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Perp DEXs That Stay True to Ethereum

A primer on Ethereum-aligned perp DEXs that are balancing speed with L1 security.
Perp DEXs That Stay True to Ethereum
Jack Inabinet Jack Inabinet
Oct 6, 2025 • 4 min read
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Perpetual exchanges, or “perp DEXs,” have become the hottest sector in crypto as traders seek leveraged exposure to markets and airdrop hunters churn out volumes in the pursuit of receiving free money distributions.

Players like Hyperliquid and Aster currently control the vertical, but their performance-focused edge comes at the cost of security. Now, a new wave of perpetual exchanges is attempting to optimize for both speed and security by prioritizing Ethereum alignment.

Today, we’re breaking down the two platforms leading the charge here: Synthetix and Lighter.

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Perp DEXs That Stay True to Ethereum
In The Article
Synthetix Synthetix Ethereum Ethereum Hyperliquid Hyperliquid
Jack Inabinet

Written by Jack Inabinet

566 Articles • View all      

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.

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