Market Strategy

Why Crypto Perps First?

Normalization Nightmare

Strategy portability requires normalizing fragmentation: symbols, funding rates, margin logic, and execution quirks across venues.

Follow the Liquidity

Starting where the volume is. Hyperliquid and Lighter have emerged as top-scale venues with institutional depth.

*Source: DefiLlama (Jan 18, 2026).
Note: 2025 volumes represent cumulative annual figures.

Hyperliquid

DEX / L1 Chain

2025 Annual Volume

$2.9T

Market Leader

30d Volume

$145.6B

Open Interest

~$9.5B

Lighter

Orderbook DEX

2025 Annual Volume

$1.3T

Rising Star

30d Volume

$119.0B

Open Interest

$1.43B

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