According to @dydxfoundation, dYdX Grants renewed the MegaVault Operator mandate in June 2025, awarding Greave a grant to fund six months of core operations and methodology development for the dYdX MegaVault, an initiative described as deepening dYdX liquidity, which is directly relevant to trading conditions on the dYdX perps DEX and the DYDX ecosystem; source: dYdX Foundation via X on Oct 20, 2025 and dYdX Foundation blog titled Deepening dYdX liquidity — dYdX Grants renews MegaVault Operator.

According to @PolynomialFi, its perpetuals DEX has surpassed $1.5 billion in cumulative trading volume, highlighting rising activity on the platform; source: Polynomial on X, Oct 8, 2025. According to @PolynomialFi, the team described the platform as the fastest-growing perps DEX and indicated continued expansion; source: Polynomial on X, Oct 8, 2025.

According to the source, Ark Invest CEO Cathie Wood said Hyperliquid reminds her of Solana in its early days and called it the new kid on the block. Source: public social media post dated Sep 29, 2025. The post provides no price, volume, roadmap, or investment disclosure for Hyperliquid or Solana (SOL), making this a sentiment-only headline without quantifiable signals. Source: public social media post dated Sep 29, 2025. For trading, treat this as a short-term sentiment catalyst and wait for confirmation via SOL spot trend, perp funding and open interest, and on-chain perps DEX activity tied to Hyperliquid before taking directional risk. Source: public social media post dated Sep 29, 2025. Without such confirmation, manage it as headline risk with tight stops and position sizing rather than a thesis change. Source: public social media post dated Sep 29, 2025.

According to @0xRyze, Hyperliquid delivers a seamless bridge into its ecosystem, simplifying fund transfers for trading, source: @0xRyze on X, Sep 14, 2025. The post highlights speedy execution and consistent order fills on the Hyperliquid perpetuals DEX, a key factor for latency-sensitive and high-frequency strategies, source: @0xRyze on X, Sep 14, 2025. It also points traders to test HyperEVM applications such as prjx_hl and to learn about builder codes, signaling an expanding on-chain trading app layer, source: @0xRyze on X, Sep 14, 2025.

According to @adriannewman21, BasedOneX accounts for more than 15% of HyperliquidX perpetual futures trading volume, representing a notable share of platform activity. Source: X post by @adriannewman21 on Sep 14, 2025. The post also urges traders to Be the 15% and references supporting data from @reisnertobias. Source: X post by @adriannewman21 citing @reisnertobias.

According to @ranyi1115, Orderly builder fees start at 3 bps and drop to 1 bps when 7M $ORDER is staked or monthly volume surpasses $10B, source: @ranyi1115 on X, Aug 28, 2025. The platform is omnichain across 17 chains, supports multicollateral, and offers deep liquidity across 130 perpetuals markets, source: @ranyi1115 on X, Aug 28, 2025. Builders can launch a perps DEX in days, with the timeline expected to shorten to minutes, source: @ranyi1115 on X, Aug 28, 2025.

According to @KookCapitalLLC, venture capital firms and KOLs aligned with them have hurt retail participants, asserting that the way to build winners in crypto has changed and explicitly naming Hyperliquid as the focus, which provides a clear sentiment datapoint for traders tracking social-driven flows around that venue (source: @KookCapitalLLC on X, Aug 26, 2025).

According to @ai_9684xtpa, edgeX generated $2.83 million in protocol revenue over the last seven days, equaling 16% of Hyperliquid’s revenue and surpassing Ethereum, Base, Solana, and Lido over the same period, as shown in the shared revenue chart on X. According to @ai_9684xtpa, Hyperliquid climbed from obscurity to a global top-4 position in three years, while edgeX is roughly half a year old, indicating a faster revenue ramp within the perps DEX segment. Based on @ai_9684xtpa’s figures, traders can treat the rising fee share as confirmation of user activity concentration in perps DEX venues and track sector rotations by comparing perps DEX fee share versus L1/L2 fee indexes and ETH/SOL perpetual pairs’ funding and volume trends.