The post-FTX era has indelibly shifted the trading landscape, driving a surge of users towards decentralized perpetual exchanges (Perp DEXs). With daily volumes across these platforms now frequently exceeding $30 billion, the demand for robust decentralized derivatives is undeniable.

However, the fragmented nature of early perp dexs, often plagued by UI/UX usability, liquidity depth, and reliable price feeds, have hindered their widespread adoption. The landscape began to evolve in 2024, marked by the emergence of innovative models like@gmx_io""> @gmx_io PVP and@dydx""> @dydx order book. And now, teams from lending, DEXs and yield trading protocols on@SuiNetwork""> @SuiNetwork are diversifying their product line to include perp trading.

The Sui Edge for Perp Dex

@SuiNetwork"">@SuiNetwork actually offers several compelling features that make it a strong contender for building perpetual DEXs.

• High Performance and Low Latency: Sui’s parallel transaction processing allows for high throughput and low latency, crucial for efficient order matching and a smooth trading experience on a DEX.
• Object-Centric Data Model: Sui’s unique data model enables efficient storage and parallel processing of account and asset data.
• zkLogin for Seamless Onboarding: The zkLogin feature simplifies user onboarding by allowing account creation with familiar Web2 credentials, reducing friction for new traders.

• Sponsored Transactions: Sui’s capability to sponsor transactions can potentially lower user costs and improve the overall trading experience

Within@SuiNetwork""> @SuiNetwork, here’s the early pioneers and builders on Sui:

1. @bluefinapp"">@bluefinapp
2. @astros_ag"">@astros_ag powered by@navi_protocol""> @navi_protocol
3. @AftermathFi"">@AftermathFi
4. @TypusFinance"">@TypusFinance GLP trading model

@KriyaDEX"">@KriyaDEX will also have its perp dex coming soon.

Here’s a hollistic comparison table before we dive into each of them.

In this article, Shinchan will compare and look into each protocol and analyze its trading features, protocol mechanism and statistical performance.

Bluefin

The OG perp dex on@SuiNetwork""> @SuiNetwork. Basically it combines an off-chain order book for rapid matching and a secure on-chain settlement engine. Protocol liquidity is managed by professional MMs:

By utilizing Sui’s parallel transaction processing capabilities, Bluefin boasts very low latency order execution (reportedly under 30 milliseconds for optimistic confirmation) and fast on-chain finality (under 500 milliseconds). It also has the most coverage of supported assets across perp dexs on Sui, inclusive of $DEEP, $WAL and $TRUMP.

• 24H perp volume on Bluefin ranges from 40M - 70M, which inicates a healthy level of trading activity on the platform
• The BTC-PERP pair often accounts for the largest share of the daily trading volume (around 60%), followed by SUI-PERP and ETH-PERP
• Annualized fees generated are about $4M according to@DefiLlama""> @DefiLlama

UI/UX is quite decent. You can leverage trading view features + interface is clear with everything you need. One thing to highlight about@bluefinapp""> @bluefinapp is its zkLogin Integration powered by@SuiNetwork""> @SuiNetwork. This streamlines the user onboarding process and eliminate the complexities of wallets + seed phrases.

Aftermath (Testnet)

@aftermathfi"">@aftermathfi debuted its perp dex testnet back in Nov 2024. It operates as a fully on-chain perp dex which unlike many that rely on off-chain order book matching, Aftermath places the entire orderbook on-chain. As it remains in the testnet phase, current statistical performance offers limited insight.

Shinchan thinks Aftermath places more emphasis on growing liquidity/TVL for its DEX and pools atm. Potential future incentivisation / official launch of its perp dex might come at a later stage.

Astros (Beta)

Astros is a dex aggregator + perp dex built by the@navi_protocol""> @navi_protocol team. Same as@bluefinapp""> @bluefinapp and@AftermathFi""> @AftermathFi,@navi_protocol""> @navi_protocol utilizes a orderbook mechaism for its perp dex. Since it’s in beta, information about partner MMs and detailed mechanism are not detailed. 24H trading volume amounts to $300M, potentially driven by its ongoing incentivisation program for traders.

Typus Perp

@TypusFinance"">@TypusFinance debuted its GMX-style peer-to-pool perp dex just about 2 weeks ago. 24H trading volume was about 200K according to@DefiLlama""> @DefiLlama and the TLP pool has a TVL of 700K+ USD to support trading.

Assets in the TLP pool consist of $SUI, $USDC, $DEEP and $LBTC while APR is over 100% atm.

Some Observations and Conclusions

• The Ascendancy of the Order Book: Sui’s perpetual DEX ecosystem currently exhibits a distinct preference for order book models, a phenomenon underscored by both protocol design choices and the dominant contribution to trading volume. This suggests either an inherent suitability of the order book mechanism within Sui’s architecture or a clear market validation by its user base.
• Asset Scarcity and the Siren Call of Memes: The conspicuously limited range of supported assets across Sui’s perpetual DEXs represents a latent opportunity. Should a protocol swiftly embrace the volatile yet potentially lucrative realm of memecoin trading – a sector with burgeoning cultural roots on Sui, it could catalyze a upswing in platform volume, capitalizing on the inherent speculative nature of these assets.
• Nascent Scale and the Incentive Imperative: Compared to the mature and deeply liquid perpetual DEX landscapes on EVM and Solana, Sui’s cumulative trading volume and Total Value Locked remain in their nascent stages. Given the established feature sets and functionalities available on these alternative chains, attracting traders to pivot will likely require more than just technological novelty. Instead, compelling incentive structures may prove to be the primary lure in drawing speculative capital and fostering substantial growth within the Sui perpetual DEX ecosystem.

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