← Narrative radar
Collecting Bitget market data
On-chain perpetual futures exchanges and aggregators.
Median 7-day return trailed BTC by −4.9 pts and only 2 of 7 assets outperformed BTC.
Calculated from market data by fixed rules. A stage describes observed behavior; it is not a prediction.
Median basket performance over 30 days, normalized to the start (dashed line).
| Asset | 7D | vs BTC | 30D | Volume | Funding/8h |
|---|---|---|---|---|---|
| HYPE | +14.3% | +18.5 pts | +2.5% | +101.8% | +0.0100% |
| ORDER | +3.7% | +8.0 pts | −16.9% | +3759.4% | +0.0100% |
| GMX | −4.5% | −0.2 pts | −0.9% | +31.7% | +0.0100% |
| DYDX | −9.2% | −4.9 pts | −28.7% | −53.6% | +0.0029% |
| Asset | 7D | vs BTC | 30D | Volume | Funding/8h |
|---|---|---|---|---|---|
| JUP | −20.3% | −16.0 pts | −23.6% | −54.6% | +0.0100% |
| SNX | −15.6% | −11.3 pts | −28.7% | −33.4% | +0.0100% |
| AEVO | −9.6% | −5.3 pts | −21.1% | −62.3% | +0.0100% |
Representative assets used for this narrative’s analysis, not an exhaustive list of every token in the sector. Source: Bitget daily spot candles; funding from Bitget USDT perpetuals.
The Perp DEX narrative is fading due to pronounced underperformance versus Bitcoin and severe breadth deterioration. The median 7-day return of −9.2% trails BTC by −4.9 percentage points, and only 2 of 7 assets outperformed BTC over the period. Deterioration has intensified over the rolling month: the 30-day median return of −21.1% lags BTC by −14.0 points, and volume has collapsed across the cohort (median −33.4%), with rising volume in only 3 assets.
AI interpretation of the calculated metrics · it cannot change the classification · 1 statement removed for citing data not in this reading