According to @MilkRoadDaily, three new perpetual futures DEXs are vying to unseat Hyperliquid, signaling intensifying competition in on-chain derivatives and potential shifts in where traders route perp volume. According to @MilkRoadDaily, the report analyzes how this contest could influence DEX market share, liquidity depth, and execution quality across perp markets. According to @MilkRoadDaily, the piece also argues that Ethereum ETH may have identified a hidden price floor, framing near-term support dynamics relevant to risk management. According to @MilkRoadDaily, the analysis outlines what these shifts could mean for trading ETH and allocating flow among DEX venues.

According to @MilkRoadDaily, perpetual DEXs gained 10.3%, with GMX (GMX) and dYdX (DYDX) leading performance as traders keep hunting leverage on-chain (source: @MilkRoadDaily, Aug 16, 2025 tweet). The source suggests this leverage demand is driving relative strength in GMX and DYDX tokens within the decentralized derivatives segment (source: @MilkRoadDaily).