Perp DEX

新现货 DEX 应优先评估 Solana 与 Base，新 Perp DEX 更适合 Base、Solana 或 Hyperliquid HIP-3；真正决定长期胜率的不是 TPS，而是交易流、稳定币、做市商、分发与风险管理。

Sui spot liquidity has consolidated around Cetus, DeepBook, and Bluefin, while perpetual markets remain fragmented. The strongest opportunities are aggregation, unified margin, risk infrastructure, and new-asset trading loops.

公链选型不应先比较 TPS，而应先确认交易流、稳定币、做市商、分发入口和风险能力。对新团队而言，Solana、Base 与 Hyperliquid HIP-3 对应三条不同的创业路径。

Hyperliquid 借贷强化了 USDC 的局部流动性优势，但跨平台比较显示 USDC 尚未成为永续市场的统一标准；真正的护城河取决于它能否成为跨协议、跨链复用的现金与抵押品层。

Arcus is a live Robinhood Chain perps and tokenized-stock venue with real growth, but live data weakens the high-conviction moat case: distribution is shared, Lighter is larger on the same chain, and the asset remains a watchlist candidate until scale, token design, and adoption improve.

Entropy 借 HIP-3 重启 Anthropic 永续，证明的是部署者可替换，而不是私募股权本身成了 Hyperliquid 的新成交引擎；平台护城河在 HIP-3 的建设者市场、复用订单簿和可替换部署者。

CFTC 拟议规则把事件合约纳入更清晰的联邦衍生品审查框架，为 prediction markets 打开机构化想象空间，但这条红利首先利好 Kalshi、Polymarket 这类合规/分发领先的平台。本报告拆解 Hyperliquid HIP-4 outcome markets 的需求侧流动性、结构优势、转化瓶颈，以及判断叙事是否兑现为持久流动性的关键观察信号。

Cyberperp is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.