From dYdX to Hyperliquid, SunPerp: The Breakthrough Path of On-Chain Derivatives

The development history of decentralized exchanges (DEX) is essentially an evolution of the infrastructure of the cryptocurrency market.

The earliest DEXs were primarily in the embryonic stage of matching trades. Due to a lack of depth, complex interactions, and a limited user base, they could hardly compete with centralized exchanges. It wasn't until 2018, when Uniswap introduced automated market makers (AMM) to the crypto market, that DEXs truly became a viable independent track.

The significance of AMM lies in lowering the barrier for liquidity provision, allowing anyone to become a liquidity provider. However, the limitations of AMM are also evident: excessive slippage, low capital utilization, and an inability to meet the complex tool demands of professional traders. With the maturation of Ethereum Layer 2 technology and the establishment of cross-chain bridges and on-chain settlement systems, the infrastructure of DEXs gradually entered a usable stage.

At the same time, changes in user demand drove the expansion of DEX functionalities. The DeFi Summer of 2020 led to a surge in crypto users' demand for leverage and derivatives, with perpetual contracts gradually becoming a "battleground" in the DeFi world. This is because, in centralized exchanges, perpetual contracts have long been one of the most attractive categories, boasting a large trading volume and user stickiness. As a result, the DEX track transitioned from "liquidity experiments" to "derivatives strongholds," truly entering a fiercely competitive fast lane.

Early Exploration of Perp DEX: dYdX and GMX

The early attempts of Perp DEX can be traced back to dYdX in 2021. As one of the first on-chain derivatives projects, it adopted a hybrid model of "off-chain matching + on-chain settlement" to address performance bottlenecks using the StarkEx Layer 2 network. The success of dYdX lies in its first-time proof that "on-chain contracts are not impossible," but the limitations are also very clear: matching remains centralized, cross-chain operations are complex, and the user-friendliness for traders is limited.

Subsequently, in 2022, GMX provided another solution—offering depth through multi-asset AMM pools, allowing users to trade directly against the pools. GMX's advantages include a "foolproof" experience and transparency, enabling ordinary users to easily open and close contracts, while also allowing Perp DEX to truly enter the context of "decentralization." However, the AMM model cannot provide sufficient professional tools, and there are risks of capital pool losses (exposure of GLP risks) in extreme market conditions, limiting its potential for higher-level development.

During this stage, Perp DEX remained more in the realm of experimentation and exploration. The market recognized the value of "decentralized contracts," but there remains a significant gap with CEX in terms of performance, depth, and professionalism.

High-Performance Public Chains and Full-Chain Order Books: The Rise of a New Generation of DEX

The turning point is 2023-2024.

DefiLlama data shows that the TVL of DEXs has shown a significant upward trend since the second half of 2023.

The new generation of projects is no longer satisfied with piecing together solutions on Ethereum or Layer 2, but instead builds high-performance infrastructure to support a fully on-chain matching experience with performance close to that of centralized exchanges. One of the leading projects, Hyperliquid, is considered the most representative case.

Hyperliquid is not only a Perp DEX but has also built a high-performance L1 blockchain, aiming to create a blockchain that supports all financial transactions and high-performance on-chain financial trading infrastructure. Its architecture is divided into two parts: HyperCore and HyperEVM. HyperCore is responsible for on-chain order book matching, while HyperEVM provides a compatible environment, effectively offering a complete on-chain open financial system where every order, trade, and settlement is transparent and has extremely low latency. This is why community users refer to it as "on-chain Binance."

Moreover, Hyperliquid relies on community and KOL diffusion to form a growth flywheel. In terms of valuation logic, it also attempts to interpret the value of DeFi protocols using traditional internet-style user growth and retention models.

In contrast, Aster, backed by Binance's strong resource advantages, achieved a stunning victory during its TGE phase, carving out a path more reliant on "platform support."

With its combination of "airdrop—pump—wealth effect," Aster not only quickly accumulated users and exposure but also successfully siphoned off a large amount of liquidity from competitors like Hyperliquid. In terms of products, Aster chose a multi-chain entry strategy, offering both professional models (order book) and simplified models (similar to AMM). It also introduced features like "hidden orders" to optimize the execution safety of large orders. In a short period, it vividly illustrated the most authentic logic of the crypto market—when faced with traffic and capital, all technical advantages must take a back seat.

DefiLlama data shows that as of September 24, 24:00, Aster's perpetual contract trading volume in the past 24 hours reached $25.772 billion, surpassing Hyperliquid's $10.094 billion, more than 2.5 times its scale.

If Aster showcased the leverage effect of capital and traffic, then Lighter represents another exploratory path. It attempts to differentiate itself at the trading mechanism level, allowing LLP (liquidity pool, similar to Hyperliquid's HLP) positions to be used as margin, and emphasizes zero-knowledge proofs, enhancing both transparency and fairness while maintaining high performance.

