Why's everyone racing to launch perpetual swap platforms? The money flow tells the whole story.



Look at last week's revenue champions — half the top 10 spots went to perpetual-focused protocols:

→ Hyperliquid pulled in $18M
→ edgeX scored $12M
→ Jupiter banked $12M (with $10.8M coming purely from their perp trading)
→ Aster grabbed $9.9M

These numbers aren't random. Perpetual contracts have become the backbone of decentralized trading infrastructure. Traders want leverage. Protocols want sustainable revenue. The intersection? Perp DEXs.

What's really interesting: Jupiter's breakdown shows 90% of their revenue stems from perpetual trading alone. That's not diversification — that's validation of where the real demand sits.

The perpetual DEX race is just getting started, and if current trajectories hold, we're about to see some serious competition heat up.
HYPE0.72%
JUP0.6%
ASTER-3.04%
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DuskSurfervip
· 12-05 15:55
Damn, 90% of Jupiter's revenue comes from perps? That's just crazy, definitely an all-in gambler mentality.
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AlgoAlchemistvip
· 12-05 15:55
90% of Jupiter's revenue comes from perps—how is this validation? This is just a casino. Having a single product account for all the revenue is too scary.
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MetaverseLandlordvip
· 12-05 15:54
90% of the revenue comes from perp. What else is there to say... This is the market voting.
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ChainWatchervip
· 12-05 15:38
Perpetual motion machine... A month ago, there weren't this many people playing perp, but now everyone's rushing in... That 90% number from Jupiter says it all—once there's a profit effect, nothing else matters.
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PanicSellervip
· 12-05 15:28
NGL, that 90% figure from Jupiter is a bit scary. Feels like everyone is betting on leverage... Is this a setup for a mass liquidation?
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