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Perpetual DEXs are past the experiment phase. What's next, and who will survive? In today's issue, we cover: > Hyperliquid's HIP-3 Deployers > Lighter > Aster 🥷 > Grvt

The Perp DEX sector is on pace to cross $11T annually, a 34% increase from last year. In the first 69 days of 2026, cumulative volume reached $2.08T. h/t Diego & DefiLlama.com x.com/NexusDataLabs/…

Lighter's TVL plummeted 54% post-airdrop After the protocol's airdrop in December 2025, Lighter's TVL fell to ~$600M and perp daily volume dropped ~87% from its September 2025 peak of $18.9B. h/t J.W. & DefiLlama.com

While Aster ranks as the second largest perp DEX by 30-day volume at $78.6B, both volume and token price are down over 60% from late 2025 highs. h/t 𝘰𝘸𝘦𝘯 & DefiLlama.com

.Grvt's 2026 weekly volume is averaging $9.7B, a 377% jump from 2025's $2.19B average. While GRVT still sits at 21% of Hyperliquid's 2026 volume, its trajectory is hard to ignore, especially as Lighter's post-airdrop bleed continues. h/t Diego & DefiLlama.com

Prediction markets have proven they can scale beyond election cycles. But what does the data tell us beyond the headlines? That's what we explore in tomorrow's edition of Nexus Data: > Sector overview > Polymarket activity > Polymarket vs Polygon | POL > Kalshi onchain

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Prediction markets grew 225x in two years from $103M to $23.2B in monthly volume. This week we covered: > How sports dominate prediction markets > The data behind Polymarket's growth > How Polymarket became Polygon | POL's biggest tenant > Kalshi onchain vs. offchain activity

Prediction markets have become one of the most consequential onchain product categories in 2026. At Dune, we continue to deepen our dataset and expand coverage across platforms, market structure, and activity trends to support institutional-grade research.

The biggest prediction market category isn't politics. Sports comprised 64.4% of all volume across Polymarket and Kalshi in February 2026. Crypto at 18.1%. Politics at 10.6%. h/t fil & Dune | We Are Hiring!

Polymarket crossed $61B in cumulative volume > $7.94B traded in February 2026 > 81M bets placed, up 55% from January 2026 h/t Peter (📖, ✍️, 🔑) & Dune | We Are Hiring!

Only 0.3% of Kalshi's volume runs onchain. DFlow and Jupiter integrations are live, but the demand isn't moving onchain yet. h/t Diego & Dune | We Are Hiring! & Token Terminal 📊

Polymarket consumed 77% of Polygon | POL's compute units in March 2026. Whether that concentration becomes a liability depends on what Polygon builds next. h/t J.W. & Dune | We Are Hiring!

Nexus co-founder J.W. joined Indexed Podcast to discuss: > Onchain data > The current state of RWAs > Polymarket on Polygon > What's next for Nexus Full episode below: