PerpsAtlas Researchhttps://perpsatlas.comPerpetual markets in perspectiveOndo Perps: stock perps, spot collateral and the ONDO token boundaryhttps://perpsatlas.com/research/ondo-perps-spot-collateral-coverage/https://perpsatlas.com/research/ondo-perps-spot-collateral-coverage/Ondo Perps explained: equity perpetuals, stock collateral, enclave execution, omnibus custody and the separate rights of the ONDO token.GMTrade and GMX Solana: markets, fees and data scopehttps://perpsatlas.com/research/gmtrade-gmx-solana-profile/https://perpsatlas.com/research/gmtrade-gmx-solana-profile/GMTrade explained: Solana liquidity pools, the GMX relationship, GT token boundaries and checks needed before combining provider data.Variational Omni analysis: VAR tokenomics, OLP and TradFi perpshttps://perpsatlas.com/research/variational-analysis/https://perpsatlas.com/research/variational-analysis/Variational analysis: Q4 2026 VAR TGE plan, announced token allocation, OLP spreads and treasury economics, comparable open interest, and pre-TGE valuation risks.Velocity perps: the new Solana program after Drifthttps://perpsatlas.com/research/velocity-perps-coverage/https://perpsatlas.com/research/velocity-perps-coverage/Velocity perp execution, its break from paused Drift, USDT scope and the evidence needed before any comparable volume ranking.SYMMIO perps: one clearing layer across many frontendshttps://perpsatlas.com/research/symmio-perps-execution-coverage/https://perpsatlas.com/research/symmio-perps-execution-coverage/How SYMMIO solver execution relates to Thena and Vibe, and why a SwapBased frontend license is not proof of separate perp activity.Perp DEX liquidation explained: collateral, margin and fundinghttps://perpsatlas.com/research/perp-dex-liquidation-risk/https://perpsatlas.com/research/perp-dex-liquidation-risk/How collateral and maintenance margin determine liquidation risk, with source-checked Hyperliquid and Ostium examples and a worked funding calculation.GRVT membership explained: token locks, fee tiers and GLP accesshttps://perpsatlas.com/research/grvt-membership-explained/https://perpsatlas.com/research/grvt-membership-explained/GRVT membership locks, fee tiers and GLP access, including conflicting official terms and the litepaper's explicit limits on token-holder rights.GRVT token analysis: membership demand and dilutionhttps://perpsatlas.com/research/grvt-analysis/https://perpsatlas.com/research/grvt-analysis/GRVT token dossier covering explicit litepaper rights, membership-document conflicts, allocation-specific vesting and dated trading observations.Gains gTrade: a venue boundary before a perp rankinghttps://perpsatlas.com/research/gains-gtrade-perps-coverage/https://perpsatlas.com/research/gains-gtrade-perps-coverage/A source-checked review of gTrade leveraged markets, execution scope, RWA references and the data still needed for a comparable perp ranking.Bluefin Pro perps: a Sui version breakhttps://perpsatlas.com/research/bluefin-pro-perps-coverage/https://perpsatlas.com/research/bluefin-pro-perps-coverage/Bluefin Pro perpetual trading on Sui, its Classic migration, BLUE token limits and the source checks needed for a comparable daily series.ApeX Omni perps: venue scope, TradFi markets and APEX buyback evidencehttps://perpsatlas.com/research/apex-omni-perps-coverage/https://perpsatlas.com/research/apex-omni-perps-coverage/An evidence-based ApeX Omni perp audit separating live Omni, legacy Pro, closed Spot, TradFi markets, token terms and reported versus verified APEX buybacks.SoDEX perps: mainnet markets, SoPoints incentives and SOSO token rightshttps://perpsatlas.com/research/sodex-perps-coverage/https://perpsatlas.com/research/sodex-perps-coverage/An evidence-based SoDEX perp audit covering live API markets, trading incentives, fee discounts, SOSO supply terms and the data checks needed before ranking.Ostium analysis: RWA perpetuals, fees and oracle