Origami Tech on HackerNoon: How a Trader Chooses a Decentralized Exchange

Origami Tech co-founder Roman Korotchin has published a new article on Hackernoon exploring how traders evaluate decentralized exchanges beyond surface-level metrics.

The article looks at the structural differences between leading DEXs, with a focus on execution quality, slippage, open interest, liquidation volume, and incentive design.

Inside the piece:

• why slippage often matters more than headline fees
• how to read open interest and liquidation volume as signals of real activity
• the difference between performance-driven and incentive-driven trading behavior
• how Hyperliquid, Lighter, Aster, Extended, and Pacifica compare in practice
• why traders should treat capital allocation across venues as an active decision

Platforms Shaping the Technological Direction

Several DEXs are currently defining new infrastructure standards through distinct architectural approaches.

• Hyperliquid operates on its own Layer 1 blockchain optimized for high-frequency trading. Its reported throughput reaches 200,000 orders per second with single-block finality, positioning it as one of the most performance-oriented decentralized infrastructures in the market. The platform controls more than 25% of the decentralized perpetual market, with approximately $5.4B in 24-hour trading volume. Additionally, the project has launched a $29M DeFi lobbying initiative, signaling broader strategic ambitions beyond pure exchange functionality.
• Beyond raw performance metrics, Hyperliquid distinguishes itself through product architecture. It introduced a vault system that integrates elements of social trading, allowing users to allocate capital to trading accounts managed by other participants while maintaining structural safeguards. The platform also pioneered a builder program that enables external teams to create custom frontends connected to its core matching engine, expanding the surrounding ecosystem. Further innovation emerged through HIP markets, where external participants can create and manage markets by staking HYPE tokens and assuming defined risk parameters. This approach decentralizes market creation while preserving economic alignment, reinforcing Hyperliquid’s reputation as a structural innovator. And the team still keeps delivering with HIP-4 initiatives.
• Lighter emphasizes verifiable execution through a zero-knowledge architecture, using Ethereum as its settlement layer. Matching and liquidation processes can be cryptographically validated. After raising $68Min investment, Lighter exceeded $2.4B in daily perpetual volume. Its expansion into real-world assets and Korean equity contracts reflects a growing spectrum of available instruments.
  The first to have successfully implemented zero taker fees and described this idea to both the community and market makers, making it win-win for counterparties. Due to this, it has the most liquid order books for a high share of the markets.
• Extended, founded by an ex-Revolut team, aims to be a hybrid exchange combining the best of CEX and DEX. It boasts <10ms latency, gas-free trading, and a unique vault model where users can provide liquidity, earn yield, and simultaneously use those deposits as collateral for their own trades, creating a market rebate effect. The platform is aggressively bridging the gap with traditional finance, recently launching stock perpetual contracts for six major companies in February 2026.
• Aster, the product of a merger between Astherus and APX Finance, leverages the vast Binance infrastructure to offer a mature and feature-rich trading environment. Having processed a staggering $4.17T in total trading volume across more than 9 million users, Aster is a giant in the space. Its standout feature is the hedge positions mode, allowing traders to hold both long and short positions on the same market simultaneously, a convenience that simplifies complex strategies and organically boosts volume. Beyond this, Aster provides a suite of trading modes, including a high-leverage "Shield Mode" and a one-click, MEV-resistant "1001x" mode, catering to a wide spectrum of traders.
• Pacifica represents a quintessential Solana growth story. Launched in June 2025, it became the top-performing perpetual DEX on Solana by September, surpassing established players like Jupiter. Built from scratch by a team that includes former FTX COO Constance Wang, Pacifica leverages Solana's speed to offer a CEX-like experience with deep liquidity and low fees. The platform has seen explosive growth, accumulating over $64 billion in cumulative volume and reaching over $40 million in TVL within its first year.

Read the full article:
https://hackernoon.com/how-a-trader-chooses-a-decentralized-exchange
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