🚨 PERP DEX WAR JUST WENT LIVE
• $Hyperliquid still leads with massive OI and volume, but the real alpha is in the challengers.
• Extended, Aster, Lighter, Nado, and Variational are proving the market is deepening fast.
• The key metric is efficiency: who turns TVL into real trading activity best.
• This is where UX, latency, and execution win.
• If liquidity stays sticky after incentives fade, the winners could run hard.