According to the most recent chain data, the market pattern of the Decentralisation of the Perp DEX has become relatively clear. In terms of 24-hour trade volume, Aster tops the list with $12.12 billion, Lighter second with $8.616 billion, Hyperliquid third with $5.58 billion, EdgeX and ApeX Protocol fourth and fifth, respectively, with $5.66 billion and $21.22 billion。

The sum of the transactions of these five platforms exceeds $33.8 billion, and they dominate the entire Perp DEX track。

For investors and traders who want to know more about Perp DEX tracks, attention to the dynamics of these five platforms largely captures the course of the entire track, so this paper moves Block Beats to provide a detailed overview of the important recent developments, product updates and community activities of the five platforms, and to help readers get a full picture of the current developments in the de-centralised derivatives market。

Lighter

Suspected sources disclosed that Lighter financing was $1.5B。

Recently, an informed person who had accurately predicted Coinbase's acquisition of Echo and Kalshi's 12 billion-dollar valuation suggested that Lighter's financing amounted to $1.5 billion in the same riddle. This news has generated widespread concern in the community and, although it has not yet been officially confirmed, the accurate predictions made by the person added to the rumour。

In terms of market performance, the projections on Polymucket show that investors have a high rating on Lighter: 88 per cent of the probability is that FDV will exceed $2 billion on the first day on the line, and 55 per cent of the probability is that it will exceed $4 billion. Meanwhile, prices in the off-site OTC market remained stable at around $80。

Two, Lighter CEO suggests Lighter's drop point is on the holidays

Lighter CEO's latest hint on Twitter has given the community a clearer expectation of the timing of airdrops. He made it clear that the second quarter credit plan would be completed by the end of the year, but not on December 31, and said, "The holidays will be lit this year."。

Combining this information, communities generally assume that airdrops are most likely to take place during the most important Western holiday, Christmas。

Polymarket's data further substantiate this expectation, showing that Lighter had a 90 per cent probability of completing the air drop by 31 December. This means that participants may receive long-awaited token awards by the end of the year。

Three, Lighter

The rules for the issuance of quarterly scores for the second race published by Lighter this month have been adjusted in comparison with the first quarter. Every Friday, 200,000 credits will be issued, covering transactions from Wednesday to Tuesday. Distribution mechanisms are more diversified, taking into account the multiple dimensions of volume of transactions, hold-ups, treasury levels, clearing and leverage multipliers, gains and losses and categories of traded goods。

It is noteworthy that the score and transaction indicators are not simple linear relationships. For example, double the volume of transactions can produce three or 1.5 times the points, a non-linear design designed to encourage more diversified transactions. The Platform has introduced a fully automated and semi-autonomous witch detection system, with up to 10 accounts per user with impunity, and more than that will face punishment。

Details are availableOfficial documentsI don't know。

4. A road map for the currency economy and products

Two weeks ago, Lighter's founder did it onceRUSSIAN AMASome key messages were revealed:

Lighter plans to spend 25-30 per cent of its coins on airdrops in the first and second seasons, with a total community distribution of 50 per cent, with the remainder to be used for future airdrops, partnership planning and funding projects。

ON THE PRODUCT SIDE, THE SPOT-TRADING FUNCTIONALITY IS EXPECTED TO BE ROLLED OUT BY THE END OF OCTOBER OR EARLY NOVEMBER, WITH CORE ASSETS SUCH AS ETH, BTC AND OTHERS ON THE LINE, WHICH WILL BE FOLLOWED BY AN INCREASE IN THE SELECTED MONETITIES AND PARTNER PROJECTS。

THE ROAD MAP FOR THE NEXT 6-12 MONTHS: CROSS-GUARANTEE FUNCTIONALITY TO BE ACHIEVED BY THE END OF THE YEAR, ALLOWING THE USE OF SPOT AS COLLATERAL FOR A LASTING CONTRACT; THE LAUNCH OF THE EVM SIDECAR SMART CONTRACT EXTENSION EARLY NEXT YEAR; THE ROLL-IN OF THE RWA DERIVATIVES (PRECIOUS METALS AND ENCRYPTION-RELATED STOCKS) PLAN AT THE END OF THE YEAR; OPTIONS AND DARK-POOL FUNCTIONALITY ARE SCHEDULED TO BE ROLLED OUT BY THE END OF NEXT YEAR AND NEXT YEAR, RESPECTIVELY。

5. arbitrage opportunities

Community usersYour Quant GuyShare one on Lighterarbitrage AlphaThe annualization of gains is about 51.5 per cent。

Data performance

From the communitydashboardWebsite and websiteit's not like you're going to do itThe data show a growth in the lighter, with the current TVL of 1.15B, which has grown by 481% over the last three months。

