Avantis vs Rollx vs Based vs Orderly vs Aden – Perp DEX Battle – Check NOW!
The perp DEX landscape keeps shifting faster than a trader’s conviction during a flash crash, and the latest DeFiLlama data shows it clearly.
The spread in activity tells a clear story about where traders actually find value and which platforms are still warming up.
A Data-Driven Perpetual DEX Comparison; Perpetual DEX volume across the board has entered another acceleration phase according to DeFiLlama.
Activity has become more scattered as different platforms specialize in their own execution models and liquidity strategies.
Avantis has recently carved out a noticeable presence with rising perp volumes.
Based shows sharp activity bursts tied to its Hyperliquid-powered backend.
Aden displays sustained mid-range activity with frequent spikes that signal strong short-term trading bursts.
Orderly maintains a steadier growth curve thanks to its infrastructure-focused design, while RollX sits on the lower end of the spectrum with slower, more gradual traction.
These trends reveal a market where some platforms rely on user incentives and volatile bursts, while others are building long-term momentum through stronger execution environments.
Avantis
- DeFiLlama Volume Snapshot
Avantis’ perp volume has shown a rapid climb over the past months, with multiple sharp spikes indicating increased participation and occasional bursts likely tied to campaign periods or high-volatility sessions.
The growth is clear but not fully stable, showing both organic adoption and boosted days driven by user activity incentives or market catalysts.
Its overall trend positions it above RollX and Based in terms of consistency, but below Aden in raw trading bursts.
- Architecture & Execution
Avantis is built as an on-chain perpetuals DEX with advanced risk controls and support for synthetic assets.
Execution relies on an on-chain engine that offers transparency but still faces throughput limits relative to app-chain or hybrid designs.
Latency is moderate, and the matching flow leans toward a more decentralized structure. This improves trust and reduces opaque execution risk, though slippage can vary during volatile periods.
- Liquidity, Products & Costs
Liquidity is growing but still thin outside major pairs.
Open interest is increasing steadily, and the presence of synthetic real-world asset markets expands the product range beyond standard perps. Fees are competitive, especially considering its on-chain model.
UX is straightforward and responsive enough for retail and mid-volume traders. Integration with Base strengthens onboarding and execution cost efficiency.
- Security, Incentives & Long-Term Outlook
Avantis has completed audits and promotes a transparent on-chain liquidation engine. Incentives such as token rewards and yield options attract liquidity providers.
Governance is early-stage but aiming toward application-level decentralization.
The long-term outlook depends on its ability to deepen liquidity across more markets and sustain user interest once incentives taper.
RollX
- DeFiLlama Volume Snapshot
RollX shows limited perp volume activity on DeFiLlama, with TVL growth outpacing trading flow.
Volume appears relatively low and steady, suggesting usage that is primarily organic but still small.
There are no significant spikes or incentive-driven distortions, which indicates the platform has yet to break into higher activity tiers.
- Architecture & Execution
RollX is positioned as a perp DEX on Base, supporting multi-asset collateral including BTC-native options.
Execution is hybrid and relies on Base’s L2 settlement environment, offering low fees and reasonable throughput.
Decentralization is moderate, as parts of the order handling are still centralized. Slippage remains manageable due to the controlled environment, but not optimized for large trades.
- Liquidity, Products & Costs
Liquidity is shallow across most pairs due to the platform’s early adoption phase. Open interest remains modest.
Products revolve around perpetual futures with multi-asset collateral support.
Fees are low, and UX is serviceable with responsive charting and straightforward onboarding through the Base ecosystem.
- Security, Incentives & Long-Term Outlook
RollX has completed audits, improving confidence for new users. Incentives are present but not highly aggressive.
Governance is minimal but planned. Ecosystem integrations remain limited to basic wallet and Base-native tools.
Sustained growth will depend on whether the platform can attract market makers and increase product diversity.
Based
- DeFiLlama Volume Snapshot
Based shows strong and volatile volume activity, with large spikes indicating significant but short-lived bursts of trading.
The surge in volume is clearly tied to Hyperliquid builder fees, suggesting the activity is heavily linked to a backend dependency rather than independent liquidity generation.
The pattern looks incentive-aligned rather than purely organic.
- Architecture & Execution
Based is powered by Hyperliquid infrastructure, leveraging its orderbook performance while operating as an interface layer.
Execution is offloaded to Hyperliquid’s high-speed matching engine, which delivers low-latency, high-throughput performance.
Decentralization inherits Hyperliquid’s trade-offs, offering strong execution reliability but centralized sequencer assumptions.
- Liquidity, Products & Costs
Since liquidity comes from the Hyperliquid ecosystem, Based benefits indirectly from its depth on major markets.
Long-tail markets are more limited. Product coverage focuses primarily on perps, with Hyperliquid’s ecosystem enabling fast transactions and competitive funding conditions.
The UX is simple and optimized for retail access into the Hyperliquid environment.
