PANews reported on October 1 that according to CoinDesk, BitMEX CEO Stephan Lutz said in an interview that the current perpetual DEX (Perp DEX) craze led by platforms such as Aster and Hyperliquid may not last until next year. He believes that the business model driven by high incentives of these platforms is too fragile and difficult to sustain.

Lutz likened the current DEX incentive model to an "inherent pump-and-dump scheme," where platforms attract users through token rewards and fee rebates. However, this model struggles to retain liquidity over the long term and poses significant risks to retail traders chasing high returns. He believes that large centralized exchanges (CEXs) like Coinbase are better positioned to weather market cycles and maintain their dominance, while BitMEX aims to "straddle the worlds of centralization and decentralization."

Recently, the perpetual DEX track has been highly competitive, and emerging platforms such as Aster have surpassed the former leader Hyperliquid in 24-hour trading volume.