Perp DEX

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.

Drift Protocol is treated as a DEX / liquidity 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.

GMX is treated as a DEX / liquidity 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.

Levana Perps 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.

Mycelium Perpetual Swaps is treated as a DEX / liquidity 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.