The project is in its early stages, and feature coverage and coin pair support are to be expanded

2. Ethereal: The transaction has not been launched yet, and the points are mainly deposited

• Public chain attribution: built on the Ethena network
• Project background: Ethereal was launched by Ethena Labs. Ethena's current TVL is about US$6.2 billion, ranking among the top DeFiLlama in the entire network; its partners include BlackRock
• Trading performance: Spot and contract trading functions have not been opened yet
• User incentive: It is in the "Season Zero" stage, and users can obtain eUSDe receipt tokens by depositing USDe and accumulate double points of Ethereal and ENA; there is no lock-up requirement, and the TGE time is expected to be May 2025. The total locked position is currently US$9.7 billion.
• Current status: The official trading stage has not yet entered, mainly attracting users to participate in early points plan through pre-deposit

3. Aster: The reshaping derivatives platform after merger, with dual-mode trading and profits at the same time

• Public chain attribution: Currently, it is a multi-chain deployment, mainly adapted to Ethereum main network and BNB Chain
• Project background: formed by Astherus and APX Finance at the end of 2024, integrating the former's revenue product capabilities and the latter's sustainable trading infrastructure
• Trading function: Supports switching between two modes

Simple Mode: on-chain execution, one-click opening, anti-MEV

Pro Mode: Order book trading, with deep liquidity, low transaction fees and advanced tools, supporting high leverage trading

• User incentive mechanism: Currently in the Stage 1: Spectra stage, divided into two types of points systems

Au Points: Obtained by minting and holding Aster Earn-related assets (such as ALP, USDF, LP Token) to allocate $AST airdrop share

Rh Points: Available in Pro Mode for trading perpetual contracts, support 1.1 times points bonus or receive a $100 equivalent trading bonus

• Follow-up plan: The roadmap includes zero-knowledge proof (ZKP) integration, dedicated Layer 1, public chain intent system, etc., to improve user experience and decentralization
• Current status: The transaction function has been opened, the points activity is active, the platform is in the early stages of brand reshaping and user acquisition

4. Paradex: an order book derivative trading platform based on Layer 2

• Public chain attribution: Based on StarkNet network, specific details have not been disclosed yet
• Project background: Paradex was developed by Paradigm and has been launched on the main network, supporting on-chain self-custodial transactions. The current product is built around the order book structure, emphasizing on-chain settlement and risk management.
• Risk control: The platform adopts an on-chain risk control engine to conduct real-time assessment of user asset risks. Supports margin calculation framework based on combined positions
• Extended Products: Launch Perpetual Options Products (Perpetual Options)

-The capital rate is determined by the option time value (i.e. the difference between market price and intrinsic value) and settled on an hourly basis

-Profit and loss continue to be included in unrealized PnL and settled when the position is updated

• Current status: The platform has been launched on the main network, its functions are gradually expanding, and options products are still in their early stages. Currently in Warzone season 2, users can obtain XP by trading, providing liquidity, depositing margin into Paradex insurance stocks, etc. Officially stated that XP can be used for subsequent rewards.

5、Backpack: Based on Solana, liquidity still needs to be strengthened

• Public chain belongs: Solana
• Team Background: Co-founded by former FTX legal counsel Can Sun and former Alameda engineer Armani Ferrante. Parent company Coral received a $20 million financing led by FTX Ventures, Jump Crypto and others in 2022.
• Trading experience: The current liquidity of mainstream currencies is relatively weak. Taking Sui as an example, the 1% drop depth is about US$230,000, and the order book is significantly out of reach, making it difficult to support high-frequency trading of large funds.
• Incentive mechanism: Ten-week points activity is underway (Season 1). Point calculation includes multiple variables such as trading volume, profit and loss performance, position time, deposit amount and other variables.
• Applicable scenarios: More suitable for small and medium-sized funds to participate in transactions and obtain points rewards.

In general, during actual use, the interface of Backpack is relatively simple and smooth, suitable for lightweight participants or first-timers to try it out. Aster is more functionally designed. The above is my personal experience and is for reference only. Readers with different views are welcome to discuss together.