I spent 2 hours reviewing 19 Perp DEXs and discovered a severely underrated one.

Everyone is rushing into Hyperliquid, right?
Me too. But last night, while analyzing data, I saw a project that made me pause for 3 seconds.
EdgeX.

First, what's the current situation with Hyperliquid?

Cost: $20 per point
TVL: 4.6 billion USD, packed like during Spring Festival travel rush
If you enter now, just getting a slice of the pie is good enough

I'm not saying HL is bad; they are indeed impressive.
But the question is—can you still make money?

Then I looked at EdgeX.
First impression: TVL is only 470 million? So small?
Second impression: Damn, cost is only $14?
Third impression: Wait, expected return is $120???
I calculated three times with my calculator.
ROI = 8.5x.

Even more outrageous is the data.
I initially thought small projects' data might be faked.
But looking at the 24-hour change:

TVL +4.48%
Trading volume +11.94%
Open interest +7.01%

All three indicators are rising.
Not driven by airdrop hype; real users are using it.

Technically, it’s also solid.

Multi-chain (liquidity is not an issue)
ZK + MPC (max security)
Amber wallet integration (Account Abstraction)
Fee rates: 0.012% / 0.038% (cheaper than HL)

Honestly, with this setup, it doesn’t seem like a project with only 400 million TVL should have.

My understanding is this:
Hyperliquid = those already in are harvesting latecomers
EdgeX = the car just started, the windows aren’t closed yet
Right now, EdgeX has points like Hyperliquid did 6 months ago.
Everyone’s watching the big guy, no one notices this second-tier project.

The coolest part is:
TGE (Token Generation Event) hasn’t started yet.
Points are still being distributed.
If you enter now, cost is $14, and if it truly hits $120 as expected...
That’s not 8x, that’s free 8x.

Of course, risks must be acknowledged:

The token swap ratio isn’t fixed (may be discounted)
TVL is still small, liquidity isn’t as good as HL
The ecosystem is still in the proof-of-concept stage

But just consider this cost-to-benefit ratio—
Even at half price, that’s 4x, brothers!

My plan:
Hold onto HL (after all, it’s the big player)
Start accumulating EdgeX (bet on its takeoff)
Walking on two legs to avoid missing out.

That’s why I want to ask everyone in the comments:
Do you think EdgeX can replicate the Hyperliquid myth?
Or am I just daydreaming, with $14 cost being a trap?
Or do you have other Perp DEXs you’re more optimistic about?
Share your thoughts—I really want to know if I’m crazy.