Recently, the rise of Aster and the price increase of its token ASTER have reignited the market's attention on decentralized perpetual contract exchanges (Perp DEX). This is not just a wealth creation myth but also indicates that the Perp DEX sector is ushering in unprecedented development opportunities. Driven by the demonstration effect of leading projects like Hyperliquid, Perp DEX shows strong profitability and enormous growth potential, attracting more and more users and capital. Data shows that in the second quarter of 2025, the total trading volume of perpetual contracts on DEX reached approximately $900 billion, setting a new historical record.

Why has "unissued tokens" become the focus?

In the increasingly heated competition of the Perp DEX sector, "unissued tokens" have gradually become the focus of attention for investors and users, backed by profound logic: Airdrop expectations ------ Successful cases of leading Perp DEXs like Hyperliquid and Aster indicate that the tokens in this sector have a strong wealth effect. Early participants in unissued Perp DEX projects have the opportunity to receive substantial airdrop rewards, which is undoubtedly an important factor in attracting users; Growth potential ------ Compared to projects with already issued tokens, unissued Perp DEXs often have greater growth space. Investors believe that these projects have more significant development potential and value enhancement space in the future; Industry landscape is uncertain ------ The Perp DEX sector is still in its early stages of development, and the industry landscape is far from determined. Unissued projects have the opportunity to stand out in future competition through innovative mechanisms, excellent experiences, or strong resource support, becoming new leaders. Binance founder Zhao Changpeng (CZ) recently stated that the era of Perp DEX has arrived.

Source: X

A multitude of competitors, each showcasing their talents

Currently, a number of noteworthy unissued token Perp DEX projects have emerged in the market, each focusing on different aspects of positioning, features, and user experience. These projects are attempting to enhance trading efficiency and improve user experience through technological innovation and unique incentive mechanisms, thereby securing a place in a fiercely competitive market. Mainstream unissued token Perp DEX overview: This section will delve into three popular projects: EdgeX, Lighter, and Ethereal.

Lighter: A testing ground for zero fees and innovative mechanisms

Lighter is a recently popular decentralized perpetual contract exchange that applies zero-knowledge proof technology to matching and clearing, emphasizing "fairness, transparency, and verifiability." Compared to traditional centralized platforms, Lighter's trading process leaves a complete trace on-chain, allowing for playback and verification in case of disputes, thus minimizing the possibility of black-box operations. It currently operates on Ethereum Layer 2, allowing users to open long or short positions simply by depositing USDC, with an experience similar to centralized exchanges. More boldly, Lighter has adopted a zero-fee model during its testing phase, not charging fees for placing or taking orders, using market-making subsidies and protocol incentives to maintain its ecosystem, attracting a large influx of users. In terms of data, its TVL has surpassed $560 million, with investors including a16z and Lightspeed Faction, and its trading speed is even said to be 40 times faster than Hyperliquid, earning it the market nickname of "Hyperliquid killer." Currently, Lighter is still in private testing, having launched contracts for BTC, ETH, etc., with funding rates settled hourly, and also supports public liquidity pools, allowing users to entrust funds to pool managers for operation and share in the profits.

edgeX: The revenue dark horse of high-performance order books

edgeX is a decentralized perpetual contract trading platform incubated by Amber Group, running on StarkWare's StarkEx technology with an order book model, capable of processing 200,000 orders per second with a latency of less than 10 milliseconds, directly competing with centralized exchanges. Its liquidity depth is among the best in the industry; for example, the BTC trading pair can handle a $6 million position at a 0.01% spread, even higher than Hyperliquid. In terms of data, edgeX set a record of $49.47 million in cumulative revenue in September 2025, earning $20.46 million in just the past 30 days, with an annualized revenue potential of $250 million, firmly holding the second position in the industry. The user base is also impressive, with a daily trading volume of $5 billion and over 100,000 active users. The points system primarily focuses on trading volume, while also encouraging participation through referrals and events. Interestingly, edgeX has made significant strides in mobile experience, not only simplifying the onboarding process with an MPC wallet but also supporting one-click deposits and position reversals, allowing users to feel almost no complexity of DeFi. Backed by the depth and market-making support from Amber Group, along with team members mostly from traditional finance and top exchanges, edgeX has quickly established a foothold in the Asian market, particularly in South Korea. As the anticipated TGE in Q4 approaches, the market generally believes that its points will bring substantial returns, leading to explosive growth in edgeX's user base and capital.

Ethereal: A high-performance DeFi trading star driven by USDe

Ethereal is a decentralized spot and perpetual contract exchange driven by USDe, which is not just a trading platform but also an essential part of the Ethena ecosystem. Ethereal's core positioning is to combine the operational experience of centralized exchanges with the security of DeFi, providing users with a more efficient and secure trading environment. Users can obtain eUSDe receipt tokens by depositing USDe on the platform, while also accumulating Ethereal points and enjoying up to 30 times the Ethena reward multiplier, significantly enhancing user participation enthusiasm. Compared to other platforms, Ethereal's biggest highlight is its close integration with USDe, which not only provides users with additional earning opportunities but also improves capital efficiency, allowing users to enjoy stable returns from USDe while trading. Additionally, Ethereal's collaboration with Pyth ensures faster and more accurate price information, which is crucial for risk management and funding rate calculations in perpetual contracts, effectively reducing users' trading risks. Although the mainnet has not yet launched, Ethereal has already attracted over $400 million in deposits, demonstrating market recognition of Ethena and USDe, as well as expectations for Ethereal's future development. As Ethena officially launches, Ethereal is expected to capture some of USDe's liquidity and perpetual positions, further driving trading volume and platform revenue growth, becoming a new highlight of the next generation of high-performance DeFi exchanges and making significant contributions to the prosperity of the Ethena ecosystem.

The future of Perp DEX

In the wake of the Aster craze, unissued Perp DEXs are brewing a new round of opportunities. EdgeX, with its high performance and liquidity advantages, Lighter, with its zero-fee and innovative mechanisms, and Ethereal, with its close integration with Ethena and USDe, all demonstrate strong competitiveness in the Perp DEX sector. Whether they can seize the opportunity and reshape the industry landscape remains to be seen. More importantly, these projects represent the continuous exploration of the DeFi field in trading experience, technological innovation, and ecosystem integration, providing users with more choices and possibilities. As DeFi technology matures and user demand continues to grow, Perp DEX is expected to play an increasingly important role in the cryptocurrency market.