The Perp Dex space is booming. They are revolutionizing crypto trading. However, they are not all created equally. So, how do you choose the right one? In this video, we break down four major purge dexes with game-changing features that each one highlights it. Each of these platforms rewrites the rules in their own way. They are more than just exchanges. They are innovation hubs.
If you are serious about decentralized trading, you need to understand why each of these is unique. This video clarifies the landscape and shows which Dex can really change the game. This is more than just information. It’s your advantage in the crypto market. Here are asters, high lipids, and two more dexes.
What is Perp Dex?
Perp Dexes is a distributed exchange. You trade on a permanent futures contract. Therefore, you use Perps to own the underlying assets. Therefore, you trade with derivatives that track the price of your asset.
The PERP agreement does not have an expiration date. You speculate about the movement of the price of an asset. You can do this with leverage. So you can keep your position indefinitely in perp dex. However, only as long as you maintain the margins you need.
High lipids ($extreme ads)
Currently, high lipids ($hype) are the main Perps Dex of the code. The moment the $hype token hit the market in November 2024, it became a parabolic. Within a month, it went from $3.81 to $32.41. That’s almost ten times more. Part of this rapid rise is unique reasons. Hyperliquid had no funds. It’s self-funded. Therefore, there are no VCs that can throw away the token.
Another reason was the unique airdrop. The recipients of this airdrop consisted of a maximum of 5, 6, or 7 digits. And most importantly, they kept holding onto their airdrop. They weren’t selling.
1 million cold hard American dollars for 1 million high lipid airdrops@chameleon_jeff, @kingjulianiamand the rest of the high lipid team changed my life forever:
Eternal Bliss – I’ll be grateful forever pic.twitter.com/gdubcbuput
– CC2 (@cc2ventures) November 29, 2024
Furthermore, high lipids are built from scratch as a layer 1 chain. I use $USDC for trading on the platform. You can only deposit $USDC by using native Arbitrum $USDC. Therefore, you must deposit directly using Arbitrum. You can also use bridges to bridge from other networks.
Source: Hyperliquid Gitbook
High lipids are also fast, capable of handling over 200,000 TPS or transactions per second. In other words, a transaction is almost instantaneous. The platform offers up to 50 times the leverage. Also, use a CLOB or a central restricted order book, so that you need a good PERPS DEX. This is something that most global exchanges also use.
Decentralizing a 200k TPS blockchain that handles volumes up to $16 billion in 24 hours is no easy task.
With over 50% of the overall Defi Perps market in 18 months, it is impossible to create a product that is built to take over control of CEX (until Hyperliquid arrives)
You can smell it… pic.twitter.com/rho9gyyup1– hy-purr-liquid (@hy_purr_liquid) January 8, 2025
The current $hype price is $48.15. The market capitalization is approximately $13 billion. Of the $1 billion hype tokens, only 270 million are distributed. In late September, $hype unlocks the first token. Don’t take your eyes off. Check out my deep diving video on Hyperliquid.
Bluefin ($ Blue)
Bluefin ($Blue) is SUI’s leading Defi platform. We offer Perps and Spot Trading, among other things, and lending. However, it is SUI’s leading Perps Dex with a market share of 97%. One unique aspect of Bluefin is its hybrid architecture.
Bluefin is leading permanent trading in SUI, gaining volumes of over $51.5 billion and 97% market share.
With Bluefin Pro, we introduced a dual merging engine that supports both cross and isolated margins optimized for capital efficiency and performance.
Transactions with Bluefin Pro:… pic.twitter.com/1jqxkkpbcu
– bluefin (@bluefinapp) August 5, 2025
Get on-chain and off-chain trading in one place to the best of your choice. Get the speed and fluidity of an off-chain order book (CLOB). At the same time, we also use a matching engine. This engine provides security and transparency for on-chain payments.
This hybrid model minimizes latency. Latency is the time delay between placing an order and filling it. So Bluefin offers a CEX-like trading experience. However, there is the benefit of maintaining custody and decentralising. Best of both.
1/Hybrid Fluidity: RFQ + CLMM
Bluefin combines the depth of a passive LP with the accuracy of RFQ (Quote Request) execution. This hybrid model offers low slip, MEV protection and consistently better pricing.
RFQ is quickly emerging as a co-aplimitive for Defi.
– bluefin (@bluefinapp) June 19, 2025
The Bluefin numbers are also impressive. It has,
- ATH of $222 million TVL
- A record-breaking volume of $79 billion
- 10k+ dau (daily active user)
- $37 million annual fee
- Annual revenues are $12.5 million
- 2.2 million unique wallets
Bluefin is over $78 billion in its highest trading volume ever! In addition to this milestone, we look forward to sharing that our total deposits exceed $220 million and that the number of unique wallets interacting with Bluefin has grown to over 2.2 million.
mounted @suinetwork. pic.twitter.com/0oxt7xckjv
– bluefin (@bluefinapp) September 18, 2025
So, since $Blue Token TGE, we’ve added $200 million in TVL, quadrupled fees, and launched AMM, RFQ, lending and newer versions of PERPS. An RFQ is a request for a quote transaction. This is for institutional and wealthy traders. This allows for large and complex crypto derivative transactions to be deployed without the use of order books.
