The real difference in the perpetual futures DEX is not in whose volume numbers are more impressive.

Platforms like StandX are pondering an age-old question: why does capital flee during a bear market?

Many protocols experienced explosive data in the early stages, but when the market calms down, it immediately becomes sluggish—volume plummets, liquidity dries up. It looks like operational failure, but the root cause lies in the incentive mechanism. When market volatility decreases, the model that originally attracted traders becomes ineffective. This is not a temporary symptom, but a structural issue at the design level. From another perspective, it's that capital efficiency and incentive structure are not truly aligned. Being able to retain funds in various market environments is what perpetual futures should be competing on.