According to @CoinMarketCap, the platform published a 7-day snapshot ranking the Top 10 perpetual DEXes, offering traders a current view of venue leadership for on-chain derivatives; source: CoinMarketCap on X, Dec 2, 2025. According to @CoinMarketCap, this weekly Top 10 view can be used to gauge where liquidity is concentrating across perp DEX venues and to inform order routing, slippage expectations, and risk sizing for on-chain futures; source: CoinMarketCap on X, Dec 2, 2025.

According to @GracyBitget, there is a clear difference between building a startup and chasing a narrative, with 98% of L1/L2, GameFi, and NFT projects described as a dead end this cycle. source: @GracyBitget on X, Dec 1, 2025. For heavily funded teams with large headcount, the post advises targeting capital-intensive moats: Perp DEX, prediction markets, and core AI. source: @GracyBitget on X, Dec 1, 2025. For lean teams, it recommends dominating a niche via vertical AI, regional AI trading, and distribution for major protocols or CEXs. source: @GracyBitget on X, Dec 1, 2025. The post urges builders to stop chasing narratives and to focus execution within these specified sectors for the current cycle. source: @GracyBitget on X, Dec 1, 2025.

According to @GracyBitget, narrative-only bets like L1, L2, SocialFi, GameFi, and NFTs are no longer meaningful targets, while high-ceiling areas for well-funded teams include perp DEX, prediction markets, crypto payments, and foundational AI innovation, which directly informs sector-focused trading and venture screening strategies, source: @GracyBitget on X, Dec 1, 2025. For lean startups, she highlights vertical AI and localized trading distribution, such as exchange or prediction-market channels, as practical paths, guiding traders toward monitoring deal flow and product launches across these niches, source: @GracyBitget on X, Dec 1, 2025.

According to CoinMarketCap, derivatives led by perpetual DEXs now rank #2 in 7-day fees across all sectors, indicating the second-highest fee generation over the past week among tracked categories (source: CoinMarketCap, Nov 27, 2025). Traders can monitor CoinMarketCap’s sector fee trends to gauge derivatives activity and liquidity shifts for strategy timing and risk management (source: CoinMarketCap, Nov 27, 2025).

According to @ai_9684xtpa, token launch strategies are shifting from a CEX-only grand slam of Binance, Upbit, and Coinbase to a combined grand slam that includes those CEXs plus a leading Perp DEX, as perpetual DEX volumes are now material for trading decisions; source: x.com/ai_9684xtpa/status/1993530527719342484. Lighter announced testnet spot trading and added PROVE as the third supported spot asset after ETH and ZK, indicating Succinct’s expansion toward a Perp DEX route after achieving a CEX grand slam at TGE; sources: x.com/Lighter_xyz/status/1993097625382555977, x.com/ai_9684xtpa/status/1993530527719342484. The author highlights that traders should monitor Perp DEX integrations alongside CEX listings for PROVE, ETH, and ZK to track where liquidity and activity concentrate; source: x.com/ai_9684xtpa/status/1993530527719342484.

According to @ai_9684xtpa, StandX ended its testnet on Nov 21 and plans to open mainnet access to all users next week, with DUSD deposits enabled at mainnet launch and the token generation event (TGE) timing still unspecified, source: @ai_9684xtpa. The source adds that the simulation phase is over and trading will shift to real-capital performance once mainnet goes live, highlighting an imminent data-driven competition, source: @ai_9684xtpa.

According to @ranyi1115, Orderly Network has launched Community Vaults and recently added omnichain spot swaps, enabling DEXs on Orderly One to earn cashflows from both perps and spot fees, source: @ranyi1115 on X; Orderly Network on X x.com/OrderlyNetwork/status/1988970178613592278. Orderly currently curates the vaults, with plans for any DEX to create its own vaults and earn performance fees and trading fees, and to distribute other vaults and earn distribution fees, source: @ranyi1115 on X. The author cautions users to DYOR before entering new vaults and notes the team is shipping quickly and seeking product feedback, source: @ranyi1115 on X. The post reiterates that Orderly One lets anyone launch a perp DEX in minutes and invites builders to start a DEX on the platform, source: @ranyi1115 on X.

According to @ranyi1115, Orderly One has added 17 graduated DEXs since its one-month anniversary, averaging roughly one new launch per day, source: x.com/ranyi1115/status/1981403445300174875. The platform advertises base trading fees of 1–3 bps for Orderly One-powered venues, source: x.com/ranyi1115/status/1981403445300174875. It reports deep liquidity across more than 140 perpetual markets, source: x.com/ranyi1115/status/1981403445300174875. Users can deposit and withdraw across 17 chains, source: x.com/ranyi1115/status/1981403445300174875. Multi-collateral support includes native assets USDC, USDT, ETH, SOL, BNB, and WBTC, source: x.com/ranyi1115/status/1981403445300174875.

