The trend of PerpDEX in 2025 is very clear
New platforms and old giants are all coming back stronger.
New stars like Hyperliquid and Aster helped make derivatives a true product market fit.
But at the same time, older giants from last cycle $GMX and $dYdX are showing a big comeback.
If you look at the fees from the last 6 months, GMX and dYdX both grew over 1,000% in fee generation.
This shows the whole derivatives sector is heating up again.
And the next wave of competition will be even more intense, because new challengers like @reya_xyz, @rails_xyz and others are ready to fight for market share
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