- Security, Incentives & Long-Term Outlook
Security depends on Hyperliquid’s audited systems. Incentives come from builder fee flows rather than traditional token rewards.
Governance is interface-level and minimal.
The long-term sustainability depends on whether Based can retain users independently of Hyperliquid or if activity remains tied to fee-sharing opportunities.
Orderly
- DeFiLlama Volume Snapshot
Orderly displays stable but moderate perp volume, trending upward with fewer dramatic spikes.
Its growth is gradual, reflecting a builder-focused infrastructure model rather than a consumer-first exchange. The activity looks organic and consistent.
- Architecture & Execution
Orderly is an omnichain CLOB infrastructure that provides transparent orderbook services across chains.
Execution is hybrid, with settlement across multiple chains depending on integration partners.
Throughput is high for an infrastructure layer, though decentralization varies by deployment. This design supports low-slippage trading and high composability.
- Liquidity, Products & Costs
Liquidity depends partly on external builders leveraging Orderly’s backend.
Major markets have reasonable depth, while long-tail support is tied to partner platforms. Products revolve around perps but also extend into spot and other formats depending on the front-end integration.
Fees are competitive, and the UX varies since Orderly is an infrastructure provider rather than a direct trading interface.
- Security, Incentives & Long-Term Outlook
Orderly’s modular infrastructure includes multiple audits. Incentives are minimal and intended for developers rather than traders.
Governance is forming, with a roadmap that gradually decentralizes matching and settlement.
The long-term outlook is strong if it continues to secure partnerships and expand usage through third-party interfaces.
Aden
- DeFiLlama Volume Snapshot
Aden has one of the most aggressive volume ramps among the group, with sustained high-volume days and repeated spikes.
The trading activity appears partially organic, but the frequency and pattern of bursts suggest active incentives or strong community-driven trading waves.
The volume consistently surpasses most mid-tier DEXs.
- Architecture & Execution
Aden is positioned as a pro-grade orderbook DEX with centralized builder fee mechanics tied to its Gate Layer Network.
Execution is highly efficient, with off-chain order handling and on-chain settlement. Decentralization remains limited, but speed and throughput are strong.
This enhances reliability and reduces slippage during high-volatility moments.
- Liquidity, Products & Costs
Liquidity is stronger than its competitors in the mid-tier segment. Major markets perform well, while long-tail markets show acceptable but inconsistent depth.
Product coverage focuses on perps with flexible order types.
Fees are competitive, and UX is streamlined for high-speed trading with robust APIs for quantitative strategies.
- Security, Incentives & Long-Term Outlook
Security is influenced by the centralization of the builder fee infrastructure, though audits support confidence.
Incentives are present through fee mechanisms rather than token-based campaigns. Governance remains minimal.
Aden’s strong trading bursts indicate user interest, but long-term sustainability depends on balancing incentives and attracting more stable market maker participation.
Comparison Table
| Protocol | Volume Trend | Execution Model | Liquidity Depth | Product Coverage | Fees | UX | Incentives | Security | Best For |
| Avantis | Rising with spikes | On-chain perps | Moderate and growing | Perps and synthetic assets | Competitive | Clean | Moderate | Audited | Retail and RWA traders |
| RollX | Low and steady | Hybrid on Base | Shallow | Perps | Low | Simple | Low | Audited | Base-native beginners |
| Based | Spiky and high | Hyperliquid-backed | Strong majors | Perps | Competitive | Simple | Builder-fee driven | Strong via Hyperliquid | Retail seeking HL access |
| Orderly | Gradual organic rise | Omnichain CLOB | Moderate | Perps, spot (via partners) | Competitive | Varies by front-end | Low | High | Builders and infra users |
| Aden | Consistent high spikes | Off-chain orderbook | Strong for majors | Perps | Competitive | Fast | Moderate | Audited | Pro traders and active users |
Conclusion – Avantis vs Rollx vs Based vs Orderly vs Aden – Perp DEX Battle
After breaking down each DEX across architecture, liquidity, execution quality and real usage, the landscape sorts itself out.
The latest data from DeFiLlama makes the segmentation clear. Platforms like Orderly and RollX show genuine, slow-burning organic adoption.
Avantis and Aden operate in the high-activity middle zone, with Aden showing more frequent volume bursts and Avantis demonstrating increasing traction.
Based rides on Hyperliquid’s performance, generating activity but not necessarily building independent liquidity.
Strong long-term models come from platforms investing in deeper infrastructure rather than short-term bursts.
Traders looking for performance reliability will gravitate toward Aden and Orderly. Builders and ecosystem integrators will find Orderly the most flexible. Retail traders looking for expanding product sets may prefer Avantis.
Volume is only part of the story; consistency and architecture reveal which DEXs are positioned to endure beyond attention cycles.
Traders who care about speed and depth will naturally gravitate to the stronger engines, while experimental users and early adopters will continue exploring emerging models. The DEXs that keep growing without artificial boosts are the ones most likely to stay relevant when market noise fades and real demand becomes the only thing left driving the charts.