Perps have grown up.
The next wave of products is built around how people actually trade.
FX100 is a perp trading DEX with a 15-minute liquidation-protection window. Live on @base Sepolia testnet.
Perps is such a great on-chain business! No, it's not.
Hyperliquid 24h revenue: $1M
Total revenue of all memecoin products: ~$2.9M
What's bigger, Bloomberg or Instagram?
The product with millions of users always beats the one with a few high-paying ones.
Perps are a breakout DeFi category of the past several years.
Since early 2024, Perp Volume across all DeFi has grown 4X, while Open Interest has grown 40X.
Perps on pre-IPO companies like OpenAI, SpaceX and Anthropic are pulling real volume onchain, and almost no one is tracking it.
When SpaceX launched on pre-IPO perp volume spiked to $56M in a single day. Our latest research maps the non-crypto perp market onchain: what's trading, the volumes, and where it's heading.
Read the full report:
Perps don’t expire.
Funding rates are what keep them honest.
@borntobry breaks down how perpetual contracts work and why they became the core market structure for crypto trading 👇
Perps & outcome markets have driven trillions in trading volume.
Exchange OS brings it all together in a major upgrade for X Layer, enabling builders to deploy markets without rebuilding infrastructure, with customizable compliance controls built in.
Details: