00:00So we tested 29 exchanges, PIP, DEXs to be specific, and we did realize that the market has actually become
00:09too complex for another generic top 10 list.
00:12So we ended up stretching the list to 29 live PIP exchanges.
00:18And what we looked at were specifically the liquidity and open interest.
00:22We looked at the execution architecture, the maker-taker fees, the spread and slippage on those platforms funding, custody, the
00:32design in terms of liquidation design, as well as security, the market breadth, and also the APIs and whether those
00:41platforms support RWAs.
00:43And we then separated actual execution venues from a growing number of just front ends and access layers built on
00:53top of them.
00:53Because it's a very important distinction, especially now, for people not to confuse that, you know, a platform can look
01:00like a separate PIP exchange while ultimately routing your order into hyperliquid or another underlying venue.
01:08So counting both as kind of independent liquidity is very misleading in some sense because we had to make sure
01:18we make that distinction clear.
01:20And we came up with a top five platforms, hyperliquid, which did get a 9.7 out of 10, lighter,
01:27a 9.5, a 9.4 out of 10.
01:29We scored it variational, 9.3, and then Aster scored a 9.2, and Gravity a 9.1.
01:38But I think the most interesting finding was actually the fact that hyperliquid does not win every category despite being
01:48kind of the market leader right now.
01:50Lighter Standard currently has 0% maker-taker fees, which is absolutely fantastic.
01:55And then you've got Variational Omni, which is charging, no explicit trading fees, and also monetizing through market-making spreads.
02:04And then Gravity on the other end offers maker rebates, which is pretty good.
02:09And then you've got a platform like Extended, which publishes a flat zero maker, 0.025-taker schedule with checking
02:18out Empiradex, which is a retail kind of currently charging zero maker-taker fees.
02:25And then you've got the OG GMX using kind of an entirely different Oracle and liquidity pool model.
02:33And then you have some RWA specialist platforms like Veranda, VestMarkets, Ondo, Perps, which are turning these PerpDexes into something
02:44much larger than crypto exchanges, right?
02:47So what we had to do then is then built this decentralized PerpDex Pathfinder and an all-in cost engine,
02:56right?
02:56Just so it's easier for you to simply enter a position size or maker-taker holding period, your extended funding,
03:04expected slippage, market time, architecture preference, and also your primary priority, right?
03:09So the tool then actually helps you find the strongest matches and models, trading fees, plus funding, plus slippage, because
03:18at the end of the day, zero fee does not mean zero cost, right?
03:21So a lot of people do kind of get confused with that kind of marketing.
03:24Zero maker-taker, sorry, zero-taker fee, for example, with a poor feel, I think can easily cost more than
03:320.04% in a fee on a deeper market, for example.
03:36So we had to kind of come up with a bigger thesis, that is that the PerpDex market is becoming
03:42more modular in its cloud execution.
03:47Liquidity venues are underneath it, and then you've got the HIP3-style kind of deployers that are creating the markets,
03:55the front ends that are packaging them.
03:57Then you've got AI agents also now routing orders and wallets that are actually controlling those permissions.
04:02So I think the winner ultimately will be the system that gives traders and agents the best sort of realized
04:09execution, not just the exchange with the loudest fee marketing, like I said.
04:13So you have to go check out the link in the description where we actually then break down all the
04:1929 platforms in detail and based on that criteria.
04:23And also, you can then use the free tools to actually determine which platform is best suited for your type
04:30of execution.
04:31And the links will be in the description as well to those platforms.
04:34And we have full in-depth reviews of all of those platforms at an architecture level.
04:40The links will all be in the description.
04:42Let me know what your thoughts are.
04:43Like, share, subscribe, turn on the notifications.
04:45Guys, I'll see you in the next videos.
04:46Peace.
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