The competition in the perpetual contract DEX track is entering a new stage. Emerging projects like Lighter being able to succeed indicates that the market is still searching for a better trading experience. Looking ahead to 2026, the Perp DEX track is worth continuous attention — not only because the demand for derivatives trading remains strong, but also because there is still a lot of room for technical optimization.

The current pain points of on-chain perpetual contract trading are clear: slippage issues, fragmented liquidity, and insufficient capital efficiency. These problems fundamentally stem from the limitations of the existing AMM mechanisms in high-leverage trading scenarios. Projects that can find new approaches in order book depth, matching efficiency, or risk management will naturally attract attention.

The landscape in 2026 might look like this: leading Perp DEXs will continue to consolidate their positions, but innovative players can also carve out a market through differentiated competition. Platforms with high capital efficiency, smooth trading experiences, and clear security models will be more attractive. That’s why it’s crucial to stay updated on this track now — the next growth opportunity lies in projects that pay attention to the details.