As the founder of Binance, CZ surprisingly declared that the Perp Dex era has arrived without saying anything else. There are many products in the Perp Dex space, such as funding rate variances, cross-platform exchange rate deviations, and opaque position information. In order to more efficiently participate in the market, auxiliary tools have become a necessity for many players. BlockBeats has compiled several useful PerpDex tools.

On-Chain Wallet Analysis

Whether on-chain or on a centralized exchange, the destination of smart money has always been a concerning issue. They often bring higher trading activity than KOL followers, as tracking them is usually a spontaneous behavior. Especially during the meme coin craze or prediction market periods, these types of auxiliary projects are among the first to appear, and PerpDex is no exception.

Coinglass

Players who frequently participate in the secondary market trades will surely be familiar with this website. As one of the fairly well-established data websites, its data covers various scenarios such as FundingRate, institutional ETFs, options, and most other token usage scenarios on trading platforms.

However, for PerpDex, currently only related data involving Hyperliquid's wallet analysis is publicly available, but the presentation of this data is also quite interesting. Coinglass categorizes users into 16 user types based on position size and whether they are in profit or loss (similar to the 16 MBTI types). Through this user heatmap, it is very intuitive to see the views (bullish or bearish) of these 16 user types on a particular mainstream token.

As shown in the image, the "MoneyPrinter" who has earned over $1 million is expressing their current sentiment towards the Aster token.

The second aspect is the overall proportion of long and short positions and wins and losses among these 16 user types. At first glance, it is quite reflective of the current market sentiment of players in each position. For instance, users in the range of 0 to $250 like the author or from $250 to $10,000, known as "Fish," have low opening positions. Conversely, players with over $10,000 are almost entirely engaged in long positions.

HyperBot

When it comes to smart wallet tracking, HyperBot is definitely a recent hotspot. Originally a tool in the Hypeliquid ecosystem, it has since expanded to the Aster platform. More importantly, it can real-time push notifications for whale wallet changes and fund flows, allowing ordinary users to also capture smart money movements in a timely manner.

The smart money exploration page provided by HyperBot is similar to the experience meme players have in GMGN or Axiom.

The token of HyperBot, BOT, has been listed on Binance Alpha. Due to the recent popularity of Aster and the start of the second-phase airdrop event, the price trend of HyperBot's token $BOT is quite impressive, with a current market value of $15 million and a fully diluted valuation (FDV) reaching $1.4. For users observing fund behavior, HyperBot has become a relatively comprehensive assistant.

Further reading: "How to Properly Participate in the $700 Million Airdrop, Aster S2"

Arbitrage

As the perpdex platforms grow, there will be a certain degree of arbitrage space due to price differences and interest rate differentials between platforms. In the current prevalence of PerpDex, corresponding data platforms have also begun to consider this in their data collection.

Loris Tools

Loris Tools is a fund interest rate arbitrage dashboard and market data platform developed by HyperZap's founder Loris. This data is relatively clear, showing key metrics such as OI and the maximum arbitrage space in basis points, indicating where to act. Overall, it updates every 60 seconds automatically and features a scrolling best "arbitrage opportunity" bar.

In addition to tracking on the dashboard, users can also set up TG BOT alerts. However, different platforms have different settlement times, and users need to have a good understanding of the settlement mechanism of these platforms in order to use them more effectively.

ASXN

While ASXN may not be as comprehensive as Loris in the funding rate data track, its functionality goes far beyond that. ASXN DATA is a dashboard created by crypto researcher ASXN, providing almost a full set of Hyperliquid data dashboards.

Users can view the overall situation of recent trades on the Ecosystem Overview interface, and can also delve into the liquidity risk of a specific token in Risk Metrics, and more. Furthermore, the TWAPs page allows for a comprehensive view of validator distribution and status. These tools integrate originally scattered on-chain information into actionable data dashboards, providing powerful support for traders with in-depth needs. Unfortunately, the current dashboard only contains data from the Hyperliquid ecosystem's PerpDex.

Data Dashboard

FutureFlows

Unlike Coinglass's token trading volume heatmap, Future Flows offers more holistic data, covering most of the PerpDex data on the market, allowing for a discussion of the overall on-chain trading situation for most tokens.

Perpetual Pulse

Perpetual Pulse is a PerpDex data dashboard created by hansolar, a member of the Lighter team, providing similar overall market data monitoring functionality. It tracks the on-chain transaction volume, TVL, and OI across multiple chains, and can dynamically update market changes in real-time.

Traders can use this platform to view the transaction volume trends, fund flows, and other information for different projects to help assess market sentiment and hot sectors.

Trading Tool

Pear Protocol

Pear Protocol is a contract trading aggregation tool that supports the SYMM (Symmetric Network) and Hyperliquid ecosystems. It has accumulated nearly $1 billion in transaction volume to date.

Users can access the contract markets of both networks through the Pear platform simultaneously, eliminating the hassle of manually switching wallets and exchanges. It is suitable for active derivative traders. Its main product advantage is the ability to simultaneously open both long and short positions for hedging, and it provides real-time updates on Pair Markets, suggesting suitable pairs for hedging in the market.

The BNB/FTT pair in the Hyperliquid environment shown in the figure can use 3x leverage, while in the SYMM environment, pairs like BTC/ETH can leverage up to 54x.

The platform token $Pear of Pear Protocol is issued on Arbitrum, with a current market value of $4.2 million and a FDV of $15 million.

Spark

Spark is a TG transaction terminal dedicated to cross-chain transactions, which recently started supporting multiple PerpDex contract opening, closing, copy-trading smart wallet, and other operations. Its all-in-one interface greatly simplifies the process of switching between different PerpDex platforms.

The tool currently covers several mainstream on-chain PerpDex platforms including Hyperliquid, Aster, and also provides real-time quotes such as depth order book and funding rate. Although mobile platforms are popular on many exchanges now, the advantages of TGBOT are not as pronounced, but it still brings convenience to multi-platform trading.

PerpDex's Live Streaming Platform?

Recently, during a KBW SideEvent (Perp-Dex Day), traders live-streaming trades on the four major PerpDex platforms sparked a lot of excitement, leading to widespread dissemination and interpretation as "Koreans have turned trading into a live-streamed game."

In terms of outreach, the event's organizer par_D & Magon was undoubtedly quite successful, which also indirectly indicates that this trading status seems to have already been accepted by most crypto players. Previously, during the peak of live-streamed gaming, apart from various abstract streamers, live trading was the most popular, accompanying many late-night "dog fighters" as they inadvertently discovered some "golden dogs."

FLIPgo

In addition to Solana, Base, and BSC, there is actually a live streaming platform on Hyperliquid as well. Although FLIPgo is not fully developed in terms of live streams and product UI, if it can excel in the PerpDex vertical lane, its potential as a "esports platform" seems to be substantial.

Furthermore, "naturally," FLIPgo has its own live streaming coin $FLIP, currently issued on HyperEVM with a token market cap currently priced at $1.5 million.

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