📝 3 high-signal topics in Perp DEX I’m watching rn ➊ Hyperliquid still owns the real economy @HyperliquidX processed ~$198B in 30-day volume (roughly 73% of the combined flow of the top three) and generated ~$48M in fees. Open interest sits in the $7–9B range. This is no longer just a volume story. Trailing-year holder revenue is in a completely different league from the rest of the field. The platform remains the clearest test of whether onchain perps can sustain CEX-level activity and fee generation at scale. ➋ Aster’s multi-asset + aggressive tokenomics push @Aster_DEX is running second on volume (~$40B 30d) while expanding stock/RWA perps and offering extreme leverage in Simple Mode. The June 2026 tokenomics update (99% of daily fees into buybacks for veASTER + matching burns) is the main narrative currently supporting the token. I’m watching whether the multi-chain deposits + own chain + high-leverage product can convert incentive-driven volume into stickier open interest once the farming intensity cools. ➌ Lighter’s zero-fee + distribution experiment @Lighter_xyz continues to stand out with true 0% fees for retail on a ZK-verified order book, while expanding RWA markets and deepening the Robinhood Chain integration. Volume is solid (~$34B 30d) but fee/revenue capture remains far lower than Hyperliquid. The interesting question is whether zero-fee + verifiable execution + distribution partnerships can grow durable share, or whether it stays a high-volume, low-take product. → $HYPE remains the purest liquid exposure to the category leader. → $ASTER is the higher-beta bet on multi-asset growth + aggressive buyback/burn mechanics. → $LIT offers a cheaper valuation entry on zero-fee + ZK + distribution upside. I’m still constructive on the overall Perp DEX sector, but I’m watching net fee capture and sticky open interest more closely than headline volume right now.