According to the source, claims that Hyperliquid’s perp DEX dominance is fading while Lighter and Aster gain traction should be verified with independent market data before rotating capital. Source: user-provided social post. Validate market share, volume, and open interest trends on derivatives DEX dashboards to confirm real flow rotation and liquidity depth before sizing positions. Sources: DefiLlama Derivatives DEX volumes and OI dashboards; Kaiko derivatives market data. Compare taker fees, maker rebates, and L2 gas costs to compute net effective trading cost; even a 1–3 bps edge compounds materially for active strategies. Sources: official exchange fee schedules; L2Fees.info. Monitor funding rates and basis; persistent positive funding on newcomers alongside rising OI can signal momentum but heightens liquidation risk on crowded positioning. Sources: Coinglass funding rate data; per-market funding pages on the exchanges. Track incentive programs and points distributions that can temporarily inflate volumes and distort fee economics; volume often normalizes after incentives fade. Sources: official project announcements and blogs; Dune Analytics incentive dashboards. When liquidity fragments, use smart order routing or split orders across venues and set venue-specific risk limits to mitigate outage or oracle risk. Sources: 0x/1inch routing documentation; exchange status and incident pages.

According to @ai_9684xtpa, MetaMask has launched a trading rewards program where spot DEX trades, perpetuals trades, and referrals earn points via a new in-app Rewards hub, source: https://twitter.com/ai_9684xtpa/status/1983173581011071022. MetaMask confirmed the integrated Perp DEX is powered by Hyperliquid with up to 40x leverage, signaling a push into on-chain derivatives, source: https://x.com/MetaMask/status/1976356098065170547. The app surfaces Perp alongside the DEX for quick access on mobile, and supports deposits from EVM-chain assets for trading, source: https://twitter.com/ai_9684xtpa/status/1983173581011071022. Points accrue at 1 point per 10 USD of DEX trading volume and 1 point per 10 USD when manually opening/closing or using TP/SL on perpetuals; referrals grant 50 points to the invited user and 10 points to the inviter per signup, source: https://twitter.com/ai_9684xtpa/status/1983173581011071022. Linea network trades receive a 100% points boost, and users must tap Rewards in the MetaMask app to claim an initial 250 points to activate accrual, source: https://twitter.com/ai_9684xtpa/status/1983173581011071022; https://x.com/MetaMask/status/1983169036817998258.

According to @JasonSoraVC, traders should prioritize risk management when markets run hot and remember no financial loss justifies self-harm, source: @JasonSoraVC on X, Oct 11, 2025. He stated the latest sell-off produced the largest liquidations in history, with most liquidations concentrated in altcoins and perpetual DEX positions while Bitcoin remained comparatively strong, source: @JasonSoraVC on X, Oct 11, 2025. He added that the move was not a black swan event, source: @JasonSoraVC on X, Oct 11, 2025. He cautioned that a significantly larger correction could be triggered by trade war or proxy war dynamics, source: @JasonSoraVC on X, Oct 11, 2025.

According to @KookCapitalLLC, their portfolio is 99% spot and they rarely trade perpetuals, keeping only one or two small positions for perp DEX farming. Source: @KookCapitalLLC on X, Oct 11, 2025. According to @KookCapitalLLC, the only open long was ZEC, they added on the sell-off, and the liquidation level was $142. Source: @KookCapitalLLC on X, Oct 11, 2025. According to @KookCapitalLLC, a wick to $140 liquidated the position before ZEC moved up significantly today. Source: @KookCapitalLLC on X, Oct 11, 2025. According to @KookCapitalLLC, they intend to run it back, underscoring the wick-driven liquidation risk they experienced on a perp DEX during ZEC volatility. Source: @KookCapitalLLC on X, Oct 11, 2025.

According to @ReetikaTrades, airdrop point incentives pushed many traders on Crypto Twitter into leveraged perpetual trading on decentralized exchanges, concentrating risk in on-chain perps; source: @ReetikaTrades on X, Oct 11, 2025. She reports this was followed by one of the biggest crypto liquidation runs, indicating a crowded leverage unwind across perp venues; source: @ReetikaTrades on X, Oct 11, 2025.

According to @lookonchain, SunPerp has surpassed $1.35B in total trading volume since its Sept 19 launch and has onboarded 14,315 users, highlighting rapid adoption of its DEX perpetuals venue; source: Lookonchain X post https://twitter.com/lookonchain/status/1975926550987219232. Based on the same figures, the implied volume per onboarded user is approximately $94,000, an analytical ratio derived from the Lookonchain data that traders can use to gauge venue activity intensity; source: calculation based on Lookonchain X post https://twitter.com/lookonchain/status/1975926550987219232. The official site listed for platform access and further market-level details is https://www.sunperp.com; source: Lookonchain X post https://twitter.com/lookonchain/status/1975926550987219232 and SunPerp site https://www.sunperp.com.