In terms of market performance, edgeX's results are undoubtedly more impactful. In September 2025, it set a new revenue record for Perp DEX with a total income of $49.47 million, with a revenue of $20.46 million in the past 30 days, a year-on-year increase of 147%. In terms of mobile experience, edgeX stands out. Its v2.9 mobile application integrates Privy MPC wallet and CEX-level experience, significantly lowering the DeFi threshold and is highly favored in the Asian market.

Clearly, the characteristic of this stage is the approach to a CEX-like experience.

Traders find that the on-chain contract experience is becoming smooth, even approaching professional quantitative levels. As performance bottlenecks ease, liquidity begins to gather, and the narrative of Perp DEX gradually sheds its positioning as "experimental products," becoming a track that genuinely hopes to slice into the CEX pie.

SunPerp's "Counterattack"

Amid the excitement generated by Hyperliquid and Aster, the Perp DEX track is entering a stage of intense competition. From underlying technology to user experience, from asset coverage to ecological integration, various protocols are seeking differentiated breakthrough paths.

However, in this battle, "latecomers" do not imply passivity; rather, it resembles a well-considered strategic choice. The emergence of SunPerp coincides with a critical juncture of technological maturity, ecological completeness, and market demand, entering with a holistic perspective to rapidly amplify its strategic advantages.

The ecological closed loop, or the power of resource integration, makes SunPerp not an isolated tool but a hub of the crypto ecosystem. The TRON public chain provides underlying performance and cross-chain capabilities, while JustLend DAO, Sun.io, and others undertake liquidity and settlement functions. The multi-dimensional resource synergy allows SunPerp to form a complete closed loop from product experience to ecological governance, creating a self-driven mechanism for platform growth.

Data shows that on the 10th day of public testing, SunPerp's users have surpassed 7,000, with a cumulative trading volume exceeding 19.5 million USDT, demonstrating strong market appeal and growth potential.

Extreme cost advantages and innovative incentives: the lowest trading fees in the network, "deposit gives real gold," and full gas fee refunds. This combination directly addresses the core pain points of high-frequency traders, elevating both capital efficiency and yield experience to industry-leading levels.

Additionally, SunPerp will tightly bind growth and user retention through innovative incentive mechanisms such as trading mining, staking mining, points, and leaderboards.

In addition to the basic Maker fee rate, SunPerp's current rates are significantly lower than those of other mainstream Perp DEXs like Hyperliquid and Aster.

Thus, in the red ocean of the Perp DEX track, SunPerp appears more like a participant equipped with "resource plugins," which will determine its starting speed and growth potential far exceeding that of its competitors.

More importantly, it finds a balance between CeFi and DeFi, merging on-chain transparency, asset efficiency, and mature risk control to form a sustainable, closed-loop trading ecosystem. This combination of ecological integration, core experience refinement, and strategic foresight makes SunPerp not just a newly launched DEX, but also a core financial engine within the TRON ecosystem that carries long-term growth and market breakthrough potential.

The Second Half of Perp DEX: Ecology, Users, and Long-Term Growth

At this stage, mere technical flashiness or low fees are no longer the only winning formulas; rather, the emphasis is on ecological integration capabilities, user experience optimization, and capital efficiency enhancement.

The entry of SunPerp undoubtedly brings new considerations for the second half of Perp DEX. The key to its success lies in resource integration and subsequent innovation based on that foundation. In the future, SunPerp is expected to achieve long-term growth and market breakthroughs through the following dimensions:

1. Ecological Expansion: Further integrate TRON and external on-chain resources to form deep cooperation in cross-chain liquidity and application scenarios, upgrading from a single trading tool to an ecological hub.

2. User Deepening: Expand the professional institutional and ordinary user base on top of high-frequency traders, enhancing user stickiness through multi-layered products, smart strategies, and data tools.

3. Innovation-Driven: Continuously optimize cost structures and yield mechanisms, exploring more innovative playstyles such as composite derivatives, on-chain leverage, and risk hedging tools to enhance capital efficiency and platform competitiveness.

4. Governance and Sustainability: Utilize DAO governance and community co-construction mechanisms to achieve transparency in platform decision-making and user participation, creating a long-term sustainable ecological closed loop.

In the future, whether SunPerp can truly grow into the "financial engine" of the TRON ecosystem, or even move towards a global cross-chain infrastructure, will require time to test. However, it is certain that the second half of Perp DEX is no longer merely a competition of trading functionalities, but a competition for ecological niches: those who can tell a compelling long-term narrative, integrate upstream and downstream resources, and shape user mindsets will seize the initiative in the new round of landscape. The entry of SunPerp not only adds a new player but may also herald the beginning of a new cycle driven by collaboration, innovation, and imagination in the track.