Tracking Perp DEX This Week: Which Platform Deserves Your Attention?

Whale Movements Signal Market Shifts

Blockchain data reveals interesting patterns in how major traders are positioning themselves across perpetual DEXs. On-chain monitoring shows nuanced strategies: some large holders are trimming exposure while others are doubling down against prevailing trends.

The most notable activity centers on Hyperliquid, where significant position adjustments occurred recently. One major whale gradually reduced ETH short exposure, cutting positions by $1.66 million and $7.79 million within hours, though currently sitting on unrealized losses around $5.27 million. Meanwhile, another whale increased BTC short holdings by $850,000, facing $9.02 million in unrealized losses—yet still adding to the position. A third major holder reduced ETH longs by 830 coins (approximately $3.95 million), showing more cautious positioning. These moves reflect the complex decision-making at play during market volatility.

Revenue Race: Who’s Winning in the Perp DEX Space?

Platform economics tell a compelling story about where liquidity is flowing. edgeX continues to dominate short-term revenue metrics, generating over $750,000 in the past 24 hours. However, Hyperliquid is gaining ground rapidly, with revenue surging past $7 million daily—a significant climb that positions it as the second-largest revenue generator in the Perp DEX ecosystem.

The revenue surge reflects both growing trading activity and successful monetization strategies. Hyperliquid’s daily fees and revenue hit historic highs at $7.48 million and $6.96 million respectively, demonstrating the platform’s scaling capacity during peak demand periods.

Capital Efficiency: TVL and Returns Under the Microscope

For liquidity providers evaluating opportunities, the return metrics are striking:

Hyperliquid’s HLP maintains over $430 million in total value locked with an APR hovering around 16%. What’s remarkable: in less than 15 minutes yesterday, HLP generated over $600,000 in revenue—a stunning productivity metric that signals efficient capital deployment.

edgeX’s eLP operates at different economics with $150 million TVL and approximately 34% APR over the past month, offering higher percentage returns on a smaller capital base.

Lighter’s LLP shows the most aggressive returns: TVL exceeded $880 million with APR maintained near 80%. On August 15 alone, providers captured 2.5% returns in a single day—extrapolating to extraordinary annualized figures.

These divergent return profiles reflect different risk appetites and platform maturity stages.

Trading Volume Trajectory: Growth Across the Board

Seven-day average trading volume expanded notably across leading Perp DEXs. Hyperliquid tops the list as the highest-volume chain for derivatives trading across all major blockchains, with Jupiter and Orderly also posting significant volume increases. edgeX surpassed $2 billion in 24-hour trading volume—a milestone showing the competitive intensity heating up.

Token Performance and Repurchase Signals

HYPE continues breaking resistance levels, showing relative resilience compared to broader market movements. Over the past 24 hours, approximately 168,000 HYPE tokens were repurchased for $7.72 million at an average price of $46.02—marking the highest repurchase volume on record. Token buyback programs of this magnitude typically signal management confidence in platform fundamentals.

Emerging Players Worth Monitoring

Pacifica, a newly launched perpetual DEX on Solana founded by former FTX COO Constance Wan, is accumulating user traction with daily trading volume surpassing $50 million and over 1,000 active users despite its recent launch. The platform operates as fully self-funded with no external capital raises to date.

Drift continues innovating with products like syrupUSDC deposits offering 30% APY, expanding the value proposition beyond pure trading.

What This Means for Market Participants

The Perp DEX ecosystem is experiencing genuine competition across multiple dimensions: trading volumes are climbing, revenue figures are hitting new highs, and liquidity provider returns vary dramatically based on platform economics. Whale positioning patterns suggest sophisticated traders are carefully managing exposure rather than making directional bets, while platform metrics indicate the sector continues attracting both volume and capital despite broader market conditions.

Investors should monitor both the consistent performers like edgeX and high-growth platforms like Hyperliquid, while remaining alert to newer entrants like Pacifica that may offer early-stage opportunities.