$1.3 Trillion Perp DEX War Involves Wall Street

Memeburn reports on perpetual decentralized exchanges competing intensely in a market valued at 1.3 trillion dollars. The article examines strategies and hidden factors involving traditional Wall Street institutions while highlighting competitive dynamics. Hyperliquid holds 62 percent of tracked perp DEX open interest. Four competitors advance from different angles. The war is shifting from volume to ownership of infrastructure according to the source summary in the post. The piece details how these exchanges battle for market share and what factors may influence outcomes beyond public metrics.