Introduction: The Second Awakening of DeFi Derivatives

DeFi derivatives are entering their second awakening. After dYdX and GMX proved on-chain perpetuals viable yet limited by performance and liquidity, a new wave—Hyperliquid, Aster, Lighter, and GRVT—is reshaping the landscape. In 2025, these Perp DEXs achieve near-CEX performance, transparent matching, and sustainable token models. This evolution marks the shift from “can it work on-chain?” to “can it outperform?”

CoinEx Research explores their breakthroughs in technology, architecture, and token economics (Part I) and examines ecosystem growth and market dynamics (Part II).

Technological Breakthroughs in Perp DEXs: From AMM to CLOB and Millisecond On-Chain Matching

The first generation of Perp DEXs primarily used AMM or semi-centralized to achieve trustless trading. While groundbreaking, these systems suffered from slow execution, slippage, oracle latency, and limited liquidity—never matching the efficiency of centralized exchanges.

In 2025，a new generation of protocols almost entirely shifts to CLOB + high-performance chains (L1/ZK-L2) architecture with three core trends:

Fully On-Chain Matching: All processes—from order matching to settlement—are verifiable and auditable, eliminating hidden execution risks.
Millisecond-Level Performance: Custom L1s and ZK-Rollups reduce latency to sub-second levels, approaching CEX-grade throughput.
Liquidity-Matching Separation: Maker and Taker markets are incentivized independently, stimulating active liquidity provision.

Below is a brief technical overview of the four representative projects:

Hyperliquid: The On-Chain CLOB Pioneer

Hyperliquid achieves fully on-chain matching with its self-developed HyperCore + HyperEVM chain. Its performance and liquidity are close to mainstream CEXs. Each matched transaction is settled and traceable on-chain, supporting millisecond latency and 200k+ TPS.

Its fee structure is Maker 0.01% / Taker 0.04%, and staking HYPE tokens can enjoy up to 40% fee reduction. With products like HLP vaults and the USDH stablecoin, Hyperliquid forms a self-sustaining DeFi ecosystem.

Aster: Dual-Mode Platform with Privacy Protection

Aster's design philosophy is "serving both novice and professional traders." Its Simple mode provides a one-click trading interface, while its Pro mode includes hidden orders (Stealth Order) and MEV protection. Future versions plan to launch a self-developed L1 (Aster Chain) and support multi-chain access (BNB, ETH, Arbitrum, Solana).

In terms of performance, Aster uses a hybrid matching engine, with Maker/Taker fees at 0.01% / 0.03%, and VIP users enjoy discounts; the privacy layer is based on a dark pool mechanism to prevent large trades from being front-run. Current liquidity for long-tail assets still relies on liquidity mining.

GRVT: ZK-Powered Privacy and Institutional Liquidity

GRVT integrates ZK technology with derivatives matching, emphasizing provable privacy. Its core lies in a multi-layered data availability design based on ZKsync + EigenDA, achieving low latency and private settlement. This platform targets institutional users and privacy-conscious investors, supporting negative Maker fees (-1bp) incentives.

Unlike other protocols, GRVT also offers fixed-income products (e.g., 10% annual yield), attempting to introduce "passive income" logic into the derivatives market.

Lighter: ZK-verified Matching Engine on Ethereum L2

Lighter is an L2 protocol optimized for high-frequency trading. Its "custom ZK computer" can verify matching and settlement on-chain, combining low latency with low Gas costs. This protocol focuses on the perpetual contract market and has not yet expanded to spot or options. Maker/Taker fees are expected to be less than 0.01% / 0.03%, attracting traders with low costs.

In terms of performance, Lighter leverages the security and scalability of Ethereum L2 to achieve "verifiable matching + high throughput," with liquidity primarily sourced from the native Ethereum ecosystem.

Overall, the new generation of Perp DEXs represents a decisive break from the AMM era. By combining CLOB architecture, ZK verification, and millisecond-level matching, protocols like Hyperliquid, Aster, Lighter, and GRVT are narrowing—if not closing—the gap with centralized exchanges. This evolution transforms DeFi derivatives from an experiment in decentralization into a scalable, high-performance financial infrastructure, signaling the true arrival of on-chain high-frequency trading.

