# Perp DEX Settlement Compared: Where a Trade Is Recorded The Perp Reference maintainers · Updated: 24 September 2026 · Readings taken 20 September 2026 · Venue documents read 18 September 2026 ## Abstract Perp DEX settlement compared across seven order-book venues on 24 September 2026: Lighter leads at 5.8 of 7, Aster takes 5.5 and edgeX 5.3. The order is the overall total. All seven write something to a chain; they differ in how much, how often, and who can hold up a withdrawal, and the phrase on-chain covers four arrangements below. Weights: Order-book liquidity 30 · Market coverage 20 · Trading cost 18 · Security record 14 · Custody and settlement 12 · Access 6. One formula scores every entry, fixed on 22 September 2026 and never adjusted: https://thekiddushclubnft.com/scoring-method ## Perp DEX settlement compared across seven order-book venues Ordered by the overall total, not by custody: one dimension compared across the field, not a re-ranking on it. | No. | Venue | Score of 7 | Maker / taker | Perpetual markets | Model | |---|---|---|---|---|---| | 1 | Lighter | 5.8 | 0% / 0% | 214 | Hybrid, ZK-proven | | 2 | Aster | 5.5 | 0% / 0.040% | 578 | Own layer 1, operator-run | | 3 | edgeX | 5.3 | 0.040% / 0.045% | 172 | Hybrid | | 4 | Hyperliquid | 5.0 | 0.015% / 0.045% | 324 | On-chain order book | | 5= | ApeX Omni | 4.7 | 0.020% / 0.050% | 125 | Hybrid | | 5= | EVEDEX | 4.7 | 0.015% / 0.045% | 52 | Hybrid | | 7 | Paradex | 4.4 | 0% / 0% | 63 | Hybrid, Starknet appchain | Facts as of 18 September 2026; fees are the entry tier on the BTC perpetual and market counts are each venue's own. Access differs by country: the terms binding on you are the ones to read before a deposit. ## What the table shows 1. One phrase, four arrangements: Hyperliquid records trades in its chain's consensus, Lighter proves batches to Ethereum, Aster runs its own chain with the core contracts closed, and EVEDEX writes position data to Arbitrum periodically. 2. A documented way out without the operator is the exception. Lighter, edgeX and ApeX Omni describe one; Hyperliquid, Aster, EVEDEX and Paradex do not, in the documentation we read on 18 September 2026. 3. Audit counts measure different things: Hyperliquid's two reports examine the bridge holding deposits, and neither it nor Aster lists one for the chain that matches the trades. 4. Three of the seven have already paid traders back: Paradex $650,000 to 200 accounts after its rollback of 19 January 2026, Aster after the XPL mispricing of 25 September 2025, and Lighter after its outage of 10 October 2025. ## What reaches a chain, and who can stop a withdrawal One row per venue, from its own documentation and terms, read on 18 September 2026. None found means none in our sources, not that nothing happened. | Venue | Settlement model | What reaches a chain, and when | Exit without the operator | What the audits cover | Incidents, 24 months | |---|---|---|---|---|---| | Lighter | Off-chain book, proven batches | Every batch, verified on Ethereum | Yes: an exit queue, plus an emergency exit | Core contracts, exit system, deposit bridge | Outage of 4.5 hours, 10 October 2025 | | Aster | A layer 1 of its own | Every trade, on its chain since 16 March 2026 | No; the bridge is validator-signed | Vault and earn contracts, not the chain | XPL mispricing liquidations, 25 September 2025 | | edgeX | Off-chain book, own rollup | Balances and trades, on the EDGE chain | Yes: direct contract calls | Two contract generations, six firms | EDGE token collapse of about 71%, 2 June 2026 | | Hyperliquid | The book inside its chain | Every order, cancel, trade and liquidation | Not documented | The Arbitrum bridge holding deposits | Vault losses of about $4 million and $4.9 million | | ApeX Omni | Off-chain book, hosted rollup | Every matched trade, proven to five networks | Yes: a forced exit to the layer below | The rollup contracts holding deposits | None found in the sources we read | | EVEDEX | Off-chain book, periodic record | Position data, once changes accumulate | Not documented | Smart contracts, latest report 28 July 2025 | None found in the sources we read | | Paradex | Off-chain book, own appchain | Trades, as proven state differences | No; a lockdown procedure applies | Bridge, position and vault contracts | Chain rolled back 19 January 2026 | Margin is the whole of what a perpetual can cost, and the multiple decides how little it takes. ## 1. Lighter — proven batches, and a documented way out 5.8 of 7 · BTC 50x, 2% margin · Wallet signature Lighter's sequencer matches away from any chain and then proves every batch to Ethereum; the deposit contracts and the state root are what sits there ([Lighter docs](https://docs.lighter.xyz/about-lighter/technical-architecture-lighter-core.md), checked 18 September 2026). Two routes out ignore the sequencer — a priority exit queue, and an emergency exit if that queue is ignored. - In favour: Two documented exits that do not depend on the sequencer; Nine audit reports, one of them on the exit circuits. - Noted against: No public bug bounty programme; One operator-run sequencer, on a single cloud provider. - Not for: a trader who wants matching inside a chain's consensus. ## 2. Aster — its own chain, with the core code closed 5.5 of 7 · BTC 200x to 400 USDT · Wallet signature or