For PERP DEX, liquidity and depth are everything. Here’s the depth of 10BP spread for BTC contracts across three platforms: Captured the order books as quickly as I could within the same minute: @HyperliquidX: Around 400 BTC @Aster_DEX: Around 200 BTC @StandX_Official: Around 600 BTC @StandX_Official is killing it! Their Maker incentives are super effective, making them the best in-depth within 10BP in such a short time. @HyperliquidX’s strategy is smart—the depth of their order book is directly aggregated cumulatively. The first time I calculated, I got it wrong and had to add up each level again. @Aster_DEX might want to consider launching an incentive program too. Offering rewards to Makers who provide depth is definitely a good move. Note: StandX and Aster calculate their order book depth level by level, so cumulative depth needs to be added manually. Hyperliquid aggregates each level cumulatively, making each level look thicker compared to the other two, but it’s actually just the sum of the previous levels.