Perpetuals on-Chain: Hyperliquid, dYdX, GMX

The on-chain perps market is now a credible alternative to centralized derivatives venues.

Priya Anand2026-02-216 min read

Perpetuals on-Chain: Hyperliquid, dYdX, GMX

Introduction

On-chain perpetual futures have crossed the credibility threshold.

Order-Book vs. AMM Designs

Hyperliquid's L1 order book competes with CEXes on UX and depth.

Perpetuals on-Chain: Hyperliquid, dYdX, GMX — chart — Editorial illustration for DeFi coverage.

GMX-style pooled liquidity offers different tradeoffs around oracle risk.

Conclusion

Decentralized derivatives are no longer a curiosity. They are a thriving market structure.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

#perps#derivatives

Related reading

DeFi7 min read

Real Yield: Separating Sustainable from Synthetic

How to evaluate DeFi yields and avoid Ponzi-adjacent emissions.

DeFi6 min read

Stablecoins Are Eating Payments

$200B in supply, trillions in annual volume — stablecoins quietly became crypto's killer app.

DeFi8 min read

Concentrated Liquidity: A Deep Dive on Uniswap v3/v4

How active LP management actually works — and why most retail LPs lose money.