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Hotcoin Research | 盘点头部 Perp DEX：数据狂欢下的冷思考与 2026 年前瞻（转）
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2025年12月30日 Lighter 的 TGE 将Perp DEX赛道再次推向聚光灯下，也为2025年链上永续合约的竞逐画上了句点：年初Hyperliquid 一家独大，占据超七成市场份额；下半年随着 Aster、Lighter、EdgeX等各具特色的新晋 Perp DEX 崛起，Hyperliquid 市占率降至两成左右，进入了技术、资本、激励与真实需求全面博弈的新阶段。. _& R2 \# z3 w( G4 x. u# i$ G
# D5 o5 e! ^& W# C: t, X4 h8 `本文将从 Perp DEX 赛道崛起的背景和历程出发，分析2025 年的市场格局与关键数据表现，并盘点分析 Hyperliquid、Aster、Lighter、EdgeX、Paradex 五大代表性Perp DEX 协议，从背景团队、技术架构与功能、代币经济、市场数据与表现等不同维度对这五大Perp DEX 代表协议进行全面分析。进而探讨赛道潜在的风险与机遇，展望 2026 年的走向趋势。
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早期的链上衍生品市场体量很小。中心化交易所（CEX） 长期主导衍生品交易，提供出色的用户体验、深厚流动性和一站式服务，但其集中化也埋下风险：2022-2023 年的行业动荡，特别是FTX 等巨头相继爆雷使用户愈发意识到托管风险和黑箱操作隐患，促使资金和交易者开始寻求去中心化替代方案，这为 Perp DEX 赛道的爆发奠定了需求基础。
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: e2 o/ b! I h然而，性能瓶颈一直是链上永续合约发展的制约因素：链上撮合和结算常因区块链吞吐量和延迟受限，导致较高滑点和深度不足。为克服这一点，早期项目探索了多种路径：例如 dYdX 基于订单簿但借助链下撮合（现已迁移独立链），GMX 则采用链上多资产池做市模型，提供永续交易但流动性受制于池子规模。虽然这些先驱证明了链上永续的可行性，却未能在交易体验和规模上真正撼动 CEX。
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/ L2 L% | M; k% W9 c" v近年来以太坊 Layer2 以及应用链的发展，为高性能合约交易所提供了基础，将延迟和吞吐提升到前所未有的水平。 Hyperliquid 打造了专为衍生品设计的独立 Layer1 公链，而 EdgeX、Paradex 等则借助 StarkWare 等二层技术实现了秒级甚至亚秒级的链上交易体验。再辅以交易挖矿、空投积分等激励机制吸引用户，7 ^" }! J: X: R: @, q3 F
4 K- e* v9 J' ^; m! vPerp DEX 赛道在 2024-25 年进入高速迭代期。2024 年，Hyperliquid 率先走红，HYPE 代币空投和回购计划带动其锁仓和交易量激增，一度占据链上永续市场八成份额。2025 年，随着多家新平台上线并采取激进市场策略，Perp DEX赛道Hyperliquid一家垄断的局面被打破，正式进入群雄逐鹿阶段。 |
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2026年看好这几个Perp DEX赛道，要多留意潜在的风险和机遇哦 |
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这波Perp DEX真是又卷又猛，Hyperliquid都快被挤下神坛了， |
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这Perp DEX赛道真热闹，几家欢喜几家愁，2026年格局更值得期待 |
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Hyperliquid这市占率掉得真快，看来新平台激励大战是玩真的了 |
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