Perps The ups and downs of the past 20 years have made me feel more and more the reality of "a thousand sails passing by the side of the sunken boat". SNX High Collateral Synthetic Asset Leverage Also Counts? dYdX centralizes matchmaking to full on-chain matching There were a lot of competitors in the dYdX era but they were short-lived, and the same is true today when HL is dominant, so I don't think much of the current competitors, it's not scary to step short on HL, it's scary to bet on competitors again. Perpetual vAMM era GMX GLP Oracle pricing is like no other Aevo structured Defi to Perp, but there is not much pre-market volume of innovation Vertex CLOB+AMM self-brushed trading volume but got off play, and the downhill road began. Hyperliquid's extreme performance rates, team real community first, a good hand. Backpacks are intermittent and can be a formidable opponent. Drift is nothing, although Multicoin cares a lot, in fact, Jup also does Perp, but there are too many gaps in the data to compare. Arkham also does centralized perpetuality, which doesn't seem to be this piece of material. Perps are less meaningful than the trading volume, and it cannot be said that the trading volume looks at a few Bs, and when you look at the total OI of only 20 M, you can only deceive yourself. As a future CEX form, Infinex has the potential to become a mainstream CEX competitor, but the current data is not enough. Euphoria reminds me of Hxro, a creative way to trade but afraid to approach.