The HyperLiquid Effect: Whose PerpDEX Volume is Real?

Indexed Podcast · Oct 17, 2025 · 36m

We discuss:

- What Perp DEXs are and how they differ from spot

- Mechanics of perpetual contracts: funding, leverage, liquidations, oracles

- Hyperliquid’s rise and current market dynamics

- Key challenges: latency, MEV, risk engines, insurance funds

- New designs and innovations across onchain derivatives

- Where perp markets may go next

And much more—enjoy!

—

Timestamps:

(00:00) Introduction

(00:42) Overview of Perpetual Decentralized Exchanges (Perp DEX)

(04:05) Understanding Perpetual Contracts

(19:37) The Rise of Hyperliquid and Market Dynamics

(27:40) Challenges and Innovations in Perp…