Perpetual DEX research.
Evidence before conviction.
Protocol analysis, token economics and practical comparisons. Read the evidence, inspect the assumptions, and follow what changes.
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Protocol research & comparisons
Ondo Perps: stock perps, spot collateral and the ONDO token boundary
Ondo Perps explained: equity perpetuals, stock collateral, enclave execution, omnibus custody and the separate rights of the ONDO token.
Read analysis →Updated 2026-11-02VENUE PROFILEGMTrade and GMX Solana: markets, fees and data scope
GMTrade explained: Solana liquidity pools, the GMX relationship, GT token boundaries and checks needed before combining provider data.
Read analysis →Updated 2026-11-02PROTOCOL RESEARCHVariational Omni analysis: VAR tokenomics, OLP and TradFi perps
Variational analysis: Q4 2026 VAR TGE plan, announced token allocation, OLP spreads and treasury economics, comparable open interest, and pre-TGE valuation risks.
Read analysis →Updated 2026-10-08COVERAGE AUDITVelocity perps: the new Solana program after Drift
Velocity perp execution, its break from paused Drift, USDT scope and the evidence needed before any comparable volume ranking.
Read analysis →Updated 2026-10-07COVERAGE AUDITSYMMIO perps: one clearing layer across many frontends
How SYMMIO solver execution relates to Thena and Vibe, and why a SwapBased frontend license is not proof of separate perp activity.
Read analysis →Updated 2026-10-07TRADING METHODSPerp DEX liquidation explained: collateral, margin and funding
How collateral and maintenance margin determine liquidation risk, with source-checked Hyperliquid and Ostium examples and a worked funding calculation.
Read analysis →Updated 2026-10-07TOKEN UTILITY / GRVTGRVT membership explained: token locks, fee tiers and GLP access
GRVT membership locks, fee tiers and GLP access, including conflicting official terms and the litepaper's explicit limits on token-holder rights.
Read analysis →Updated 2026-10-07PROTOCOL RESEARCHGRVT token analysis: membership demand and dilution
GRVT token dossier covering explicit litepaper rights, membership-document conflicts, allocation-specific vesting and dated trading observations.
Read analysis →Updated 2026-10-07COVERAGE AUDITGains gTrade: a venue boundary before a perp ranking
A source-checked review of gTrade leveraged markets, execution scope, RWA references and the data still needed for a comparable perp ranking.
Read analysis →Updated 2026-10-07COVERAGE AUDITBluefin Pro perps: a Sui version break
Bluefin Pro perpetual trading on Sui, its Classic migration, BLUE token limits and the source checks needed for a comparable daily series.
Read analysis →Updated 2026-10-07VENUE SCOPEApeX Omni perps: venue scope, TradFi markets and APEX buyback evidence
An evidence-based ApeX Omni perp audit separating live Omni, legacy Pro, closed Spot, TradFi markets, token terms and reported versus verified APEX buybacks.
Read analysis →Updated 2026-10-07VENUE SCOPESoDEX perps: mainnet markets, SoPoints incentives and SOSO token rights
An evidence-based SoDEX perp audit covering live API markets, trading incentives, fee discounts, SOSO supply terms and the data checks needed before ranking.
Read analysis →Updated 2026-10-06PROTOCOL RESEARCHOstium analysis: RWA perpetuals, fees and oracle risk
Ostium dossier: RWA perpetuals, the July 2026 exploit and reopening, post-reopen revenue quality, OLP vault rights and token-status evidence.
Read analysis →Updated 2026-10-06PROTOCOL RESEARCHExtended DEX analysis: fees, vault economics and token status
Extended DEX analysis of current trading fees, XVS vault yield and risks, Starknet settlement, and why a protocol-token price remains unverified.
Read analysis →Updated 2026-10-06EXPLAINERWhy perp DEX volume can grow while the token lags
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.
Read analysis →Updated 2026-10-05PROTOCOL RESEARCHedgeX EDGE analysis: buybacks, vesting and trading economics
edgeX EDGE analysis: token supply and buybacks, V1/V2 revenue scope, Arc FX and RWA perp expansion, launch incentives and remaining evidence gaps.
Read analysis →Updated 2026-10-05VENUE SCOPEdYdX Chain perps: what belongs in the venue, volume and DYDX token record
An evidence-based dYdX Chain perp audit: v3 versus Chain, Indexer market and candle data, token buyback terms and the checks needed before ranking.
