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Which perp DEX can be the next Hyperliquid?
After hyperliquid’s breakout, every serious trader is asking the same question: which perp DEX has the potential to run next?
More than 20+ DEXs are incentivizing early users with aggressive point systems, trading quests, and liquidity rewards but the hard truth is that most will die out after farming ends, the one that builds long after farming ends will win.
These are the ones that i think have the potential to become big (ranked by potential):
1. Hibachi
Funding: $5m
Edge: fast team, very responsive, strong feedback loop
Incentives: 1m points/week (based on volume + trading tasks)
My play: Complete all quests, drive ~400-500k weekly volume, participate in comps. My current rank is 135.
Link: hibachi.xyz/r/kryptofantom
2. Lighter
Backing: strong, polished UX
Edge: zero trading fees
Incentives: 250k points/week (volume, duration, liquidation, ROI, etc.)
Invite-only (DM me if you need a code / drop yours below)
My play: trade low OI pairs with long holds for better scores, + deposited in public pool (70%+ APY). My current rank here is 1123
Link: app.lighter.xyz
3. Avantis
Backing: built on base, $12m raised
Edge: applicable beyond crypto, currencies & commodities trading
Fees: zero trading fees
My play: 100-150k weekly volume + $500 LP position. current rank 658.
Link: avantisfi.com/referral?code=…
4. Variational
Backing: $10.3m, arbitrum-based
Edge: widest coin listings
Status: beta (low liquidity improving daily)
My play: ~10k daily volume. rank 195. invite-only beta (DM for codes).
5. Aster
Backing: binance
Edge: pivoted from other product → now perp DEX, already good volumes
Incentives: no points yet for perps
My play: ~500k weekly volume + small sum in earn product.
Link: asterdex.com/en/referral/2D…
6. Paradex
Edge: Building SuperDEX on Starknet, cheap fees & good liquidity.
Incentives: XP for trading
My play: ~300k weekly volume. My rank is 359
Link: app.paradex.trade/r/kryptofantom
Closing thoughts
Hibachi and Lighter looks most promising.
The goal here isn’t to chase every shiny new dex, the goal is to farm smart now based on key parameters, build a position, and then double down on the ones that prove they can outlast the cycle.
Crypto doesn’t need 20 perp dexs. maybe 2 or 3 will matter in 2027
The real wealth comes from catching them early, farming while it counts, and compounding conviction when they show real staying power.

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