Just came back from HK and had discussions with Teacher Cha, VC leaders @mdzzi @0xmaggie5, and many deep players in PerpDEX.

The consensus is that PerpDEX has just completed one phase, the second phase hasn't arrived yet, meaning the true big explosion is still ahead.
Whether it's last year's Aster, Lighter, this year's ParaDEX, EdgeX, fundamentally all stem from everyone seeing HL making so much money, sparking an initial competition. Now even the two major prediction market leaders, Polymarket and Kalshi, are entering, showing how huge the profit potential in this area is. (PS, over 80% of the entire crypto market is derivatives trading.)
Why is growth still happening?
First, as CEXs become more compliant, many "whales" who previously could operate on CEXs will shift to DEXs, as can be seen from recent Rave on Aster and Chip on HL.
Second, CEX derivatives have restrictions, while DEXs are unrestricted, with overall processes becoming more formulaic. According to conversations with Bn staff, Bn's CL crude oil futures trading pairs require approval from Abu Dhabi regulators, which already puts it at a time disadvantage compared to HIP-3. Regardless of Bn's final trading volume, compliant CEXs are always a step slower.
Third, in the future, US stock tokenization—although currently there's no contract pricing—recent Pre-IPO developments and the future 7x24 trading on Nasdaq and NYSE will give MM hedging tools. Perpetual contracts, as the "strongest price discovery mechanism," will realize Jeff's vision in the interview that "in the future, perpetual contracts will price everything."
Finally, a quick note: stablecoins were invented in 2014, and in 2025 they finally broke out with the "Genius Act." Perpetual contracts, as a native concept in crypto, were invented in 2016. It now looks like they are on the path to mainstream adoption, and a major project is expected to launch in the second half of the year.
Still Early!