#Perp DEX市场竞争 Recently, the debate in the Perp DEX track has been so interesting! The comparison between Lighter and Hyperliquid is like two different routes competing for the future of derivatives trading—on one side, Hyperliquid has already reached $7.35 billion in open interest, and on the other side, Lighter is about to TGE, each with its own story.

But I think what’s more worth paying attention to is the underlying logic. Some say that Lighter needs extremely high trading volume under the current fee distribution structure to match Hyperliquid, which sounds like a criticism. But from a different perspective, Lighter has a clear PMF and real revenue, which precisely indicates that it has tapped into users’ genuine needs in a certain dimension.

The competition in DeFi derivatives is essentially about optimizing trading experience and value distribution—who can provide traders with better liquidity, lower costs, and fairer profit sharing will win this race. This is not a zero-sum game; the market is large enough, and different design approaches can actually drive innovation and iteration in the entire track.

I am particularly optimistic about this direction because it signifies that DeFi is evolving from a simple trading platform into a true value capture mechanism—users, liquidity providers, and protocols can all benefit. This is the real charm of Web3 finance.