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Changelog
Every change to a Perpd score, newest first. Teams can send corrections with a source; we check and update within 7 days.
| Date | DEX | Factor | Old | New | Why |
|---|---|---|---|---|---|
| 2026-11-14 | All | rubric | Rubric v0.2 published: volume uses 24h volume / open interest; a regulator's public warning counts -2 and enforcement -4; incidents count for 12 months; ties share a rank. | ||
| 2026-11-14 | Hyperliquid | exit | 2 | 4 | Hyperliquid runs on its own L1, so there's no escape hatch to Ethereum. Funds moving to and from Arbitrum go through a bridge secured by validator signatures. That bridge was paused during the POPCAT incident on 12 Nov 2025, now just outside our 12-month window. Most USDC now moves as native USDC via Circle's CCTP, and the legacy bridge holds under 10% of HyperCore's USDC. |
| 2026-11-14 | Lighter | exit | 7 | 5 | Lighter has a real escape hatch: if the operator ignores forced transactions for 14 days, users can exit to Ethereum with a ZK proof of funds (Desert Mode). But its contracts are instantly upgradable (every upgrade so far was fast-tracked), new verifier contracts deployed in Oct-Nov 2026 have no published sources, and state updates stopped for 4h37m on 29 Oct 2026. |
| 2026-11-14 | Variational | security | 5 | 9 | Audits by Zellic (Dec 2024) and Spearbit (Mar 2025) are public in its docs, no exploits were found, and Omni has run with real funds since Jan 2025 (private mainnet; public mainnet opened 11 Nov 2026). The bug bounty tops out at $100K (-1). |
| 2026-11-14 | Variational | access | 7 | 10 | A clear, dated restricted list (US, Canada and Taiwan, 20 Apr 2026), a named contracting entity (MCMC Research Corporation, S.A., with arbitration in Panama), and no regulator action found. |
| 2026-11-14 | edgeX | exit | 5 | 4 | Trading moved to edgeX V2 on EDGE Chain in May 2026, and V2's forced-withdrawal mechanism isn't published, so we can't verify an exit path. The old V1 (StarkEx) contract was frozen in Aug 2026 after a forced withdrawal went unprocessed; V1 funds exit through its escape hatch. |
| 2026-11-14 | Extended | exit | 7 | 5 | Users hold their own keys on Starknet, and no withdrawal pauses were found. But independent audits of the Starknet Perpetual contracts show no user-triggered forced withdrawal: the operator must finalize every withdrawal and a security agent can pause them, which contradicts Extended's own 'force withdraw' claim. EVM-wallet users deposit and withdraw through the third-party Rhino.fi bridge. |
| 2026-11-14 | GMX | volume | 7 | 4 | 93% of GMX's 30-day volume came from its Solana deployment (GMTrade, folded back into GMX on 23 Oct 2026), where DefiLlama's adapter maintainers flagged points-farming wallets, and that volume has since collapsed. Arbitrum and Avalanche volume looks organic. |
| 2026-11-14 | GMX | access | 4 | 7 | Its interface terms bar US persons (per a third-party reading on 23 Sep 2026), but no operating entity is named anywhere (-3). No regulator action found. |
| 2026-11-14 | Jupiter Perps | volume | 7 | 10 | Open interest of $44.49M against about $195M of average daily volume (30-day volume $5.86B) gives a ratio of about 4.4, and no wash-trading allegations were found. |
| 2026-11-14 | Hyperliquid | liquidation | 4 | 6 | The HLP vault backstops liquidations, but there were 2 manipulation or ADL incidents in the last 12 months: FARTCOIN (Apr 2026) and the SK Hynix stock perp run by trade.xyz (Jul 2026) (-4). The POPCAT incident (12 Nov 2025) is now outside our 12-month window. |
| 2026-11-14 | Aster | access | 3 | 5 | Aster's restricted list is clear (US, Canada, UK and others), but no operating entity is named (-3). On 20 Nov 2025 the Seychelles Financial Services Authority publicly stated that Aster Dex is not authorized there and has no nexus to Seychelles. We count a regulator's public warning as -2 (an enforcement action would be -4). |
| 2026-11-14 | Hyperliquid | total | 64 | 72 | Total recalculated after the factor changes above. |
| 2026-11-14 | Lighter | total | 79 | 75 | Total recalculated after the factor changes above. |
| 2026-11-14 | Aster | total | 49 | 52 | Total recalculated after the factor changes above. |
| 2026-11-14 | Variational | total | 70 | 81 | Total recalculated after the factor changes above. |
| 2026-11-14 | edgeX | total | 74 | 72 | Total recalculated after the factor changes above. |
| 2026-11-14 | Extended | total | 76 | 72 | Total recalculated after the factor changes above. |
| 2026-11-14 | Jupiter Perps | total | 79 | 83 | Total recalculated after the factor changes above. |
| 2026-11-09 | All | launch | v0.1: first research pass on 10 DEXs, 7 of 8 factors (execution check pending). |
About PerpdPerpd is an independent scorecard that ranks perp DEXs by the risks that cost traders money: exits, liquidations, access and real fills. Re-scored monthly; scores are never for sale. How we rank.
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