14 June 2022, Baden-Wuerttemberg, Rottweil: The candlestick chart of the cryptocurrency Terra Luna with the sell-off is seen on the screen of a computer in an office. (Shot with zoom effect). Photo: Silas Stein/ (Photo by Silas Stein/picture alliance via Getty Images)

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“There are so many products in the market,” said Margie Feng, marketing lead at Solayer, the company behind the Solana perpetual futures venue Margin Trade. “And basically doing the same thing.”

That is an unusual thing for a marketer to say out loud, and it is accurate. Onchain perpetual futures exchanges have multiplied to the point that the product itself no longer separates them. Hyperliquid, Aster, Lighter, EdgeX, Paradex, Drift and…