Perp Trading Volumes hit ATH in July '25 at ~$400B. #1 @HyperliquidX at $315B (79% of share) #2 @OfficialApeXdex at $20B (5%) #3 @JupiterExchange at $16.5B (4%) #4 @DriftProtocol at $14.8B (3.7%) #5 @Rabbitx_io at $9.8B (2.5%) With tokenized stocks and pre-IPO shares moving onchain (e.g @ventuals_ ) we expect volumes to keep growing. Imagine if you can 100x $NVDA, $HOOD, $CRCL, $FIG or pre-IPO companies like OpenAI, Anthropic, Databricks, Stripe, etc. Perps volumes are in our opinion still early.