1/ Introducing bluefinx. SUI’s first RFQ system – set new standard for swapping @suinetwork.
Bluefin Spot connects unauthorized networks of execution agents to on-chain aggregation routes to achieve the highest execution prices.
Live now: pic.twitter.com/tohqshkfxa
– bluefin (@bluefinapp) April 17, 2025
The team is supported by Polycaine, Alliance Dao and the Wall Street Giants. These include Sig, Tower Research, Brevan Howard, and Cumberland Drw, among others.
3/Thank you @polychain Welcome their continued support to reach this point and Susquehanna (SIG). @bhdgitalassetsTower Research Ventures, Tyr Capital to Bluefin team to Tyr Capital took part in last year’s fundraising round!
– bluefin (@bluefinapp) February 23, 2023
The current price of $blue tokens is 10 cents, an increase of 25% that day. The market capitalization is $31.5 million. On October 1st, Bluefin will begin buying back profits from several platforms.
$ blue Vote for a 20% buyback from net profit
Their beta platform handles trading volumes of over $50 billion. With Bluefin Pro, they want to be 10 times bigger
Distributed Perps is the future IMO $ sui You can do that$ blue There is 23M $CAP
This could be 100 times more play@bluefinapp
– Tehmoonwalker (@tehmoonwalker) September 14, 2025
Asterdex ($aster)
Aster Dex ($Aster) is the new hot kid in Perps blocks. That $ASTER token was released on September 17th a week ago. Above all, it quickly became a parabolic after being supported by CZ in X. The only financial backer is YZI Lab. This is closely connected to the CZ. Here is the sign-up link for Aster Dex:
This brings me to Aster’s purpose. This is because it captures market share from high lipids. Hyperliquid’s market share is not sitting very well in either Binance or CZ. So they built their own Perps Dex, Aster.
You would recommend checking out my recent deep dive videos on Aster. In it, we’ll explain that Aster has a “hidden order” option in the free Pro mode. All PERPS orders remain completely invisible until they are fulfilled. This is a unique feature of Perp Dexes. Additionally, Aster also uses CLOBs. Like the two previous PERPS DEXES I mentioned.
Source: x
So, in addition to Pro mode, Aster also offers a simple mode. But don’t fool that name. This feature offers up to 1001 leverage. Very fast way to get Rekt. In contrast to the PRO mode CLOB, the Simple mode uses AMM. It is an automated market maker. It is worth noting that Aster offers the lowest manufacturer and taker rates in the business.
The current $Aster price is $1.71. That’s 6.5% of the day. The market capitalization is $2.8 billion. At $hype’s market capitalization, $Aster is $9.
Paradyze ($p)
My final pick of the day was Paradise. This is an injective PERPS DEX that should be released this week, perhaps even today. However, it is in the testnet.
The power of AI in your hands.
All finance is in one app.Code. Forex. stock. merchandise. Perps. spot.
Paradyze TestNet will be appearing this week @injective 📅
Who needs the invitation? 👇 pic.twitter.com/ckxevzne4d
– Paradyze (@paradyzefi) September 16, 2025
What sets this PERPS DEX apart is that AI drives it. This means there is no need to do any actual transactions. Instead, talk to the AI cockpit and tell them what to do. From there, AI will take over and handle all transactions.
Why does it take 5 minutes to do one transaction in 2025? ✨
I’ve built an AI app around this:
❌Open Exchange → Check Chart → Set Limits → Pray
In this:
✅ “500 dollar long nvdia 10x”
fast. Safe. perfection.
Beta version closed next week @injective. 👀
sign up… pic.twitter.com/3gapisyr3y– Paradyze (@paradyzefi) June 19, 2025
Paradyze has its own $P token, which launches during the end of the third quarter or during the Q4. There is an airdrop for $P tokens, allowing you to farm in a variety of ways. for example,
- Act on their discrepancies and join X Raids. You can also collect daily points by simply checking in every day.
- Get Paradise Vault on Talis. This increases daily points for Airdrop and Discord.
- Post about Paradise on X and earn an extra bonus.
Source: Talis
If $P tokens get traction everywhere for what $aster and $hype showed, this could be a hidden gem. Paradyze starts with injections and lipids. However, multichi implants are found in the pipeline.
So these are my 4 picks from Perps Dexes. Two top contenders in this category. The SUI also has a Perps Dex on the top and a hidden gem that is about to be released. Which of these four is your favorite? Or let me know in the comments just in case I missed your favorite perp dex. Also join X and Discord’s social media outlets.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and information purposes only. An information or strategy is an idea or opinion related to the accepted level of risk tolerance of the writer/reviewer, and those risk tolerances may differ from yours.
We are not liable for any losses that may arise as a result of investments that are directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are risky investments, so do due diligence. This article is sponsored by SUI.
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The next 10x-50x potential altcoins – high lipid vs. asterdex first appeared in Altcoin Buzz.