Perp DEX Tokenomics: From Yield Sharing to Deflationary Value Loops

In the new era of Perp DEXs, tokens are no longer simple trading rewards but the core engine of protocol growth and value capture. Unlike GMX’s revenue-sharing model, emerging protocols now adopt deflationary loops based on buybacks, burns, and staking compounding.

This evolution marks DeFi’s transition from short-term incentives to sustainable internal value circulation—where long-term holders, liquidity providers, and active users form a self-reinforcing ecosystem.

Hyperliquid: Buyback-driven Dynamic Deflationary Cycle

Hyperliquid's token model is the most experimental and market-watched. Initially set as a deflationary mechanism (buyback + burn), it gradually transitioned to a "sustainable issuance + dynamic buyback" structure in mid-2025, driven by community governance. Over 90% of trading fee revenue is allocated to an Aid Fund for HYPE buybacks; during downturns, excess supply is burned to stabilize price.

The latest community proposal (Jon's Proposal) plans to burn AF holdings and remove the total supply cap, shifting to a continuous issuance + net burn mechanism to balance deflationary intensity with incentive sustainability. This creates a self-regulating deflationary cycle that ties token supply directly to real protocol performance.

Aster: Community-Led Growth with Controlled Deflation

Aster’s fixed 8 billion ASTER supply emphasizes community ownership (53.5%) and minimal team allocation (5%). Its release schedule is gradual, with part of protocol revenue used for buybacks and governance rewards.Through airdrops, multi-chain deployment, and a strong community push, Aster has achieved wide exposure, particularly following its APX → ASTER migration and endorsements by key figures like CZ and MrBeast. While early momentum is marketing-driven, long-term value depends on consistent revenue and buyback execution.

Structurally, Aster's token system embodies a typical high community participation + long-term release + moderate deflation model, suitable for building a user-driven governance ecosystem.

GRVT: Institutional Trust and Privacy Anchored Value

GRVT's token model has not been fully disclosed, but based on its design orientation GRVT’s tokenomics remain partially undisclosed but align with its institutional and privacy focus. Its value capture is likely linked to ZKsync and EigenDA ecosystems, emphasizing stable returns and compliance rather than aggressive deflation.

By connecting token utility with privacy computation yields and fixed-income products (up to 10% APY), GRVT positions its token as an ecosystem credential, not merely a trading reward. Though this structure may limit early liquidity, it aligns with regulatory-friendly markets and long-term institutional adoption.

Lighter: L2 Incentives and Low-Inflation Liquidity Support

Lighter’s token design, still under development, follows an L2 incentive model similar to Arbitrum or Optimism. Its token supports liquidity provision, ecosystem development, and collateral functions rather than direct revenue sharing. Given Lighter’s extremely low fees (Maker < 0.01%, Taker < 0.03%), the protocol focuses on utility-driven incentives to sustain trading depth.

Overall, Lighter's token economics prioritizes stability over deflation, ensuring continuous ecosystem growth without overreliance on speculative demand.

Across these projects, we find that a clear convergence emerges—tokenomics as a structural value engine. New Perp DEXs no longer depend on yield-sharing hype but integrate buyback, burn, staking, and incentive cycles into their economic foundation. Aster and Hyperliquid are closest to traditional financial models in terms of maturity; Lighter and GRVT are exploring new incentive paradigms within their respective ecosystems. This means that the value of future Perp DEX tokens will no longer depend on short-term trading volume fluctuations but will be based on the protocol's inherent revenue elasticity and deflationary efficiency.

Conclusion: The Next Battle for Perp DEXs — Beyond Tech and Tokenomics

From performance breakthroughs to deflationary tokenomics, new-generation Perp DEXs have completed a full upgrade in technology and value capture. Yet, technical strength alone cannot guarantee dominance. The decisive factor now lies in user growth, ecosystem expansion, and liquidity efficiency. The true winner will be the one that sustains user momentum and builds self-reinforcing ecosystems without compromising decentralization.

In the next section, we’ll explore how Hyperliquid, Aster, Lighter, and GRVT differ in growth strategy, liquidity design, and ecosystem moat—unveiling how they are shaping the trust infrastructure of on-chain finance’s next era.

Disclaimer: This content is for informational purposes only and not investment advice. Information may not be complete or accurate. Do your own research; the authors accept no liability for losses.

Next-Gen Perp DEX Deep Dive 2025 (I) : Hyperliquid vs. Aster vs. Lighter vs. GRVT