2026-01-17 16:23:52

By 2025, the perpetual trading (Perps) sector remains hot, but the player landscape is quietly changing.

Let's take a look at the turbulence of the market over the past few years—one leading perpetual trading platform was once the absolute focus. From early popularity to later being surrounded by competitors, users and liquidity have dispersed. Some say its technology is outdated, but the truth may be more complex: the developer fee distribution mechanism and the platform's own fee model are eroding its competitiveness. Simply put, the larger the slice of the cake given to developers, the less the platform itself can eat.

Now, the territory of perpetual trading is no longer dominated by a single player. New entrants like Aster and Lighter are nibbling away at the market, and even industry giants are eager to try. Recently, a major player launched a new Perps product, which drew huge attention at the Twitter Space launch event, even setting a new online attendance record for Web3 industry launches—what does this indicate? It shows that the perpetual trading sector still has enormous potential.

The essence of Perps competition is a triangle game of speed, liquidity, and fee rates. Whoever can find a balance among these three dimensions will survive this reshuffle, and may even become the next winner.

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WinterWarmthCat

· 01-19 07:35

Haha, the leading platform getting backlash is indeed true; developer fees are a bottomless pit. The new projects are rising really quickly, and the data on Lighter is increasing quite rapidly. It all depends on who can truly resolve the contradiction between fee rates and liquidity. Perpetual trading, to put it simply, is still a zero-sum game; those who run faster win. I feel like there will be a few new dark horses this year. Let's wait and see.

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quietly_staking

· 01-18 17:43

The fee structure is really a bottleneck. Just look at how the leading platforms are doing these days—it's quite unprofessional.

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RektButStillHere

· 01-17 16:52

Haha, another wave of reshuffling. Looks like we need to keep a close eye on these new players. --- Dividing the cake until there's nothing left to eat—this move is truly brilliant. --- Lighter is gaining momentum. The liquidity is really top-notch, and the transaction fees are still cheap. --- This is how the perpetual track works. The ones who are stubbornly fighting are being swept away by newcomers. --- That Space launch event set a new online attendance record. It really impressed me. --- The fee rates are being cut aggressively. Users will naturally move elsewhere. This is the norm, right? --- I haven't used Aster. Does anyone recommend it? Do you still trust the top players now? --- Fast speed, good liquidity, low fees— which platform dares to claim it wins in all three?

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0xSleepDeprived

· 01-17 16:52

Ha, it's the same old trick of dividing the cake. When developer fees are high, platforms have to suffer. No wonder they've been pushed to the corner by new forces.

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ShamedApeSeller

· 01-17 16:42

Well, it means the big brother was sold out in the cake division, interesting. --- Lighter and Aster have risen, but can they really fight, or is it just another wave of retail investors being harvested? --- I've seen too many Space launch record-breaking events. Can the hype translate into liquidity? --- Rate wars are unaffordable for anyone; in the end, it all depends on on-chain activity. --- Perpetual contracts are no longer a blue ocean; everyone is cutting prices, and retail investors are the ones getting hurt. --- Speed, liquidity, and rates—sounds nice, but really it’s about who can survive the next funding round. --- Losing the top position is truly devastating. If the technology isn’t outdated, why can’t they beat new players? --- Wait, is that big shot’s new Perps really that impressive, or is it just marketing hype? --- This track is getting more competitive. I’d rather see if there are any new gameplay strategies. --- The cake distribution mechanism is indeed a dead end; it will need to be adjusted sooner or later.

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New_Ser_Ngmi

· 01-17 16:38

Haha, the game of perpetual trading is really changing the cards. The previous big brother is now being bitten quite badly. It still depends on who can offer better fees; the new stars like Lighter are definitely making moves. But to be honest, this track is just about internal competition. In the end, it's all about operational efficiency and liquidity depth. Otherwise, no matter how fast you are, it won't help.

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not_your_keys

· 01-17 16:36

Creating a fee distribution mechanism that can erode competitiveness is a bit of a stretch... Liquidity is the real King, and how much market share Aster and Lighter can actually capture depends on other factors.

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gaslight_gasfeez

· 01-17 16:33

Really, the leading platforms have just played themselves to death, dividing the cake until there's nothing left to eat. They deserve to be eaten away. --- Lighter and Aster are really competing; it all depends on who can embed the fee structure into their bones first. --- To put it simply, liquidity is king. Without liquidity, everything else is useless. --- The big boss's new product release broke records, and there's plenty of buzz, but how many can truly survive... --- Speed, liquidity, and fee rates—balancing this triangle sounds easy but is really hard to do. --- The perpetual track is a combination of technology and operations; missing one means elimination.

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ApeWithNoFear

· 01-17 16:27

Really, the fee distribution model used by leading platforms has long needed to change, and it's no wonder they're being eaten away by new projects. Aster and Lighter seized the opportunity. --- The new product Space from the big players was indeed popular, but whether it can retain users after launch is the real test. --- In the end, the fee war is won by those with VC backgrounds and deep liquidity; small platforms have no chance. --- Perpetual trading is just this much—deep liquidity, low fees, fast speed—who does it well wins. It's not that complicated. --- Space breaking records is about hype, but turning that hype into trading volume is what really matters. Right now, it's all just a gimmick. --- I like Lighter. They’ve been smart in this round of reshuffling, not wasting money recklessly. --- It feels like another life-and-death game; only the fittest survive. The difference this time is that new players are indeed strategic. --- Being eaten away at the top platforms sounds harsh, but it's deserved—lack of innovation and high fees, how can they compete?

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