email Aster matches and settles on Aster Chain, a proof-of-stake layer 1 it launched on 16 March 2026 ([Aster docs](https://docs.asterdex.com/overview/what-is-aster.md), checked 18 September 2026). Every trade is recorded there — but that chain's core contracts are not open-sourced, its first phase runs without outside validators, and deposits cross a bridge those same validators sign. - In favour: Every trade recorded inside the venue's own chain; An Immunefi bounty worth up to $200,000. - Noted against: Core chain contracts and node infrastructure are closed; No audit listed for the chain or the matching engine. - Not for: anyone who needs that chain verifiable from outside. ## 3. edgeX — a withdrawal that bypasses the operator 5.3 of 7 · BTC 100x to $1 million · Wallet or MPC login The book on edgeX is matched away from any chain, and balances and trades land on EDGE, the rollup the venue operates ([edgeX docs](https://pro.edgex.exchange/en-US/home), checked 18 September 2026). Its self-custody page is one of three here to set out a way of leaving without the venue — calling the contracts directly, with the operator out of the loop. - In favour: A withdrawal without the operator, written into the documentation; Audit reports from six firms across two contract generations. - Noted against: No bug bounty programme on the documentation site; An EDGE token collapse on 2 June 2026 forced liquidations. - Not for: a trader who wants resting orders visible to anyone. ## 4. Hyperliquid — every order inside one chain's consensus 5.0 of 7 · BTC 40x to $150 million · Wallet signature or email code Hyperliquid is the only venue here whose order book lives on a chain: every order, cancel, trade and liquidation executes inside HyperCore with one-block finality ([Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/about-hyperliquid.md), checked 18 September 2026). The audits are narrower than that suggests, and no documented withdrawal works if the venue stops answering. - In favour: The order book runs inside the chain's own consensus; A bounty up to 1 million USDC for a critical report. - Noted against: Both published audits cover the deposit bridge, not the chain; Its community vault absorbed about $4 million and about $4.9 million during 2025. - Not for: a trader who needs a written exit for a silent venue. ## 5=. ApeX Omni — a forced exit written into the rollup 4.7 of 7 · BTC 100x to $100,000 · Wallet, or email with a Privy wallet ApeX runs the book; matched trades go to the zkLink sequencer, execute on its rollup and are proven to contracts on five networks, which hold the deposits ([ApeX Omni docs](https://docs.zk.link/architecture/transactionflow), checked 18 September 2026). A forced exit to the layer below is documented, so a balance comes back without ApeX. - In favour: A forced exit to the layer below, documented in full; Deposits sit in contracts covered by four audit reports. - Noted against: The audits cover the rollup, not the engine, four reports from 2023; No bug bounty programme found in the documentation. - Not for: a trader who wants the matching engine itself audited. ## 5=. EVEDEX — a periodic record of positions on Arbitrum 4.7 of 7 · BTC 200x to $50,000 · Wallet signature Matching on EVEDEX happens off the chain; Arbitrum holds position data, written once enough changes have built up and again at every withdrawal (per the EVEDEX documentation, 18 September 2026). Its record alone arrives periodically rather than trade by trade, which puts its custody mark at the foot of the column. Two CertiK audits of the EVEDEX smart contracts are complete, the second on 28 July 2025, with one informational finding, acknowledged, and nothing critical, major, medium or minor. - In favour: Position data reaches Arbitrum on every withdrawal, not only periodically; Two completed CertiK audits of the smart contracts. - Noted against: Positions reach the chain in periodic batches, not trade by trade; No withdrawal without the operator is described in the documentation we read; No bug bounty programme listed on CertiK Skynet, checked 18 September 2026. - Not for: a trader who needs each fill recorded as it happens. ## 7. Paradex — an appchain, and a book only operators see 4.4 of 7 · BTC 50x, 300 BTC limit · Wallet signature; account derived from the address Paradex matches orders in a cloud of its own, visible only to its operators, and settles on Paradex Chain, a Starknet-stack appchain posting proven state differences to Ethereum ([Paradex docs](https://docs.paradex.trade/trading/privacy.md), checked 18 September 2026). What reaches Ethereum is a proof of the result, not a public book, and no forced withdrawal is documented. - In favour: Five audits and a Sherlock bounty up to 500,000 USDC; Traders were paid $650,000 after the January 2026 rollback. - Noted against: A published lockdown procedure lets the operator limit withdrawals; The chain was rolled back on 19 January 2026 after wrongful liquidations. - Not for: a trader who wants a resting order checkable by anyone. ## Four arrangements behind one phrase Hyperliquid puts the book inside its chain, where every order, cancel, trade and liquidation executes in consensus ([Hyperliquid docs](https://hyperliquid.gitbook.io/hyperliquid-docs/about-hyperliquid.md), checked 18 September 2026). Lighter