A deep dive into Perp Trading in Cosmos, a 🧵 ... 1) @elys_network: Elys is the new kid on the block, having launched Perp trading on 25th July 2025. You can currently trade wBTC, ETH and ATOM. There is currently a competition running until Monday 4th August, offering $500 for the trader with the highest PnL of the week, and $500 for the trader with the highest volume of the week. Good luck! 2) @mars_protocol: Mars is the top class Perp DEX built on @neutron_org. They keep delivering new updates and have loads of markets, including adding HYPE, ONDO, PENDLE and PUMP later today. One of the coolest things on Mars are the Vaults, which allow anyone to create strategies to generate returns not only for themselves, but their depositors too (Hint: Check out the APRs here!). 3) @Levana_protocol: Levana originally launched their Perp DEX on Osmosis ( however, they have since found a new home on @RujiraNetwork. It's currently possible to trade ATOM, BCH, LTC, DOGE, AVAX, ETH, BNB & BTC. It's not possible to use Noble USDC at this time, but that should be coming soon. 4) @dYdX: The largest Perp DEX in Cosmos needs no introduction. The liquidity here is huge, with the DEX doing over $200m in volume per day. DYDX has been a huge boom to Cosmos, and Noble USDC in particular, where much of the native stablecoin ends up (they have a hugely popular USDC vault here). 5) @demexchange Did you know Carbon (that Demex runs on) was one of the very first chains to connect to Cosmos Hub via IBC? These guys are OGs. Volumes have decreased somewhat since the Nitron money market hack recently (unrelated to the Perp Dex). There is a DMX airdrop expected very soon (the points program recently ended). I expect something new to come along here soon, with the team linked to @0xCeleris on @monad. 6) @HelixApp_ Helix is @injective's premier app, and the Perp DEX is one of the smoothest out there. They've made some amazing updates, including being able to trade stocks on leverage. They have a points program (no token yet besides $INJ!) and Season 2 just kicked off: So there we have it. Which DEXs are you using? I say DEXs plural, as one of the easiest trades to do is to farm the funding rates (i.e. get paid to long an asset on one DEX, and paid to short it on another). If you're unfamiliar with this, I will get a post out on it soon! Good luck! Disclaimer: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.