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  "raw_markdown_url": "https://finwiki.zksc.io/exchanges/global-perp-dex-competitive-deep-dive-matrix.md",
  "domain": "exchanges",
  "title": "Global perp DEX competitive deep-dive matrix",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Global perp DEX competitive deep-dive matrix — dYdX v3/v4, Hyperliquid, Vertex, Drift, GMX v1/v2, Synthetix, Kwenta, Aark, Aevo, Apex",
    "aliases": [
      "exchanges/global-perp-dex-competitive-deep-dive-matrix",
      "global-perp-dex-competitive-deep-dive-matrix",
      "perp DEX deep-dive comparison",
      "perpetual DEX competitive matrix",
      "onchain perp exchange detailed comparison",
      "global perp DEX 11-way matrix",
      "グローバル Perp DEX 詳細比較マトリクス"
    ],
    "domain": "exchanges",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "exchanges",
      "matrix",
      "dex",
      "perp",
      "derivatives",
      "defi",
      "clob",
      "vamm",
      "hybrid",
      "mev"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://defillama.com/derivatives",
      "https://defillama.com/chains",
      "https://app.hyperliquid.xyz/",
      "https://dydx.exchange/",
      "https://gmx.io/",
      "https://vertexprotocol.com/",
      "https://drift.trade/",
      "https://synthetix.io/",
      "https://kwenta.io/",
      "https://aark.digital/",
      "https://www.aevo.xyz/",
      "https://pro.apex.exchange/"
    ]
  },
  "summary": "Perpetual-futures DEXs use structurally different liquidity models: CLOB, vAMM / pool-counterparty, and hybrid / oracle-pricing. This entry compares venue and version architecture, including dYdX v3 / v4 and GMX v1 / v2, without freezing fees, leverage, listed markets, settlement parameters, volume,",
  "headings": [
    "Global perp DEX competitive deep-dive matrix",
    "TL;DR",
    "Wiki route",
    "Why this matrix matters",
    "Per-DEX deep-dive",
    "dYdX v3 (StarkEx L2, 2021-2023)",
    "dYdX v4 (Cosmos appchain, 2023-10 launch)",
    "Hyperliquid (Hyperliquid L1, 2023-)",
    "Vertex Protocol (Arbitrum, 2023-)",
    "Drift Protocol (Solana, 2021-)"
  ],
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      "exchanges/global-cex-prime-brokerage-layer",
      "exchanges/global-cex-top10-comparison",
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      "exchanges/jvcea-whitelist-token-listing",
      "exchanges/liquid-staking-restaking-cex-exposure",
      "exchanges/native-dex-flip-incumbent-pattern",
      "exchanges/solana-ecosystem-dex-comparison",
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