riskhttps://perpsatlas.com/research/ostium-analysis/https://perpsatlas.com/research/ostium-analysis/Ostium dossier: RWA perpetuals, the July 2026 exploit and reopening, post-reopen revenue quality, OLP vault rights and token-status evidence.Extended DEX analysis: fees, vault economics and token statushttps://perpsatlas.com/research/extended-analysis/https://perpsatlas.com/research/extended-analysis/Extended DEX analysis of current trading fees, XVS vault yield and risks, Starknet settlement, and why a protocol-token price remains unverified.Why perp DEX volume can grow while the token lagshttps://perpsatlas.com/research/perp-dex-volume-vs-token-value/https://perpsatlas.com/research/perp-dex-volume-vs-token-value/Follow a perpetual exchange trade from notional volume to fees, retained income, token buybacks and dilution. A plain-English guide with Hyperliquid and Aster examples.edgeX EDGE analysis: buybacks, vesting and trading economicshttps://perpsatlas.com/research/edgex-analysis/https://perpsatlas.com/research/edgex-analysis/edgeX EDGE analysis: token supply and buybacks, V1/V2 revenue scope, Arc FX and RWA perp expansion, launch incentives and remaining evidence gaps.dYdX Chain perps: what belongs in the venue, volume and DYDX token recordhttps://perpsatlas.com/research/dydx-chain-perps-coverage/https://perpsatlas.com/research/dydx-chain-perps-coverage/An evidence-based dYdX Chain perp audit: v3 versus Chain, Indexer market and candle data, token buyback terms and the checks needed before ranking.GMX V2 perps: active networks, token rights and data boundarieshttps://perpsatlas.com/research/gmx-v2-perps-coverage/https://perpsatlas.com/research/gmx-v2-perps-coverage/A source-checked map of GMX V2 perpetual markets, active networks, GMX token buyback terms and the data scopes needed before adding GMX to a perp DEX ranking.How much does a perp DEX trade really cost? Fees, fills and fundinghttps://perpsatlas.com/research/perp-dex-trading-costs-explained/https://perpsatlas.com/research/perp-dex-trading-costs-explained/A practical ledger for perp DEX trading costs: notional-based fees, execution price, funding, borrowing and product-specific charges, with dated examples.Paradex DIME analysis: buybacks, vesting and product scopehttps://perpsatlas.com/research/paradex-analysis/https://perpsatlas.com/research/paradex-analysis/Paradex DIME research: separate reported buybacks by funder, check what the public transfer series actually measures, and trace current vesting terms.Lighter Core and Robinhood Chain: two perp instances, one data traphttps://perpsatlas.com/research/lighter-core-robinhood-chain-explained/https://perpsatlas.com/research/lighter-core-robinhood-chain-explained/How Lighter Core, the Robinhood Chain instance and Robinhood Wallet relate—and why their perp metrics, fees and token flows need separate evidence.Perp DEX revenue: what 30 versus 90 days actually tells ushttps://perpsatlas.com/research/perp-dex-revenue-30-vs-90-days/https://perpsatlas.com/research/perp-dex-revenue-30-vs-90-days/A dated comparison of Ostium, edgeX and Hyperliquid fee and revenue windows, with exact product scope, buyback limits and a reproducible way to read acceleration.Ostium OLP explained: vault yield, junior buffer and withdrawal riskhttps://perpsatlas.com/research/ostium-olp-vault-explained/https://perpsatlas.com/research/ostium-olp-vault-explained/A source-checked guide to Ostium's OLP vault after its redesign: what OLP represents, how opening fees reach LPs, how losses are absorbed, and why OLP is not a platform token.Hyperliquid vs Aster: trading costs, markets and token economicshttps://perpsatlas.com/research/hyperliquid-vs-aster/https://perpsatlas.com/research/hyperliquid-vs-aster/A source-based comparison of Hyperliquid and Aster: defined fee scenarios, execution checks, product scope and the difference between HYPE and ASTER exposure.Hyperliquid HYPE analysis: fee capture, market scope and