#Perp DEX市场竞争 The recent competitive landscape of the Perp DEX market is quite interesting. Seeing Momentum accumulate to 240 million TVL and $12 billion in trading volume on Sui chain, while simultaneously Upheaval is rapidly capturing market share on HyperEVM—this reflects the genuine growth in derivatives trading demand.

What’s noteworthy in the data is: Momentum’s single-quarter fees exceeding $7 million, indicating that cash flow in the Perp market is building up; Upheaval’s oversubscription of 870% in pre-sale suggests clear market expectations for new AMM derivatives solutions. However, the competitive logic of these two tracks is entirely different—Momentum relies on its capital management DNA and TVL advantages to build a moat, while Upheaval depends on the Launchpad ecosystem and governance incentives to maintain liquidity.

The key issue is liquidity fragmentation. Each new Perp DEX is vying for trading volume and LP funds, but the overall pie has not expanded proportionally, meaning later entrants need stronger incentives or clearer differentiation to sustain growth. Momentum’s HODL Yield Campaign offers an annualized yield of 155%, essentially using subsidies to drive growth—this strategy is effective in the short term but raises questions about long-term sustainability.

From an on-chain perspective, it’s also necessary to monitor the actual trading depth and market maker structure changes on these platforms, especially the flow of whale funds. If large transactions start dispersing across multiple platforms, it indicates the market is truly reaching equilibrium; otherwise, it may be a false prosperity driven by incentives.