According to @gametheorizing, Lighter XYZ has graduated to Mainnet and is positioned as a user-friendly perpetual DEX with an advertised zero fees model and first-principles architecture, source: @gametheorizing on X, Oct 2, 2025. He states the team is adding features at an appropriate cadence and is one of the few in the perp DEX category that backs hype with substance, source: @gametheorizing on X, Oct 2, 2025. For traders, this launch signals immediate on-chain access to a zero-fee perpetual venue as described in his post, source: @gametheorizing on X, Oct 2, 2025.

According to Polynomial (@PolynomialFi), $ORDER is live; source: Polynomial (@PolynomialFi) on X, https://twitter.com/PolynomialFi/status/1973002394876440583, Sep 30, 2025. Orderly Network, described as an on-chain trading exchange, has landed on Polynomial, with the team framing it as perp DEX season; source: Polynomial (@PolynomialFi) on X, https://twitter.com/PolynomialFi/status/1973002394876440583, Sep 30, 2025.

According to @0xRyze, in a multi-chain market, capital and builders gravitate to ecosystems with the strongest community conviction and support, so traders should overweight projects where social engagement and belief are highest and improving (source: @0xRyze). According to @0xRyze, consumer crypto products inflect nonlinearly—often not working until they suddenly do—so a concentrated approach in the strongest early teams beats a shotgun portfolio across many names (source: @0xRyze). According to @0xRyze, narratives compound within chains—pumps spawn launchpads and hype drives perp DEX participation—so aligning with a leading ecosystem’s core apps can capture follow-on rotations and volume (source: @0xRyze). According to @0xRyze, founders and teams within the same ecosystem cross-promote and share institutional knowledge, so traders should map clusters and size into category leaders that benefit from ecosystem flywheels (source: @0xRyze). According to @0xRyze, the fastest edge is to enter the ecosystem’s social sim cluster—engage with memes and people—to test cultural fit and stickiness before sizing up positions (source: @0xRyze).

According to the source, Aster led perpetual DEXs with USD 35.9B in 24-hour trading volume, indicating a notable short-term liquidity surge for derivatives traders. Source: the source. Elevated trading volume is associated with deeper liquidity and tighter spreads, which can reduce slippage and improve execution quality for active strategies. Sources: CME Group Education; Nasdaq Market Microstructure. High turnover on perpetual contracts often coincides with larger funding-rate deviations from neutral, presenting carry opportunities when rates persistently skew positive or negative. Source: Binance Academy (Funding Rates Overview). For risk control during high-volume sessions, traders commonly monitor funding rates, open interest changes, and top-traded pairs before sizing positions and setting stops. Sources: Binance Academy (Risk Management); CME Group Education.

According to @ai_9684xtpa, wallet 0x4F12b217Aa59E6D3e1f91ca2dC96f9543576618B sold approximately $4.84 million worth of WBTC and $2.838 million of AAVE about three hours ago, signaling an exit from BTC and AAVE exposure. Source: @ai_9684xtpa on X x.com/ai_9684xtpa/status/1971474512039608699; hypurrscan.io/address/0x4F12b217Aa59E6D3e1f91ca2dC96f9543576618B The same wallet then deposited 4.692 million USDC into Hyperliquid and purchased 101,000 HYPE for about $4.25 million, implying an average fill near $42.1 per HYPE. Source: @ai_9684xtpa on X x.com/ai_9684xtpa/status/1971474512039608699; hypurrscan.io/address/0x4F12b217Aa59E6D3e1f91ca2dC96f9543576618B The author frames this as a rotation into the Perp DEX narrative and notes the wallet previously showed a bearish bias on ASTER with three short positions. Source: @ai_9684xtpa on X x.com/ai_9684xtpa/status/1971474512039608699 These on-chain flows concentrate the wallet’s exposure into HYPE on Hyperliquid, a trading-relevant shift for monitoring HYPE liquidity and momentum amid the Perp DEX trend. Source: @ai_9684xtpa on X x.com/ai_9684xtpa/status/1971474512039608699; hypurrscan.io/address/0x4F12b217Aa59E6D3e1f91ca2dC96f9543576618B

According to @MilkRoadDaily, Scott Melker argues the Federal Reserve is effectively neutered and recent rate cuts have not triggered a crypto rally, indicating macro policy headlines are not the dominant driver of BTC and ETH near term, source: @MilkRoadDaily, Sep 25, 2025. The discussion highlights that gold is signaling recession risk while equities continue to rally, suggesting traditional cross-asset signals are breaking down for traders, source: @MilkRoadDaily, Sep 25, 2025. The segment focuses on what is actually moving markets now, pointing to AI-driven flows, institutional participation, and ETF listings as bigger catalysts than the classic four-year cycle, source: @MilkRoadDaily, Sep 25, 2025. It also notes growing activity in perpetual DEXs and raises whether institutional listings and market structure shifts are the real game changers for liquidity and price discovery, source: @MilkRoadDaily, Sep 25, 2025. Trading takeaway: prioritize monitoring ETF listing dynamics, institutional flow indicators, and Perp DEX activity over rate-cut headlines when positioning in majors like BTC and ETH, source: @MilkRoadDaily, Sep 25, 2025.