Key Insights
- edgeX’s V2 improve allows edgeX to broaden its product providing into spot and prediction markets. edgeX V2 is constructed on the EDGE stack, an execution layer optimized for high-performance onchain buying and selling.
- By year-end, edgeX reached 181,270 cumulative customers and $352.9 million in TVL, indicating sustained platform development even after the Oct. 10, 2025, crypto crash that liquidated $19 billion in leveraged positions.
- Perpetual buying and selling quantity elevated 174.5% QoQ to $4.5 billion, contributing to a 169.9% QoQ enhance in charges, which reached $155.8 million in This autumn 2025. Buying and selling exercise on edgeX remained resilient even because the broader crypto market declined.
- edgeX launched spot buying and selling on Dec. 11, 2025. edgeX attracted early speculative curiosity via the launch of MARU, a team-sponsored memecoin that reached a $400 million totally diluted valuation (FDV) by year-end.
- edgeX will proceed its V2 rollout in Q1 2026, including U.S. fairness perpetuals, further RWA markets, and prediction markets through Polymarket. The launch of edgeX’s EDGE token is anticipated by the tip of Q1 2026.
Primer
edgeX is a high-performance perpetual decentralized trade (perp DEX) constructed by a group of skilled derivatives merchants, liquidity operators, and engineers with deep backgrounds in centralized buying and selling programs and blockchain infrastructure. The protocol is designed to ship centralized-exchange-like execution high quality onchain, with a give attention to deep liquidity, low latency, and capital effectivity for perpetual futures buying and selling.
edgeX launched V1 in November 2024, providing entry to perpetual futures through desktop and cell functions. Throughout its preliminary rollout, edgeX targeting validating its buying and selling engine by demonstrating dependable order matching, danger administration, and execution efficiency underneath dwell situations whereas focusing on person adoption particularly within the Asia-Pacific (APAC) area. edgeX V2 upgrades the platform from a single-product perpetual DEX right into a multi-market buying and selling platform providing perpetuals, spot belongings, and prediction markets. edgeX V2 is made doable by the EDGE Stack, an execution layer optimized for high-performance onchain buying and selling. The EDGE Stack is designed to assist latency-sensitive monetary workloads whereas inheriting Ethereum-level safety and verifiability.
The EDGE Stack consists of three core parts: a modular multi-VM structure that isolates execution environments; Parallel Transaction Execution (PTE), which allows concurrent processing of non-conflicting orderbooks throughout unbiased market shards; and FlashLane routing, which prioritizes latency-sensitive buying and selling actions. Collectively, these options allow edgeX to assist and broaden throughout spot, perpetual, prediction, and real-world asset markets on shared infrastructure whereas sustaining high-performance execution, backed by Ethereum-level safety and verifiability.
Key Metrics
Monetary Evaluation
Month-to-month Internet Flows
edgeX recorded $40.1 million in internet inflows in This autumn 2025, down 79.4% QoQ from $194.4 million in Q3, as flows normalized following a interval of incentive-driven development. October accounted for almost all of This autumn inflows, with $133.1 million in internet deposits, earlier than flows reversed in November and December. The shift occurred following the Oct. 10, 2025, liquidation-driven volatility, which triggered widespread deleveraging throughout the crypto market.
November recorded $14.0 million in internet outflows, whereas December had $79 million in internet withdrawals, pushed by the conclusion of edgeX’s Open Season marketing campaign, which ended on Dec. 3, 2025.
Whole Worth Locked and Consumer Development
Regardless of late-quarter outflows following the tip of the Open Season incentive program, edgeX closed 2025 with $352.9 million in whole worth locked (TVL), a QoQ enhance of 33.2%. Cumulative customers surpassed 181,270 by year-end, with person development rising 8.2% QoQ in This autumn. Common day by day new customers rose 8.2% QoQ to 880 in This autumn, whilst perpetual buying and selling demand weakened submit Oct. 10, 2025. One issue supporting person retention and capital focus on edgeX is the platform’s orderbook liquidity depth, which straight improves execution outcomes by narrowing efficient spreads. Some extent-in-time Artemis snapshot from Nov. 7, 2025, exhibits edgeX supporting 126 BTC of depth inside 1 foundation level of mid-price, 212 BTC at 2 foundation factors, and 300 BTC at 3 foundation factors, exceeding Hyperliquid’s 44 BTC, 79 BTC, and 125 BTC on the similar depth bands.
Perpetual Buying and selling Quantity
Perpetual buying and selling quantity on edgeX elevated 174.5% QoQ to $4.5 billion in This autumn 2025, up from $1.6 billion in Q3, with common day by day quantity rising 179.8% QoQ to $401 million. Quantity declined within the latter half of This autumn following the conclusion of the Open Season factors program on Dec. 3, 2025, which allotted 60% of edgeX factors primarily based on buying and selling quantity.