24 The hourly revenue of $598 million indicates that the platform is extremely active in trading. The market share of the market is 81.9 per cent. Premium Tucker's market share was 11.6 per cent。

the top 10 traders of Lighter mainly concentrate on two varieties: ETH and Hype. The number one trader on the list is based on ETH, with a total warehouse value of $25.52 million and a profit of $3.21 million, performing 83 transactions and holding 20 warehouses。

Aster

1. Phase III air-drop programme

On October 6, Aster's seamless transition to the third award scheme, "Aster Dawn", lasted five weeks until November 9. The plan introduces an innovative multi-dimensional Rh credit rating system that takes into account such factors as volume of transactions, length of hold, ASTER ecological assets (e.g. asBNB, USDF), realized gains and losses and team-recommended contributions。

The highlights of the Dawn project include: 4 per cent of the total ASTER supply earmarked for stage III airdrops; the inclusion of spot transactions in the credit system for the first time, no longer limited to sustainable contracts; 1.2 multipliers for specific transactions (e.g. AT, AT, AT, ON, etc.); and the standard rate recommended by the team of 10 per cent, with large households applying for a higher level. The rating is recalculated on a weekly basis to ensure fairness, but the specific formula is confidential to prevent brush behaviour。

The second-stage award was opened on October 10th, and the withdrawal started on October 14th, without any locking-out limit

2. Start-up buy-back

Starting in October, Aster officially launched the third phase of the currency buy-back plan, which, after the buy-back, will be transferred to the same amount as S2Address, WILL BE FOLLOWED BY AN OPEN S3 AIR DROP DISTRIBUTION。

BASED ON THE PLATFORM ' S ESTIMATE OF $15 MILLION PER DAY IN FEES, THE MARKET EXPECTS TOTAL BUYBACKS TO EXCEED $200 MILLION. SEVERAL COMMUNITY MEMBERS AND ANALYSTS FELT THAT IF THE BUY-BACK PLAN WERE TO BE SUSTAINED, IT WOULD PROBABLY DRIVE ASTER TO A TARGET OF $10。

ANALYSIS OF REPURCHASES, KOLMr. WheatThe tweets have some additional observations andDetails: Aster's current valuation has a clear discount; all KOL's chips have either been bought at current prices, OTC has been repurchased or have been fully unlocked and the chips are highly concentrated; there is no ceiling on the internal exposure of money to Aster's financial support. Together, these factors form the underlying logic of the rise。

3. MOBILE END-TO-AI TRANSACTIONS

Aster App officially landed at iOS App Store and Google Play, where users can now trade at any time and anywhere, marking an important milestone in the platform ' s user experience。

More striking is the launch of "Aster Vibe Fair." This is for the world's top AI traders and developers, and the total prize pool is $50,000 ASTER. The contestants needed to create an automated AI system that would trade the real-time through Aster API "Vibe Trader" and the winning team would have the opportunity to establish a long-term partnership with Aster。

The timeline is 21 October to 3 November, and the final winner will be announced no later than 21 November. The review process includes Aster's initial screening, community voting and final decisions by the core team。

And..nof1I'm sorry@the_nof1The project MoneySharks launched a continuous contract exchange on Aster, with an initial funding of 1 BNB (approximately $1100). At present, all six large language models are in a state of loss, and the first is deepseek, like the results of the nof1。

Hyperliquid

One, Season three

Well-known community member, Raccoon Chan Raccoon@RaccoonHKGThrough the clueI figured it out"Season Three November" -- the Hypperliquid Third Quarter Air Launch Program will be launched in November. This news gives hope to users who continue to participate in the transaction。

2. HIP-3 SIGNIFICANT UPGRADING RESULTS

The HIP-3 upgrade, which was activated on October 13, brought about significant ecological changes. One of the brightest success stories is the track.xyz and its launch of XYZ100 — the tracking of NASDA 100 futures from the top 100 non-financial companies in the United States. The first-day trade in the product exceeded $35 million, demonstrating strong market demand。

And..Hyperliquid News: trade.xyz has a record high single-day turnover of $77.57 million. 24 Revenue generated within the hour was $37,789, and the cumulative total income exceeded $217 million. Based on the current trend of growth, it has been analysed that, by Christmas, the volume of trade.xyz transactions will exceed the old platform dYdX。

it is worth mentioning that, at present, track.xyz is fully open and can be used only by pre-queuing users。

Three, Robinhood Effect

On October 23rd, after Robinhood went online and HYPE went online, the token rose by 25% a day. More important is the ongoing buy-in: alternativei'm sorry, arthurI'm sorry@ArthuronHRobinwood is currently buying about $3.7 million a day of HYPE, compared to $2.4 million a few days ago. The net purchase rate exceeds even SOL, indicating the strong demand for hype from traditional financial platforms。

