edgeX Gains Ground on Hyperliquid With Lower Costs, Expands Into Commodity Perpetuals

Messari’s Q1 2026 analysis positions edgeX as a rising onchain derivatives venue that is closing the execution-quality gap with incumbents—notably matching Hyperliquid’s top-of-book liquidity for gold-linked perpetuals while offering lower trading costs for mid-sized orders. edgeX’s gold perpetual had $169k residual depth within 1 bps vs Hyperliquid’s $174k, and its blended fee rate (0.028%) produced far lower round-trip costs for $100k–$300k trades. Although Q1 perpetual volume eased to $271.9B (-34.2% QoQ) and TVL and revenues fell, average daily volume stayed near $3.0B and open interest rose, while non-crypto commodity perps (gold, silver, natgas) contributed meaningful new flows. The report implies edgeX’s market impact will depend on whether USDC/CCTP liquidity and incentives can deepen order books enough to serve institutional-sized trades.