Charges
edgeX captured $155.8 million in charges throughout This autumn 2025, representing a 169.9% QoQ enhance. On common, the protocol generated $52 million in charges monthly, indicating sustained price seize whilst buying and selling exercise declined towards year-end. All charges accrue on to the edgeX protocol treasury. edgeX employs a tiered maker–taker price mannequin primarily based on a dealer’s rolling 30-day buying and selling quantity, with price tiers updating day by day. Maker orders, which add liquidity to the order ebook, are charged decrease charges than taker orders, which take away liquidity. Buying and selling quantity throughout sub-accounts is aggregated on the account stage, permitting energetic customers to learn from decrease charges as their commerce quantity will increase. Perpetual buying and selling charges vary from 0.018% for makers and 0.038% for takers for non-VIP customers to 0.000% makers and 0.024% takers on the highest quantity tier. Spot buying and selling charges vary from 0.040% for makers and 0.070% for takers for non-VIP customers to 0.000% makers and 0.025% takers on the highest quantity tier. As well as, edgeX covers gasoline prices for commerce settlement in V1, decreasing friction for energetic merchants and enhancing efficient price effectivity.
Open Curiosity
edgeX Open curiosity (OI) declined 31.2% QoQ, from $1 billion on Sept. 30, 2025, to $767.5 million by year-end. OI peaked at $1.3 billion on Oct. 6, 2025, earlier than declining sharply following market volatility occurring on Oct. 10, 2025, which precipitated OI to fall 29.2%, indicating a fast unwind of leverage throughout the platform. Following Oct. 10, 2025, OI stabilized in a decrease vary, bottoming at $648.6 million on Nov. 4, 2025, and remaining anchored within the mid-$700 million vary via December 2025.
Whereas absolute open curiosity declined, the OI-to-volume (OI/Vol) ratio elevated throughout the quarter, rising 87.8% from 0.21 initially of October 2025 to 0.4 by 12 months’s finish. Throughout This autumn 2025, edgeX maintained a mean OI/Vol ratio of 0.23. The rise was pushed by decrease buying and selling quantity relatively than renewed leverage accumulation, with elevated November volumes compressing OI/Vol beneath 0.10 and signaling fast place turnover. By late December, the OI/Vol ratio spiked to 0.84, indicating the persistence of open positions amid decreased quantity. General, positioning on edgeX moved from high-turnover leverage early within the quarter to extra secure publicity by year-end.
EDGE Stack Updates
edgeX’s V2 rollout is a transition to the EDGE stack, an app-specific execution layer designed to assist a number of market varieties on shared, high-performance infrastructure. Constructed to ship centralized exchange-like execution with cryptographic verifiability, the EDGE stack combines a modular multi-VM structure with deterministic parallel execution, permitting latency-sensitive buying and selling logic to run independently from generalized sensible contract exercise. FlashLane, a local dual-tier prioritization mechanism, reduces execution latency by bypassing commonplace mempool dynamics, whereas parallel Merkleization allows state updates to be computed concurrently throughout remoted market shards. This structure permits spot and prediction markets to be added to edgeX with out compromising execution high quality. By separating unrelated onchain exercise from order matching, the EDGE Stack delivers predictable efficiency throughout each spot and spinoff markets.
Spot Markets and MARU Launch
edgeX launched spot markets on Dec. 11, 2025, marking the primary manufacturing deployment of the EDGE stack. Spot buying and selling reached $1.2 billion in cumulative quantity via year-end, initially pushed by ETH markets earlier than shifting towards MARU, edgeX’s personal memecoin, following its Dec. 24 launch. ETH spot quantity totaled $609.5 million, whereas MARU generated $582.1 million in quantity regardless of buying and selling for less than the ultimate week of the 12 months.
MARU was launched as a group memecoin designed to characterize the “everyday trader.” This positioning was strengthened via the token design and distribution. MARU has a set provide of 10 billion tokens, allotted as follows:
- 70% – Airdrops and ecosystem incentives (multi-round distribution to the group)
- 20% – Preliminary liquidity
- 10% – Core contributors (2-year lockup with 2 years of linear vesting)
The launch was paired with a Pre-TGE contribution program distributing 100 million MARU and 20 limited-edition EpicSer NFTs to acknowledge early and long-term edgeX group members. Eligibility standards prioritized customers with realized buying and selling losses, energetic merchants, high-engagement addresses, group messengers, and present EpicSer holders.
Group Engagement
edgeX expanded its group presence and engagement all through This autumn 2025 via a mixture of direct communication, social activation, in-person occasions, and contributor applications.
- Group Name (Oct. 30, 2025): A Telegram-hosted group name offering product updates and roadmap context, permitting group members to interact straight with the edgeX group.
