Perp DEXs could eventually become DeFi supercenters. Just like Wall Street became the liquidity hub for the industrial age, Perp DEXs could become the same for onchain finance. Traditional finance fragments value across exchanges, clearinghouses, and banks, with each entity taking their own cut. Perp DEXs collapse all of this into a single smart contract where everything is unified into one layer. This results in 90% net margins with subsecond execution running constantly compared to traditional finance sectors that operate at roughly 20% margins. L2s and appchains solved the latency and cost problems that now make this possible. When you can deliver the same services more efficiently with better performance, you force the entire market to adapt.(Delphi Digital)