Hotcoin Research | Review of Leading Perp DEX: Cool Reflections Amidst Data Frenzy and Outlook for 2026
At the beginning of the year, Hyperliquid dominated the market, holding over 70% market share; in the second half of the year, with the rise of new Perp DEXs like Aster, Lighter, and EdgeX, each with its own characteristics, Hyperliquid's market share dropped to around 20%, entering a new stage of comprehensive competition involving technology, capital, incentives, and real demand.