Perp DEX Comparisons

19 head-to-heads, grouped by what you're actually deciding — not an alphabetical dump. Each one ends with a plain "choose X if / choose Y if," a stat table, and links to the full reviews on both sides.

Trading venue

Compare execution, fees, leverage, and market access.

Farming decision

Separate live-token rewards from genuinely pre-token programs.

Risk check

Use the full reviews for liquidity, custody, jurisdiction, and failure modes.

Choose your next step

Pick the comparison path that matches your question

The comparison library is organized around the choice being made: broad venue selection, a Bulk alternative, or campaign activity.

I need the shortlist first

See the best perp DEXs by liquidity, fees, execution, and access.

See this path → 02

I want the full market

Scan the wider venue universe and current ranking fields.

See this path → 03

I am evaluating points

Check campaign status and deadlines before doing activity.

See this path →

Venue reviews

Some tracked venues are reviewed without a dedicated head-to-head yet. Read the underlying profile before treating a ranking row as a decision.

Derive review → Gains review → Paradex review → TXFlow review →

Quick comparison matrix

Start with the row that matches your job. These are editorial snapshots, not live quotes; open the matchup for the reasoning and verify current terms before trading.

Perp DEX comparison directory
Matchup	Use this path for	Fee snapshot	Program stage	Updated
Aster vs Bulk	Bulk timing vs current venue	0% / 0.04% vs Check active fee phase / Check active phase and tier	Stage 5 (token live) AURA / Ranked Aura (pre-token)	2026-10-12
Aster vs edgeX	Established trading venue	0% / 0.04% vs 0.015% / 0.038%	Stage 5 (token live) Token live (TGE Mar 2026)	2026-10-12
Aster vs Variational	Rewards / farming timing	0% / 0.04% vs 0% / 0%	Stage 5 (token live) No later than end of Q4 2026	2026-10-12
Bulk Exchange vs Pacifica	Bulk timing vs current venue	Check active fee phase / Check active phase and tier vs ~0.0075% / ~0.04%	AURA / Ranked Aura (pre-token) Active since Sep 2025 (pre-token)	2026-10-12
edgeX vs Bulk	Bulk timing vs current venue	0.015% / 0.038% vs Check active fee phase / Check active phase and tier	Token live (TGE Mar 2026) AURA / Ranked Aura (pre-token)	2026-10-12
Extended vs Nado	Rewards / farming timing	0% / 0.025% vs 0.01% / 0.035%	Season 1 nearly capped (pre-token) Season 2 (pre-token, converts to INK)	2026-10-12
GRVT vs ApeX	Rewards / farming timing	-0.0001% / 0.045% vs 0.02% / 0.05%	Not active (TGE Jul 2026) Not active (token live)	2026-10-12
Hibachi vs Bulk	Rewards / farming timing	0% / 0.045% vs Check active fee phase / Check active phase and tier	Active weekly season AURA / Ranked Aura (pre-token)	2026-10-12
Hyperliquid vs Aster	Established trading venue	0.015% / 0.045% vs 0% / 0.04%	Season 2 (token live) Stage 5 (token live)	2026-10-12
Hyperliquid vs Bulk	Bulk timing vs current venue	0.015% / 0.045% vs Check active fee phase / Check active phase and tier	Season 2 (token live) AURA / Ranked Aura (pre-token)	2026-10-12
Hyperliquid vs edgeX	Established trading venue	0.015% / 0.045% vs 0.015% / 0.038%	Season 2 (token live) Token live (TGE Mar 2026)	2026-10-07
Hyperliquid vs Variational	Rewards / farming timing	0.015% / 0.045% vs 0% / 0%	Season 2 (token live) No later than end of Q4 2026	2026-10-07
Lighter vs Bulk	Bulk timing vs current venue	0% / 0% vs Check active fee phase / Check active phase and tier	Season 3 reserved (token live) AURA / Ranked Aura (pre-token)	2026-10-12
Lighter vs StandX	Rewards / farming timing	0% / 0% vs 0.01% / 0.04%	Season 3 reserved (token live) Active (pre-token)	2026-10-12
Ondo Perps vs Bulk	Rewards / farming timing	— / — vs Check active fee phase / Check active phase and tier	5M points/week + $175K USDC pool AURA / Ranked Aura (pre-token)	2026-10-12
StandX vs Bulk	Rewards / farming timing	0.01% / 0.04% vs Check active fee phase / Check active phase and tier	Active AURA / Ranked Aura (pre-token)	2026-10-12
tradeXYZ vs Pacifica	Rewards / farming timing	0.003% / 0.009% vs ~0.0075% / ~0.04%	No confirmed program Active since Sep 2025 (pre-token)	2026-10-12
Variational vs Bulk	Bulk timing vs current venue	0% / 0% vs Check active fee phase / Check active phase and tier	No later than end of Q4 2026 AURA / Ranked Aura (pre-token, no stated deadline)	2026-10-12
Variational vs edgeX	Rewards / farming timing	0% / 0% vs 0.015% / 0.038%	No later than end of Q4 2026 Token live (TGE Mar 2026)	2026-10-12

Highest volume, head-to-head

The two highest-volume perpetuals exchanges tracked across any chain. If you're choosing where to actually trade size, start here.

Highest-volume matchups

Every top-5 venue vs Bulk

Bulk Exchange against each of the five highest-volume platforms we track, one at a time — is it worth the invite gate compared to what everyone else is already using?

Top-five venues versus Bulk

Farming match-ups

Two platforms, one farming decision — which of a given pair is actually worth your time and volume right now, not just which one has more TVL.

Farming matchups

Want status on every season and campaign instead of a head-to-head? See the Season & Campaign Tracker, or the curated pre-TGE farming roundup.

How to use these comparisons

Fees and headline leverage are only the first pass. Before moving size, open the full review for both venues and check current liquidity, execution quality, collateral and settlement, withdrawal behavior, jurisdiction, liquidation design, and the platform's own published terms. A points label is not a guaranteed payout, and a lower fee does not compensate for poor execution or a risk model you do not understand.