dilutionhttps://perpsatlas.com/research/hyperliquid-hype-analysis/https://perpsatlas.com/research/hyperliquid-hype-analysis/Analyse HYPE through Hyperliquid fee capture, Assistance Fund burns, HIP-3 scope and supply assumptions, with a framework for testing the investment thesis.AVNT buybacks: a 30-day ledger and two onchain spot checkshttps://perpsatlas.com/research/avnt-buyback-ledger-september-2026/https://perpsatlas.com/research/avnt-buyback-ledger-september-2026/We reconstruct 120 Avantis buyback records, publish the CSVs and trace two transactions from USDC spending to AVNT sent to a dead address.Avantis AVNT analysis: buybacks, dilution and the RWA thesishttps://perpsatlas.com/research/avantis-avnt-analysis/https://perpsatlas.com/research/avantis-avnt-analysis/An evidence-based AVNT analysis: Avantis buybacks, token supply, RWA demand, revenue reconciliation and the signals that would strengthen or weaken the thesis.Aster token analysis: ASTER buybacks, veASTER and supplyhttps://perpsatlas.com/research/aster-token-analysis/https://perpsatlas.com/research/aster-token-analysis/Understand ASTER buybacks, veASTER rewards, reserve burns and changing emissions. A sourced Aster analysis separating platform growth from token economics.Gold derivatives on Ostium, Veranta and Variational: the costs that matterhttps://perpsatlas.com/research/gold-derivatives-ostium-veranta-variational/https://perpsatlas.com/research/gold-derivatives-ostium-veranta-variational/Compare Ostium XAU/USD, Veranta's CFD-style gold market and Variational XAU perp by instrument type, trading hours, spreads, funding and a worked cost example.SynFutures F analysis: permissionless markets and token valuehttps://perpsatlas.com/research/synfutures-analysis/https://perpsatlas.com/research/synfutures-analysis/SynFutures dossier: Oyster AMM design, $38M total funding history, 10 billion F max supply and vesting, and thin-market execution risk.RWA perpetuals vs tokenized assets: gold, stocks and ownershiphttps://perpsatlas.com/research/rwa-perps-vs-tokenized-assets/https://perpsatlas.com/research/rwa-perps-vs-tokenized-assets/Understand RWA perps, tokenized asset claims, market-hour risk and holding costs, with a worked gold example and source-based venue distinctions.Reya REYA analysis: token design, buybacks and migration riskshttps://perpsatlas.com/research/reya-analysis/https://perpsatlas.com/research/reya-analysis/Reya dossier: Orbit versus based-rollup architecture, 8 billion REYA supply design, proposed Assistance Fund buybacks, and an unverified token market identity.NEAR perps explained: what near.com adds to Hyperliquidhttps://perpsatlas.com/research/near-com-perps-hyperliquid/https://perpsatlas.com/research/near-com-perps-hyperliquid/How near.com routes users into Hyperliquid perps, what its privacy description actually says, and why interface volume must not be counted twice.Open interest is not trading volumehttps://perpsatlas.com/research/open-interest-vs-volume/https://perpsatlas.com/research/open-interest-vs-volume/Learn why turnover and outstanding perp positions tell different stories, with a worked example and a source-matched research checklist.Where do trading fees actually go?https://perpsatlas.com/research/fees-revenue-and-token-value/https://perpsatlas.com/research/fees-revenue-and-token-value/Why gross fees, protocol revenue and value reaching token holders require separate lines.Token supply explained: circulation, unlocks and burnshttps://perpsatlas.com/research/dilution-and-unlocks/https://perpsatlas.com/research/dilution-and-unlocks/Read circulating and total supply alongside dated unlocks, emissions and burns.How six perp DEXs turn fees into token mechanicshttps://perpsatlas.com/research/fee-buyback-mechanisms-compared/https://perpsatlas.com/research/fee-buyback-mechanisms-compared/A grounded, source-by-source comparison of documented fee-to-token mechanisms — not a ranking of which is best.