Author: Scof, ChainCatcher

Editor: TB, ChainCatcher

Since entering the second quarter, the global market has faced multiple uncertainties: the Federal Reserve has delayed interest rate cuts, and inflation expectations have fluctuated; Trump's proposed reciprocal tariff policy has raised investor concerns about the global economic outlook. Against this backdrop, crypto assets have weakened simultaneously, trading sentiment has noticeably cooled, and market risk appetite has declined.

At the same time, several perpetual contract trading platforms built on different public chains have accelerated product advancement and incentive releases during this phase, attempting to establish their user base amid the "airdrop cycle" and "structural opportunities."

This article selects five representative Perp DEX projects, providing a basic observation from the perspectives of on-chain affiliation, trading structure, incentive mechanisms, and project background.

1. edgeX: Incubated by Institutions, Limited Trading Pair Coverage

• Public Chain Affiliation: Specific chain deployment information not yet disclosed
• Project Background: Incubated by Amber Group, which is a market-making and asset management platform headquartered in Hong Kong
• Trading Performance: Currently supports a limited number of cryptocurrencies, with mainstream coins like AAVE not yet listed. For example, the TRUMP trading pair has a depth of $60,000–$70,000 within a 1% range, with gaps in the order book.

• User Incentives: Currently in the Alpha stage with a points activity, the version name suggests possible future expansion plans. Users can earn points through trading or inviting new users.
• Current Status: The project is in its early stages, with functionality coverage and trading pair support yet to be expanded.

2. Ethereal: Not Yet Launched for Trading, Currently Focused on Points Pre-Deposit

• Public Chain Affiliation: Built on the Ethena network
• Project Background: Ethereal is launched by Ethena Labs, with Ethena currently having a TVL of approximately $6.2 billion, ranking among the top in DeFiLlama; its partners include BlackRock.
• Trading Performance: Spot and contract trading functions have not yet been opened.
• User Incentives: Currently in the "Season Zero" phase, users can earn eUSDe receipt tokens by depositing USDe and accumulate dual points for Ethereal and ENA; no lock-up requirements, with an expected TGE time in May 2025. The total locked amount is currently $9.7 billion.
• Current Status: Not yet entered the formal trading phase, mainly attracting users to participate in the early points program through pre-deposit.

3. Aster: A Derivatives Platform Restructured After Merger, Balancing Dual-Mode Trading and Earnings

• Public Chain Affiliation: Currently multi-chain deployed, primarily compatible with Ethereum mainnet and BNB Chain
• Project Background: Formed after the merger of Astherus and APX Finance at the end of 2024, integrating the former's yield product capabilities with the latter's perpetual trading infrastructure.
• Trading Functions: Supports two mode switches

Simple Mode: On-chain execution, one-click opening, resistant to MEV

Pro Mode: Order book trading, featuring deep liquidity, low trading fees, and advanced tools, supporting high-leverage trading.

• User Incentive Mechanism: Currently in Stage 1: Spectra phase, divided into two types of points systems

Au Points: Earned by minting and holding Aster Earn-related assets (such as ALP, USDF, LP Token), used for distributing $AST airdrop shares.

Rh Points: Earned by trading perpetual contracts in Pro Mode, supporting a 1.1x points bonus or receiving a $100 equivalent trading bonus.

• Future Plans: The roadmap includes zero-knowledge proof (ZKP) integration, dedicated Layer 1, public chain intent systems, etc., aimed at enhancing user experience and decentralization.
• Current Status: Trading functions are open, points activities are active, and the platform is in the early stages of brand reshaping and user acquisition.

4. Paradex: Order Book-Based Derivatives Trading Platform on Layer 2

• Public Chain Affiliation: Based on the StarkNet network, specific details not yet disclosed.
• Project Background: Paradex is developed by Paradigm, currently live on the mainnet, supporting on-chain self-custody trading. The current product is built around an order book structure, emphasizing on-chain settlement and risk management.
• Risk Control: The platform employs an on-chain risk control engine for real-time assessment of user asset risks. Supports a margin calculation framework based on portfolio positions.
• Expanded Products: Launched on-chain perpetual options products (Perpetual Options)

- Funding rates are determined by the time value of options (i.e., the difference between market price and intrinsic value), settled hourly.

- Profit and loss are continuously accounted for as unrealized PnL and settled upon position updates.

• Current Status: The platform is live on the mainnet, with functions gradually expanding; options products are still in the early stages. Currently in Warzone season 2, users can earn XP through trading, providing liquidity, or depositing margin into the Paradex insurance pool. The official states that XP can be used for future rewards.

5. Backpack: Based on Solana, Liquidity Still Needs Strengthening

• Public Chain Affiliation: Solana
• Team Background: Co-founded by former FTX legal advisor Can Sun and former Alameda engineer Armani Ferrante. The parent company Coral raised $20 million in 2022, led by FTX Ventures and Jump Crypto.
• Trading Experience: Current liquidity for mainstream cryptocurrencies is relatively weak. For example, for Sui, the 1% depth is about $230,000, with noticeable gaps in the order book, making it difficult to support large capital high-frequency trading.
• Incentive Mechanism: Currently conducting a ten-week points activity (Season 1). Points calculation includes multiple variables such as trading volume, profit and loss performance, holding time, deposit amount, etc.
• Applicable Scenarios: More suitable for small to medium capital participants in trading and earning points rewards.

Overall, in practical use, Backpack's interface is relatively simpler and operates smoothly, suitable for light participants or first-time users. In contrast, Aster offers richer functionality. The above is the author's personal experience for reference only, and readers with different opinions are welcome to discuss together.

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