edgeX V1 operates a central-limit-order-book (CLOB) perpetual derivatives exchange (perpDEX) on a StarkEx ZK-rollup, batching transactions offchain and verifying and settling them to Ethereum. The application targets ~200,000 orders/second with sub-10ms latency, over 100 trading pairs, up to 100x leverage on major assets, and both web and iOS/Android UI.
In October 2025, edgeX recorded all-time highs in monthly volume and fees with $137.9 billion and $52.4 million, respectively. Total value locked (TVL) reached $432.3 million across 148,900 users as of Nov. 26, 2025.
edgeX concentrates liquidity near the mid-price (the midpoint between the best bid price and the best ask price), a primary driver of execution quality. The average depth for BTC is 126 BTC at 1 bps, 212 BTC at 2 bps, and 300 BTC at 3 bps.
Open Season is in week 27 of 27 and ends on Dec. 3, 2025. 6.7 million points have already been distributed via weekly Wednesday allocations.
edgeX’s roadmap shifts it from a perp application-rollup to a high-performance financial ecosystem via Deterministic Parallel and Modular Execution. V2 release is estimated for Q1 2026.
Primer
edgeX is a high-performance perpetual DEX co-founded by four seasoned derivatives builders and traders with expertise in derivatives product development, liquidity management, and high-performance backend and blockchain engineering.
edgeX’s official public launch occurred in November 2024, featuring both a web and mobile app interface. The protocol has grown into one of the larger derivatives protocols in key Asian markets and is actively expanding into broader global markets.
Its V2 rollout, expected in Q1 2026, will enable advanced trading features, a spot market, and third-party apps, expanding beyond the original perpDEX model to support permissionless markets more broadly. V2 will also debut EDGE Stack, an app-specific execution layer engineered for scalable high-frequency order book trading.
V1 Architecture
The edgeX team describes V1 as the minimum viable product (MVP), which provides traders a professional experience through their high-performance central limit order book (CLOB) based perpDEX. The edgeX chain is a ZK-rollup powered by the StarkEx Layer 2 engine. StarkEx ZK-rollup technology significantly reduces the load on the Ethereum Mainnet by aggregating transactions from edgeX offchain and verifying them with ZK proofs.
The edgeX orderbook is a high-throughput trading engine capable of batching 200,000 orders per second with a matching latency of less than 10 milliseconds (ms). Users can trade with up to 100x leverage on over 100 pairs. edgeX also incorporates a vault product that allows you to deposit capital into various strategies. As of Nov. 26, 2025, the eLP strategy, which acts as a counterparty for traders on edgeX, is the only available vault on the platform. The eLP strategy is designed to improve capital efficiency and risk management. It currently has $179.5 million in total value locked with an 81.5% APR.
edgeX supports self-custodial deposits via cross-chain messaging from Ethereum, BNB Chain, and Arbitrum, enabling multichain access to the platform. The protocol also uses an independent oracle provider, called Stork, to mitigate the risk of price manipulation and ensure the accurate pricing of assets. Stork oracle provides on-demand price retrieval and aggregates weighted data from independent publishers, which mitigates single-source failures and curbs manipulation risk for long-tail assets.
Additionally, the edgeX user interface (UI) serves as a trading platform and gateway for CEX and retail traders to enter DeFi. edgeX provides a web application and mobile applications for iOS and Android
Performance Metrics
Fees
edgeX collects maker and taker fees that are determined by the account's rolling 30-day trading volume. In V1, edgeX covers all gas costs on behalf of users. The platform also earns fees from funding rates as well as liquidation fees. In Oct. 2025, edgeX collected $52.4 million in fees from $137.9 billion in volume. As of Nov. 26, 2025, edgeX’s $109.3 million in Q4 fees thus far have already exceeded Q3 fees of $57.79 million. edgeX also ranks 9th in 30-day fees amongst protocols tracked by DefiLlama, with $68.8 million.
Total Value Locked (TVL)
On Nov. 26, 2025, the total value locked (TVL) on edgeX was $432.3 million across 148,900 total users of the platform, an increase of 1,716% in five months from $23.8 million on July 1, 2025. User deposits and TVL have rapidly grown due to the edgeX Points Open Season, which started in late May 2025.
Volume
In October 2025, edgeX had all-time high monthly perp volume of $137.9 billion across just over 100 pairs. Major coins like BTC and ETH are tradable with up to 100x leverage, while longer tail assets have up to 5x leverage.
