They can help you get ahead of the curve.

目前Hyperliquid是要领先Aster一代的，像5代机对4代机的领先，但是在全方位体系化作战中，4代机未必一定会输，最终拼的是生态协同作战。

Neutral Exchange is a "spirit fusion technique" resulting from the long-lasting liquidity tug-of-war between CEX and DEX.

Hyperliquid扛起了“区块链精神”的旗帜——公开、透明、去中心化、用户主权。就像当年的币安扛着这面旗帜去反传统金融一样。

Hyperliquid has ignited the Perp DEX craze, and the five major mechanism vulnerabilities it exposed are driving the reconstruction of the next-generation protocol.

Perp DEX is a key project that cannot be missed by the current round of "money-pulling" army and contract players.

This report explores the data behind this evolution, the platforms leading the way, and the technology and market trends that will shape the future of Perp DEXs.

The on-chain trend has arrived, platforms are showing their strengths, and users are reaping the benefits.

The next 12 months will be a critical period of competition. The winners may monopolize liquidity, and the losers will eventually become silent.

KiloEx is driving disruptive changes in on-chain derivatives trading and is committed to becoming the "Binance on the chain". Through 100% full-chain execution, zero-gas trading, and CEX-level trading experience, KiloEx has created a secure, efficient, and transparent decentralized trading environment.

Perp DEXs such as Hyperliquid are also actively embracing meme culture and have become the biggest beneficiaries of this round of meme craze.

Perp DEX赛道的新项目仍然展现出很强的创新性，再结合不同的激励措施很容易实现冷启动，越早参与其中效果越好。

A peek into the future of the derivatives track leader.

The concept of GMX X4 PVP AMM has become a reality.

The four founders all believe that in the next 5 to 10 years, trading volume will gradually shift from CEX to DEX, which has become a major trend.