Enterprise Note: Are New Perp DEXs Emerging or Just Noise?

Key Insights

• New entrants (Aster, Lighter, edgeX) drove 46% of onchain perp TVL growth YTD, but their growth quality varies wildly. Hyperliquid has historically commanded 90% of sector TVL and open interest, and serves as the baseline for measuring organic traction.
• Aster and edgeX show elevated and rising volume-to-TVL ratios, while Lighter’s ratio remains above Hyperliquid’s but is trending lower. Additionally, Aster’s reported trading volume also tracks Binance’s almost 1:1, suggesting much of its flow may be mirrored or routed.
• Hyperliquid-linked addresses represent only 6%, 19%, and 13% of total addresses on Aster, Lighter, and edgeX, respectively. Only 7% of Hyperliquid addresses have interacted with at least one, showcasing that Hyperliquid’s users are sticky.
• Capital from Hyperliquid-linked wallets accounts for just 31%, 2%, and 4% of Aster’s, Lighter’s, and edgeX’s TVL, respectively. Most inflows, therefore, appear to come from wallets with no prior Hyperliquid interaction, implying that current liquidity is largely exogenous.
• The combination of low address and capital overlap and elevated volume metrics may suggest that much of the current participation is mercenary capital. Some share may come from new users or Hyperliquid traders using new wallets, but evidence points to temporary, incentive-led engagement rather than durable liquidity migration.

Hyperliquid Dominates Onchain Perps