Why Liquidity Depth Matters
Trading outcomes hinge on three frictions. Wider bid-ask spreads raise entry and exit costs. Limited depth increases slippage as order size grows. Shallow books let small moves push price against the trader during volatility. Data gathered from edgeX shows the venue in the top tier for perp DEX depth. Artemis’ latest snapshot on Nov. 7, 2025, shows edgeX with an average BTC depth of approximately 126 BTC at 1 bps, 212 BTC at 2 bps, and 300 BTC at 3 bps, centered around the mid-price. The same bands on Hyperliquid average 44 BTC, 79 BTC, and 125 BTC, respectively. Greater depth at these bands can support larger marketable orders with lower slippage.
edgeX Live Incentives
At the time of writing, edgeX is in week 27 of its 27-week Open Season. The points program is an incentives system designed to encourage participation and reward loyal users who contribute to the growth of the edgeX ecosystem. The points allocation criteria are as follows:
Trading Volume: 60% of the pool
Referrals + Ambassador + Events: 20% of the pool
TVL & Vault Points: 10% of the pool
Liquidation Points: 5% of the pool
Open Interest Points: 5% of the pool
Points are distributed before 08:00 UTC every Wednesday. The Open Season runs until Dec. 3, 2025, and as of Nov. 26, 2025, a total of 6.7 million points have been distributed. There has been no announcement regarding the future developments of the points program as of yet.
What is to Come: V2 Architecture and EDGE Token
The next phase of the edgeX roadmap is focused on the V2 launch, anticipated in Q1 2026. V2 is a market-focused Layer 2 network built on the EDGE Stack, utilizing a modular multi-VM design with edgeVM for high-performance, perpetual logic, and edgeEVM for standard DeFi functions. A deterministic parallel execution engine runs non-conflicting transactions in parallel, utilizing market sharding to enable busy books to scale independently. FlashLane quality of service routes latency-sensitive actions to a fast lane while non-urgent operations run in a slow lane. All execution converges to a single state root that settles to the rollup layer and inherits Ethereum security.
V2 broadens the product surface beyond perps while maintaining consistent execution and risk controls. The roadmap includes a designated venue and allows third parties to launch new markets under parameterized risk limits and oracle requirements. Native Polymarket integration is expected to surface event markets directly in the trading interface, with order entry, margining, settlement, and dispute resolution enforced onchain. Tokenized stock perpetuals are planned with leverage on listed equities, using aggregated prices from independent providers and oracle updates to reflect corporate actions. Unified accounts allow approved collateral to support positions across products within defined limits.
With the launch of V2, the edgeX team is releasing its native token, EDGE. The total supply is 1,000,000,000 tokens, allocated as follows:
Genesis distribution: 25% of total supply
Core contributors: 25% of total supply
Foundation: 10% of total supply
Future ecosystem and community: 40% of total supply
Closing Summary
edgeX is a perpetual DEX with a central limit order book on Ethereum. Its V1 focuses on execution and reliability with high throughput, sub-10 ms matching, and self-custodial access across web and mobile. Liquidity is provisioned through the eLP vault, which currently acts as the traders’ counterparty. October 2025 was a record month with $137.9 billion in volume and $52.4 million in fees, and total value locked reached $432.3 million as of Nov. 26, 2025.
Coverage today spans more than 100 pairs, with up to 100x leverage on major assets and up to 5x on long-tail assets. The Open Season program distributes points weekly on Wednesdays through Dec. 11, 2025, with allocations tied to activity such as trading and deposits. Looking ahead, V2 transitions edgeX from a perpetual DEX to a market-focused Layer 2 network with modular, multi-VM execution and deterministic parallel transaction execution, as well as a flash lane, targeting Q1 2026. The rollout introduces spot markets, Polymarket integration, and planned tokenized stocks, coinciding with the launch of EDGE.
This report was commissioned by edgeX. All content was produced independently by the author(s) and does not necessarily reflect the opinions of Messari, Inc. or the organization that requested the report. The commissioning organization may have input on the content of the report, but Messari maintains editorial control over the final report to retain data accuracy and objectivity. Author(s) may hold cryptocurrencies named in this report. This report is meant for informational purposes only. It is not meant to serve as investment advice. You should conduct your own research and consult an independent financial, tax, or legal advisor before making any investment decisions. Past performance of any asset is not indicative of future results. Please see our Terms of Service for more information.
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Eric is a research analyst at Messari and an ambassador for Maple Finance. He previously was a Product Manager for FINTRX and is passionate about DeFi and AI.
Eric is a research analyst at Messari and an ambassador for Maple Finance. He previously was a Product Manager for FINTRX and is passionate about DeFi and AI.
