I looked into the number of active addresses across major perpetual DEXs. Here's where users are today 👇 1. @HyperliquidX — 74K 2. @GMX_IO — 3.2K 3. @OfficialApexdex — 3.0K 4. @bluefinapp — 2.0K 5. @DecibelTrade — 1.6K 6. @avantisfi — 1.4K 7. @tradewithPhoton — 1.1K 8. @dYdX — 942 9. @SynFuturesDefi — 224 10. @Kinetiq_xyz — 160 11. @Ostium — 111 12. @synthetix — 99 A few things stood out. • Hyperliquid has over 20× the active addresses of GMX. In recent snapshots, it has also captured roughly 80–90% of daily active users across the perp DEX sector. • Activity falls off quickly after Hyperliquid. Most other protocols are competing for just a few thousand active users—or even hundreds. The market is becoming increasingly concentrated around a single platform. • Even during Q2 2026's broader slowdown, Hyperliquid continued gaining share, climbing back to around 37% of monthly perp DEX volume while reaching new highs in active traders. That doesn't mean the race is over. GMX, Apex V2, and Bluefin continue to maintain meaningful user bases, while newer protocols are carving out communities through different chains, liquidity models, and incentives. The perp DEX market is evolving into three tiers: one dominant leader, a handful of established challengers, and a long tail of emerging protocols. What stands out to you in these numbers?This version is about 1,500 characters, while keeping your introduction and the full ranking intact.