4. HyperEVM Origin Agreement

Hyperliquid Daily@HYPERDAILYTKYes, HyperEVMOriginal protocol consolidationFrom the DeFi protocol to the innovative application, HyperEVM is becoming an important option for developers。

edgeX

1, EdgeX24 hours of income performance greater than Hyperliquid

According to Artemis' Top Chains by Fees, EdgeX earned a 24-hour fee of $2.3 million, exceeding Hyperliquid and becoming the top of the new chain, highlighting the platform's high level of trading activity and user stickiness。

With regard to bridge flows, EdgeX has ranked second in net inflows in the past 24 hours after the Ether Workshop, showing strong financial attractiveness。

2. TGE SIGNAL IS MORE SPECIFIC

edgeX Twitter launched a popular vote: "Prepar something special for the main network." If our mascot is Maru, what should be the token for the token? " This tweet received more than 111,000 views and 141 responses within 24 hours and was interpreted by various media as a clear signal that TGE was about to arrive。

edgeX Administrator further confirmed in the Telegram group that TGE matters were moving forward as planned. Starting this week, the team will gradually publish relevant information and will soon hold community teleconferences and question-and-answer sessions to make users fully aware of the currency economy model and distribution programme。

ApeX

1. Opening Ape Season 1 points airdrop

ApeX officially launched the Season 1 core score plan on October 6, a large-scale user incentive event lasting almost three months. The plan, which starts on 29 September, will last until 28 December, for a total of 12 epoch cycles。

Season 1 set up an incentive pool of 69 million APE credits to distribute 5.75 million points per week. Distribution time is fixed at 8 a.m. on Wednesday UTC time, based on user activity data from the previous week。

ACCRUAL ACCESS CHANNELS INCLUDE: VOLUME OF TRANSACTIONS (60 PER CENT); REFERRAL SYSTEM (20 PER CENT); TVL VAULT (10 PER CENT); LIQUIDATION OPERATIONS (5 PER CENT); INTEREST ON HOLD (5 PER CENT)

In addition, if the fleet team that joined ApeX is added to the volume of the team week, the user will receive a multiplier of 1.5 times to 1.5 times the value of the team week: US$ 500 million, US$ 1.1 billion, US$ 3 billion, US$ 1.15, US$ 5.2 billion, US$ 8 billion, and US$ 130, and the top team of US$ 10 billion or more will receive a maximum of 1.5 times。

There are also a number of special additions: extra multiples through Mantle network deposits; pledge of APEX tokens for 3-24 months for different tranches; preheat participants with a compound coefficient incentive for early adopters; users with historical trading activities on platforms such as Hyperliquid, Aster, EdgeX, and "DEX pioneer" added。

Kaito AI Cooperation: $100,000 for the Creator Support Scheme

ApeX and Kaito AI jointly launched a two-month Creative Incentive Scheme with a total prize pool of US$ 100,000. The scheme lasted from 27 October to 4 January 2026 and was divided into five two-week cycles, each offering a prize of 100 high-quality creators and a single-cycle bonus of $20,000。

The creator's ranking is based on a combination of three dimensions:

Content quality is the highest (50 per cent), covering market analysis, ApeX platform tutorials, trading strategy sharing, DeFi industry discussions and meme cultural content. This means that both in-depth research content and easy and interesting creative work have access to incentives。

Social interaction accounted for 30 per cent, with the main consideration given to Twitter platforms ' praises, comments and forwarding of data. This encourages creators not only to produce high-quality content, but also to actively interact with communities and increase their impact。

The contribution of ecological values is 20 per cent, assessing the actual contribution of creators to the ApeX ecosystem, such as attracting new users, facilitating functional use, etc。

Of particular concern is the fact that creators can be added if they are also active traders. A weekly transaction of US$ 500,000 received 1.25 multipliers, and over US$ 2 million received 2 multipliers. In addition, high-active creators receive up to 30 per cent discounts on transaction costs。

3-AI TRADE COMPETITION

ON OCTOBER 20TH, THE AI TRADING FIELD WAS LAUNCHED TO PROVIDE AN ARENA FOR THE DISPLAY OF POWER FOR ALGORITHM TRADERS. THE COMPETITION SET UP A PRIZE POOL OF 25,000 USDTS TO SUPPORT THE PARTICIPATION OF AI TRADING ROBOTS THROUGH API/SDK ACCESS。

The platform provides initial funding of $5,000 for each participating vault and opens up to 100 times the leverage。

ApeX Trading Club

For senior users of the Platform, ApeX launched the Trading Club scheme. The scheme runs from 17 October to 13 November for a period of four weeks and provides a weekly US$ 2,000 US$ 8000 US$。

The threshold for accession is to be verified through a six-month transaction volume to ensure that members are real active traders. The club, in the exclusive Telegram community form, provides a platform for in-depth communication and information-sharing among high net value traders, forming a close community of elite traders。