Would rank current perp dexes as
1)Hyperliquid
2)Lighter/Aster
4)Edge X
5)Extended
If I understand this correctly Variational has 100M in TVL, 1B in OI and 2B in volume despite being shilled so hard. Looks over farmed and inorganic similar to Paradex
Other reason dexes in-terms of organic activity seem like Pacifica & Nado