📝 Editor’s Note:
Welcome to OurNetwork’s latest.
But first, a quick note that the AWS outage + an issue with our publishing platform delayed this edition’s publication until Oct. 21. Thank you for your patience and understanding.
With that, let’s get into Perp DEXs, a sector of crypto which Hyperliquid, a Layer 1, has ignited with its success over the past year.
That success has drawn competitors like Lighter and Pacifica, as well as resurfacing established names like GMX and gTrade.
Luckily, Reuben, Chaos Labs, Oğuz, Joseph, and Oluwole dug into the five protocols above this week. Let’s get into it.
– ON Editorial Team
Hyperliquid | GMX | Lighter | gTrade | Pacifica
Hyperliquid is a high-speed Layer-1 DEX for onchain perpetuals, combining CEX-grade performance with DeFi transparency. With its assets bridged to Arbitrum for broader access, it has processed over $2.39T in perpetual volume this year while sustaining a leading market share of at least 30%. Between May and September 2025, open interest surged by 154%, rising from $158B to $403B, signaling growing trader conviction and deep onchain liquidity.
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