PerpDEX Is Beginning to Split Into Two DirectionsTo begin with the conclusion, the current PerpDEX landscape is starting to diverge into two major directions. One path focuses on building massive trading venues in order to capture the infrastructure of price discovery. The other aims to evolve into a financial platform that integrates the lifecycle of capital. A representative example of the former is Hyperliquid. By combining its own chain with a high-performance order book, Hyperliquid has ...