Guides & Research

Dango (dango.exchange) is the #12 tokenless perp DEX at $566M in 30-day volume — built on its own L1 with a Rust VM, offering walletless/keyless accounts, native usernames, and gas-free trading. Perpetuals launched April 2026. On April 13, 2026, a $1.9M white-hat exploit targeting the insurance fund donation logic was patched and all funds recovered (including $410K bridged to Ethereum). $3.6M raised. $DNG airdrop anticipated. BULK Exchange is Solana-native with BULKBFT CLOB and HMM portfolio margin. The key differentiator is onboarding: Dango eliminates seed phrases; BULK prioritizes execution quality.

Decibel (decibel.trade) is the #11 tokenless perp DEX at $952M in 30-day volume — incubated by Aptos Labs and built on Aptos L1 with a fully on-chain CLOB, unified clearinghouse, and multi-collateral support (APT, USDC, BTC, ETH, SOL). Launched mainnet February 2026 with 5 perp pairs and 40x leverage; spot and RWA markets planned. $58M in pre-deposits, $45M+ TVL, 13k+ monthly users. "Amps" points program active. BULK Exchange is Solana-native with BULKBFT leaderless consensus and HMM portfolio margin.

Extended (extended.exchange) is the #6 tokenless perp DEX at $9.0B in 30-day volume — running a hybrid CLOB on Starknet with 0% maker fees, 0.025% taker fees, 100+ markets, and a confirmed 30% TGE community airdrop. The team is from Revolut. BULK Exchange is Solana-native with BULKBFT leaderless consensus, portfolio margin, and BulkSOL collateral yield. Different chains and fee philosophies, shared pre-TGE category.

GRVT was the top-volume tokenless perp DEX at $40.5B in 30-day volume (June 2026), built on ZKsync validium with negative maker fees, 76+ markets, and $33.3M raised from Hack VC, Delphi Digital, and EigenLayer. Its $GRVT token completed TGE on July 30, 2026 with 28% allocated to the community. BULK Exchange is a Solana-native validator-integrated L0 CLOB, live on mainnet since September 5, 2026, with BULKBFT leaderless consensus, portfolio margin, and $8M from Anatoly Yakovenko and Wintermute. Different chains, architectures, and trust models.

Hibachi (hibachi.xyz) is the #13 tokenless perp DEX at $543M in 30-day volume — founded by Varun Kumar (Hashflow co-founder) and focused on ZK-proof-settled stablecoin FX and crypto perpetuals: EURUSD, GBPUSD, AUDUSD plus spot and derivatives. Planning migration to Circle's Arc L1. Hibachi is a Circle Ventures portfolio company and Arc Builders Fund participant. $5M raised from Dragonfly Capital and Electric Capital. $HEAT token. KYC/AML compliance for institutional. BULK Exchange is Solana-native with BULKBFT CLOB and portfolio margin.

Hotstuff (hotstuff.trade) is the #16 tokenless perp DEX at $366M in 30-day volume — running its own L1 with DracoBFT consensus where validators are financial access points with built-in fiat-to-crypto rails. Hotstuff Liquidity Vaults (HLV) generate yield used directly as perp margin. Backed by Delphi Digital, Dialectic, Stake Capital, and Tykhe Ventures — with founders of 1inch, Safe, Biconomy, and Socket as investors. BULK Exchange is Solana-native with BULKBFT leaderless consensus, portfolio margin, and $8M from Anatoly Yakovenko and Wintermute. Both treat validators as part of the product — different architectures, same philosophy.