keeps the book with an operator-run sequencer and proves each batch to Ethereum, so the chain holds a proof of the operator's arithmetic rather than the arithmetic itself. Aster records every trade on a chain it runs, but that chain's core contracts are closed and its first phase has no outside validators ([Aster docs](https://docs.asterdex.com/overview/what-is-aster.md), checked 18 September 2026). EVEDEX writes position data to Arbitrum after enough changes accumulate, recording where accounts stand and not the route they took. ## Quotations > "User position data is written to the blockchain after sufficient changes have accumulated." — EVEDEX documentation, on-chain settlement, 18 September 2026. > "users can utilize direct blockchain interactions to verify their balances and execute withdrawals, completely bypassing the operator" — edgeX documentation, Self-Custody, 18 September 2026. https://edgex-1.gitbook.io/edgeX-documentation/edgex-v2/self-custody > "Core chain contracts and RPC infrastructure will not be open-sourced at the moment" — Aster documentation, Aster Chain overview, 18 September 2026. https://docs.asterdex.com/aster-chain/overview.md ## FAQ ### What does on-chain settlement mean on a perp DEX? It means the result of a trade is recorded on a chain, but the recording differs. Hyperliquid executes every order in its chain's consensus, Lighter proves batches to Ethereum, and EVEDEX writes position data to Arbitrum periodically. Read which one a venue means. ### Can a perp DEX stop me withdrawing my money? Most of these can. Three venues here write down a way out that needs no operator — an exit queue at Lighter, direct contract calls at edgeX, a forced exit to the layer below at ApeX Omni. Hyperliquid, Aster, EVEDEX and Paradex describe no such route in the documents we read. ### Are perp DEX trades stored on the blockchain? Sometimes each trade, sometimes only a summary. Hyperliquid and Aster record every trade on their own chains. Lighter and Paradex post proofs of batches to Ethereum. EVEDEX records position data periodically, so its chain holds where accounts stand rather than each fill. ### What does a smart contract audit actually cover? Whatever the report says it covers, which is usually less than the venue. Hyperliquid's two reports examine the deposit bridge, Aster's seven cover vault and earn contracts, and ApeX Omni's four belong to the rollup it settles on. Read the scope first. ### Has a perp DEX ever rolled back its chain? One here has. Paradex rolled Paradex Chain back on 19 January 2026 after corrupted state triggered wrongful liquidations, cancelled open orders and paid $650,000 to 200 accounts from its liquidator vault. It was that chain's first rollback, and the venue published the sequence afterwards. ### Which perp DEX keeps the most on-chain? By where the book runs, Hyperliquid: orders, cancels, trades and liquidations all execute in its chain's consensus. Aster records every trade on a chain it runs, though that chain's core contracts are closed. Neither documents an exit that works without the venue. ### Who holds my collateral on a perp DEX? Contracts, in every case, but on different chains. ApeX Omni's deposits sit in rollup contracts on five networks, Lighter's on Ethereum, Paradex's behind a forked bridge, and EVEDEX routes them through a personal contract on Arbitrum, each audited to a different depth. ### Does a bug bounty make a perp DEX safer? It pays someone outside to look, which is not the same as proof. Three of the seven run one: Hyperliquid up to 1 million USDC, Paradex up to 500,000 USDC and Aster up to $200,000. The other four list none at all. ### What happens to my position if a perp DEX chain halts? It stays open and you may not be able to touch it. Lighter's October 2025 outage lasted 4.5 hours and was compensated; Paradex cancelled open orders during its rollback of 19 January 2026. Only a documented exit, such as an exit queue or a direct contract call, lets a trader act meanwhile. ### How often does EVEDEX write positions to Arbitrum? Its documentation says position data is written once enough changes have accumulated, and again on every withdrawal, rather than on a fixed clock. We read that on 18 September 2026. It is why EVEDEX scores lower on custody here than the venues whose chains take every trade. ## The making of this entry Six criteria carry this entry, fixed on 22 September 2026 and applied to 7 venues ([how we rate](/scoring-method)). Settlement models, exits, audit scopes and incidents come from each venue's own documentation and terms, read 18 September 2026; the depth behind the liquidity criterion is our own reading of every public BTC book. Nothing deposited, no order sent. Custody rests on what a venue has written down, and an undocumented exit is not proof that none exists. The incident column covers twenty-four months and relies on secondary reporting in two rows. Nothing here is investment advice. Each venue is linked from its entry heading above. Open interest and the previous day's volume come from CoinMarketCap, captured 22 September 2026. Corrections: corrections@thekiddushclubnft.com. The Perp Reference maintainers, 24 September 2026 The maintainers are paid to publish this reference, and a venue with an entry here may be the party that paid for it.