#Perp DEX市场竞争 Perp DEX this game is becoming more and more interesting. Hyperliquid's 24-hour open interest increased by 400 million, heading straight to 7.35 billion. What does this growth curve indicate? It shows that traders are voting with real money. In contrast, on the night before Lighter's TGE, the community's discussion focus was on whether fee distribution could support the valuation—this is the result of structural differences laid out on the table.

But recently, I’ve been reviewing another detail: the UNI burn arbitrage case. Burning 4,000 UNI ended up netting $14,500. This is due to a momentary imbalance in contract design. The problem is, such opportunities are almost invisible to retail investors, requiring highly customized on-chain intuition and execution capabilities. I’ve seen many copy traders frequently stumble on these "early opportunity" trades—any variable like gas costs, slippage expectations, or time windows can wipe out the profits.

So my advice is: if you're copying in the Perp DEX space, first look at whether your trader is from Hyperliquid or a newcomer. The former benefits from scale and liquidity advantages, steady but slow; the latter bets on structural upgrades, with larger but fleeting arbitrage opportunities. There’s no absolute answer; it’s crucial to align your position sizing with your risk capacity and psychological expectations.