Decentralized exchanges (DEXes) are evolving fast. No longer just playgrounds for crypto idealists, they now handle billions in volume and support everything from spot to perpetuals, options, and structured products. In this battlefield, one protocol has emerged with breakneck speed and near-CEX performance: Hyperliquid.

But how does it really stack up against the best DEXes in the space — dYdX v4, Aevo, Vertex, GMX v2, and Level? This article provides a trader-centric, zero-fluff breakdown across the things that matter most: execution, liquidity, strategy support, infrastructure, tokenomics, and alpha opportunities.