Perpetual decentralized exchanges (Perp DEXs) are revolutionizing the on-chain derivatives market, transitioning from experimental products to vital components of the DeFi ecosystem. This shift is driven by advancements in blockchain infrastructure, such as Layer 2 solutions and high-performance public blockchains, which have improved transaction throughput and latency. The trust crisis in centralized exchanges has further accelerated this migration, as traders seek to regain control over their assets without sacrificing leverage and liquidity. Perp DEXs offer a unique advantage by redistributing derivatives benefits from centralized institutions to on-chain users. Unlike traditional futures or options, perpetual contracts are well-suited for DeFi due to their simplicity and high trading frequency. This has led to the development of specialized mechanisms within Perp DEXs, such as on-chain order books and automated market makers, to enhance liquidity and trading efficiency. Platforms like Hyperliquid are setting new standards by integrating high-performance infrastructure tailored for perpetual contract trading, attracting professional traders with their focus on execution quality and risk management. The future of Perp DEXs lies in their ability to sustain professional-level trading and generate positive cash flow without relying on subsidies. As the DeFi ecosystem matures, the focus is shifting from attracting traffic to retaining professional users, with performance metrics becoming crucial. The competition among Perp DEXs will increasingly revolve around execution efficiency, liquidity quality, and risk management capabilities, positioning them as core infrastructure for the evolving DeFi landscape.