Trading
Inside the Perp DEX Landscape: How Platforms Like Grvt and Hyperliquid Are Shaping Their Long-Term Vision
Published by Wanda Rich
Posted on October 15, 2025
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Published by Wanda Rich
Posted on October 15, 2025
It’s perpetual DEX season! Amidst all the activity in the sector, we’ve seen Hyperliquid position itself as “The House of All Finance,” which reflects their stated direction. Grvt has also publicly outlined a long-term vision to become “the exchange focused on sustainable returns,” strategically aiming for a specific niche within the perpetual DEX segment that few others are addressing.
As of 8 October 2025, the following are the base fee structures and related features linked to perpetual DEX offerings across several venues. All data reflects publicly available information from the platforms themselves.
| DEX | # of Pairs | Base Maker Fee | Base Taker Fee | Yield on Balance | Yield on Open Positions (Margin) | Investment Vaults | LP Vault |
| Hyperliquid | 187 | 0.015% | 0.045% | No | No | Yes | Yes |
| Grvt | 64 | -0.01% | 0.055% | Yes (10%) | Yes (10%) | Yes | Yes |
| Lighter | 90 | 0% | 0% | No | No | Yes | Yes |
| Aster | 113 | 0.005% | 0.04% | Yes (3%) | Yes (6.2%) | No | No |
| EdgeX | 156 | 0.015% | 0.038% | No | No | No | Yes |
Hyperliquid currently lists the highest number of perpetual pairs, while Grvt lists fewer.
Grvt also applies a negative maker fee, meaning users may receive rebates on limit orders according to the platform’s fee schedule.
While its taker fees are comparatively higher, these are part of the exchange’s published structure. Platforms like Aster and Grvt publicly mention additional balance or margin-related features, though these have not been independently verified.
Investment and LP vaults are commonly offered among these venues, except for Aster and EdgeX, based on publicly disclosed information.
Below is a summary of platform features, based on publicly available information. Mentions of returns or rewards are described as advertised features, not verified outcomes.
| Earning Yield apart from Trading and Airdrops | ||||||
| Venue | Maker Volume | Taker Volume | Yield on Balance | Yield on Open Positions (Margin) | Investment Vaults | LP Vaults |
| Hyperliquid | No | No | No | No | Yes | Yes |
| Grvt | Yes | No | Yes | Yes | Yes | Yes |
| Lighter | No | No | No | No | Yes | Yes |
| Aster | No | No | Yes | Yes | No | No |
| EdgeX | No | No | No | No | No | Yes |
From this comparison, Grvt appears to highlight the most diverse set of features related to user participation within their perpetual DEX ecosystem, though again, these remain platform-advertised characteristics, not independent performance measures.
Grvt’s publicly described features — such as negative maker fees and account-based participation mechanisms — align with its long-term ambition to position itself as a platform centered on sustainable returns within the perpetual DEX space.
As decentralized derivatives exchanges continue to evolve, it will be interesting to observe how each venue develops new tools and features in pursuit of its stated vision.
Disclaimer: This article is for general information only. It does not constitute investment advice or a financial promotion.
Perpetual futures and other crypto-derivatives are high-risk instruments and not available to UK retail consumers under FCA rules.
No offer to buy, sell, or trade digital assets is being made. Readers should verify all data with official sources and seek independent financial advice.