Hyperliquid proved the viability of the perpetual DEX model last year with over $600 billion in trading volume. Aster and Lighter followed suit, experiencing strong market demand after their launch. The next wave has arrived. Most platforms are still ahead of TGE. • @paradex: A perpetual DEX on App Chain powered by Paradigm, with zero fees. 7-day trading volume is approximately $13 billion, 30-day trading volume is approximately $47 billion, and open interest is approximately $800 million. Designed for institutional trading, it features an order book, privacy protection, and Retail Price Improvement (RPI). • @extendedapp: Build-up from the former Revolut team, focusing on capital-efficient margin trading and vault-style strategies. The platform has over $100 million in total value locked (TVL) and stable trading volume. • @edgeX_exchange: A perpetual DEX before TGE, now nearing the top. Cumulative trading volume has reached $650 billion. Mobile-first, order book-based, built on the StarkEx platform. A new season of points rewards with an additional 5% allocation. • @variational_io: A query-based decentralized exchange (DEX) powered by Coinbase Ventures and Dragonfly. Optimized for large trades and emerging markets. Total trading volume approximately $125 billion, daily trading volume approximately $1.3 billion, and open interest approximately $1.1 billion. • @etherealdex: A decentralized exchange (DEX) integrated with Ethena's USDe ecosystem, offering stablecoin annualized yields of approximately 27% and daily trading volume approaching $100 million. • @grvt_io: A hybrid decentralized exchange (DEX) based on zkSync, offering a centralized exchange (CEX)-like user experience and on-chain settlement. Employs a liquidity strategy for assets under management exceeding $8.4 million, with annualized yields ranging from 25% to 31%. The plan is to allocate 22% of the funds to the community. • @cascade_xyz: Aims to become a new decentralized platform for trading cryptocurrencies and traditional assets. Has raised $15 million, but transparency is a concern. • @pacifica_fi: A non-custodial Solana trading-based decentralized exchange (DEX) with a minimalist incentive mechanism. Rewards holdings rather than trading volume. Total Value Locked (TVL) is $43 million, cumulative trading volume exceeds $102 billion, and competition is low. • @nadoHQ: A CLOB-based decentralized exchange (DEX) built by the former Kraken team and running on Kraken's L2 service, Ink. High execution quality, but traffic remains limited (worthy of attention). • @hibachi_xyz: A privacy-first decentralized exchange (DEX) with sub-millisecond execution speeds. Former Citadel/Google team member. $5 million raised, with a cumulative trading volume exceeding $9.5 billion, and generous reward points. • @OstiumLabs: A decentralized exchange supporting native wallet trading of stocks, commodities, and forex, as well as cryptocurrencies. A clear RWA-perps strategy. Raised approximately $23.5 million, focusing on on-chain traditional financial derivatives. • @BullpenFi: The ultra-liquidity ecosystem perp DEX, experimenting with new integrations and features. Currently in a light mining phase, but developing rapidly. Other related names: @reya_xyz, @rails_xyz, @StandX_Official, @Backpack Strategy: Diversify investments across different platforms, maintain delta neutrality as much as possible, and focus on high-volume TGE pre-projects. Please remember that this window of opportunity is time-limited. Once the token is listed, the opportunity will disappear.