Two days ago, CZ was in Hong Kong talking about DEXs, and then Twitter was flooded with a bunch of perp DEX-related posts. Lots of people were recommending checking out the already-launched Backpack, Lighter, EdgeX, Paradex, GRVT, VAR, Reya, as well as the soon-to-launch GTE, StandX, and others. Everyone’s seen the situation with Aster—it was once ranked second, and people used to compare it with Hyperliquid. Now, no one’s comparing anymore. Now it’s Lighter and EdgeX being compared, and before that, it was Backpack. Without exception, none of them can compete with Hyperliquid. Here’s what I want to ask: 1. Is there anyone who can shake Hyperliquid’s current position? 2. With so many perp DEXs, can people really keep up with all of them? 3. Everyone’s saying perp DEXs are the big opportunity of Q4, but does the market really need this many perp DEXs? Or is there even enough capital to support so many of them? Plus, for some of these projects, even small trades cause crazy volatility. Can projects like that really deliver any opportunities? I also think Q4 will be a harvest season for perp DEXs, and I agree there’s good potential. I’ve been farming too—real trades, not wash trading to rack up points with fees. Honestly, just farming two is enough, maybe three at most. Any more than that, and it’s impossible to keep up. With on-chain farming in a major slump and the current state of “talking about farming but no real opportunities,” maybe perp DEXs are what will surprise us.