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edgeX

7 pieces · Oct 2025 to Feb 2026 · 1 flagship

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Perps6 Hyperliquid3 ZK3 L1/L22 DeFi1 Solana1

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52025

22026

Start here · the strongest pieces on edgeX

Thesis11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.Data24 Oct 2025Starknet-stack perp DEXes: $249.3B 30d volume vs Hyperliquid $317.6BThe four Starknet-tech perp DEXes combined $249.3B in 30-day volume versus Hyperliquid's $317.6B. Breaks down each venue's architecture and volume and argues Starknet is underappreciated.Data05 Jan 20262025 chain revenue ranking: Solana, Hyperliquid, Tron and EthereumHyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.

Timeline · every piece, newest first

2026 2

24 Feb 2026Perp DEX Wars report: eight platforms, one institutional scorecardAnnounces A1 Research's comparison of eight perp DEXs, finding the volume leaderboard and an infrastructure-quality ranking tell very different stories on capital stickiness, execution cost, confidentiality and liquidation design.BreakdownPerpsDeFi

05 Jan 20262025 chain revenue ranking: Solana, Hyperliquid, Tron and EthereumHyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.DataHyperliquidL1/L2Solana

2025 5

29 Dec 2025Perp DEX volume vs open interest: Hyperliquid, Lighter, Aster, edgeXVolume can be rented by incentives while open interest is committed risk. Hyperliquid leads OI while Lighter and Aster lead volume, so challengers must prove durability once incentives fade.DataPerpsHyperliquid

24 Oct 2025Starknet-stack perp DEXes: $249.3B 30d volume vs Hyperliquid $317.6BThe four Starknet-tech perp DEXes combined $249.3B in 30-day volume versus Hyperliquid's $317.6B. Breaks down each venue's architecture and volume and argues Starknet is underappreciated.DataPerpsZKL1/L2

23 Oct 2025Starknet stack powers 4 of top 10 perp DEXes by 24h volumeFour of the top ten perp DEXes by 24h volume (EdgeX, Apex, Paradex, Extended) are built on Starknet tech, per DefiLlama.DataPerpsZK

11 Oct 2025Hyperliquid and the CLOB wars: learnings and predictionsLearnings from the A1 CLOB campaign: Hyperliquid leads on OI and volume, competitors show mercenary volume vs low OI, and CLOBs dominate perp DEX volume. Predicts perps replace memecoins, zero-fee models work, and HL stays ahead mid-term.ThesisHyperliquidPerpsMarket structure

10 Oct 2025Top 5 perp DEXes by volume: three run on Starknet's SN stackTop five perp DEXes did $38B in 24h and over $663B in 30d volume, and three (Paradex, edgeX, ApeX) build on Starknet tech. Points out StarkEx's continued relevance since dYdX moved to Cosmos in 2023.DataPerpsZK

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Hyperliquid113 Paradex26 ApeX5 Lighter21 Aster7 Starknet39 A1 Research39 Solana60

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