Research
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DeFi

Perp DEX Token Cheat Sheet

Nov 24, 2023 ⋅  31 min read

The world of perp DEXs is rich for fundamental research and investing. They have a product with proven demand and mechanisms with sustainable cash flows to tokenholders. Many of these assets trade at earnings multiples that even history’s fundamental investors would call cheap — all while offering a high beta to the upside of the crypto markets. The four leading horses, DYDX, SNX, GMX, and GNS, have unique tradeoffs, and there is no shortage of rising competition. This cheat sheet should be a great resource to determine which assets present the best opportunities.

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Before joining Messari as a Senior Research Analyst, John worked in Equity Derivatives on the buy-side and sell-side for over five years. He studied macroeconomics and markets for almost a decade. Now, John spends time thinking about token design, DeFi protocols, and governance.

About the author

Before joining Messari as a Senior Research Analyst, John worked in Equity Derivatives on the buy-side and sell-side for over five years. He studied macroeconomics and markets for almost a decade. Now, John spends time thinking about token design, DeFi protocols, and governance.