Read analysis →Updated 2026-10-05COVERAGE AUDITGMX V2 perps: active networks, token rights and data boundaries
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.
Read analysis →Updated 2026-09-30TRADING METHODSHow much does a perp DEX trade really cost? Fees, fills and funding
A practical ledger for perp DEX trading costs: notional-based fees, execution price, funding, borrowing and product-specific charges, with dated examples.
Read analysis →Updated 2026-09-29PROTOCOL RESEARCHParadex DIME analysis: buybacks, vesting and product scope
Paradex DIME research: separate reported buybacks by funder, check what the public transfer series actually measures, and trace current vesting terms.
Read analysis →Updated 2026-09-29VENUE SCOPELighter Core and Robinhood Chain: two perp instances, one data trap
How Lighter Core, the Robinhood Chain instance and Robinhood Wallet relate—and why their perp metrics, fees and token flows need separate evidence.
Read analysis →Updated 2026-09-29DATA INVESTIGATIONPerp DEX revenue: what 30 versus 90 days actually tells us
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.
Read analysis →Updated 2026-09-28VAULT RESEARCHOstium OLP explained: vault yield, junior buffer and withdrawal risk
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.
Read analysis →Updated 2026-09-28MARKET STRUCTUREHyperliquid vs Aster: trading costs, markets and token economics
A source-based comparison of Hyperliquid and Aster: defined fee scenarios, execution checks, product scope and the difference between HYPE and ASTER exposure.
Read analysis →Updated 2026-09-28PROTOCOL RESEARCHHyperliquid HYPE analysis: fee capture, market scope and dilution
Analyse HYPE through Hyperliquid fee capture, Assistance Fund burns, HIP-3 scope and supply assumptions, with a framework for testing the investment thesis.
Read analysis →Updated 2026-09-28ORIGINAL DATA / AVNTAVNT buybacks: a 30-day ledger and two onchain spot checks
We reconstruct 120 Avantis buyback records, publish the CSVs and trace two transactions from USDC spending to AVNT sent to a dead address.
Read analysis →Updated 2026-09-28PROTOCOL RESEARCHAvantis AVNT analysis: buybacks, dilution and the RWA thesis
An evidence-based AVNT analysis: Avantis buybacks, token supply, RWA demand, revenue reconciliation and the signals that would strengthen or weaken the thesis.
Read analysis →Updated 2026-09-28PROTOCOL RESEARCHAster token analysis: ASTER buybacks, veASTER and supply
Understand ASTER buybacks, veASTER rewards, reserve burns and changing emissions. A sourced Aster analysis separating platform growth from token economics.
Read analysis →Updated 2026-09-28TRADING MECHANICSGold derivatives on Ostium, Veranta and Variational: the costs that matter
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.
Read analysis →Updated 2026-09-24PROTOCOL RESEARCHSynFutures F analysis: permissionless markets and token value
SynFutures dossier: Oyster AMM design, $38M total funding history, 10 billion F max supply and vesting, and thin-market execution risk.
Read analysis →Updated 2026-09-22MARKET STRUCTURERWA perpetuals vs tokenized assets: gold, stocks and ownership
Understand RWA perps, tokenized asset claims, market-hour risk and holding costs, with a worked gold example and source-based venue distinctions.
Read analysis →Updated 2026-09-22PROTOCOL RESEARCHReya REYA analysis: token design, buybacks and migration risks
Reya dossier: Orbit versus based-rollup architecture, 8 billion REYA supply design, proposed Assistance Fund buybacks, and an unverified token market identity.
Read analysis →Updated 2026-09-22MARKET STRUCTURENEAR perps explained: what near.com adds to Hyperliquid
How near.com routes users into Hyperliquid perps, what its privacy description actually says, and why interface volume must not be counted twice.
Read analysis →Updated 2026-09-22Market foundations
Open interest is not trading volume
Learn why turnover and outstanding perp positions tell different stories, with a worked example and a source-matched research checklist.
Read the note →TOKEN ECONOMICSWhere do trading fees actually go?
Why gross fees, protocol revenue and value reaching token holders require separate lines.
Read the note →TOKEN SUPPLYToken supply explained: circulation, unlocks and burns
Read circulating and total supply alongside dated unlocks, emissions and burns.
Read the note →TOKEN ECONOMICSHow six perp DEXs turn fees into token mechanics
A grounded, source-by-source comparison of documented fee-to-token mechanisms — not a ranking of which is best.
Read the note →