- .edge Marketing campaign (Nov. 3, 2025 – Dec. 3, 2025): A month-long social marketing campaign designed to advertise group loyalty and enhance model visibility. Individuals accomplished social duties equivalent to including “.edge” to usernames, following official edgeX accounts, and publishing authentic edgeX content material throughout social platforms.
- ETH Perpswick Buying and selling Occasion (Nov. 4, 2025): An edgeX-sponsored buying and selling competitors held in New York, showcasing buying and selling as an esports-style expertise. The occasion served as an early proof of idea for dwell, aggressive buying and selling codecs, with further occasions deliberate.
- Messenger Program Evolution (Nov. 13, 2025): The Messenger Program is edgeX’s group advocacy initiative that incentivizes high-impact customers to advertise the platform via referrals, training, and engagement. In November, this system advanced to incorporate tiered rebase incentives and enhanced level accrual throughout incentive campaigns. Eligibility requires greater than $80 million in buying and selling quantity and at the very least 50 verified referrals, aligning rewards with probably the most energetic and influential group contributors.
- Japan Group Meetup (Dec. 7, 2025): A community-led meetup in Japan reflecting edgeX’s rising presence in key Asian markets. The occasion enabled native merchants and customers to attach and have interaction offline.
- EDGE Forward Group Name (Dec. 29, 2025): A year-end group name outlining upcoming developments, together with new tradable belongings, prediction markets, and progress in direction of the EDGE token launch.
Roadmap
Spot markets have been step one within the V2 transition into the EDGE stack open beta. With infrastructure for spot and spinoff markets in manufacturing, the roadmap focuses on increasing to new asset courses and markets, which embrace:
- RWA Perpetual markets: Growth into real-world asset (RWA) perpetuals, together with U.S. equities, commodities, and indices, enabling leveraged publicity to conventional monetary markets utilizing aggregated oracle pricing and derivatives-native settlement.
- Third-Get together Market Integrations: Help for externally launched markets deployed underneath outlined danger parameters and oracle necessities, permitting builders and companions to introduce new merchandise on edgeX’s execution infrastructure.
- Prediction Markets: Native integration with Polymarket, enabling customers to commerce event-based markets alongside spot and perpetual merchandise inside a unified buying and selling interface.
EDGE Token Distribution
edgeX is focusing on the tip of Q1 2026 for the token era occasion (TGE) of the EDGE token. EDGE could have a set whole provide of 1 billion tokens, allotted as follows:
- 30% – Early Customers: 25% comes from the genesis distribution that’s totally unlocked at TGE, and 5% from the Pre-TGE Season (unlocked 24 hours after TGE).
- 30% – Future Reserve: Locked for 18 months after TGE, adopted by 24 months of linear month-to-month vesting.
- 25% – Core Contributors: Locked for twenty-four months after TGE, adopted by 24 months of linear vesting.
- 5% – Liquidity: Preliminary liquidity at TGE.
- 5% – Ecosystem & Group: Locked for 12 months after TGE, adopted by 24 months of linear month-to-month vesting.
- 5% – Basis: Locked for 12 months after TGE, adopted by 24 months of linear month-to-month vesting.
The Pre-TGE season went dwell on Jan. 8, 2026, and is the first incentive mechanism forward of the EDGE TGE. This system replaces the Open Season marketing campaign and is designed to reward natural platform utilization. Individuals earn XP every week, which determines eligibility for the Pre-TGE allocation. XP is distributed primarily based on buying and selling exercise, vault and TVL participation, referrals, and group engagement, with multipliers favoring spot buying and selling, cell utilization, MARU holders, and energetic group contributors.
Closing Abstract
edgeX closed This autumn 2025, having demonstrated resilience via some of the disruptive intervals for onchain derivatives previously 12 months. Regardless of a $19 billion market-wide liquidation occasion in October 2025 and the normalization of incentive-driven capital flows, the platform continued to scale throughout key metrics. TVL grew 33.2% QoQ to $352.9 million, cumulative customers surpassed 181,270, and perpetual buying and selling quantity rose 174.5% QoQ to $4.5 billion, driving $155.8 million in charges that accrued on to the treasury. Importantly, these outcomes have been achieved alongside a normalization in open curiosity and buying and selling exercise, signaling more healthy positioning dynamics relatively than extra leverage. Deep orderbook liquidity remained a constant differentiator, supporting execution high quality and capital retention whilst broader danger urge for food declined throughout the perp DEX sector.
edgeX enters its subsequent development section with the EDGE Stack dwell in open beta, servicing energetic spot markets. The transition to a multi-market buying and selling platform is underway, with upcoming growth into real-world asset perpetuals, prediction markets, and third-party integrations constructed on shared execution infrastructure. On the similar time, the launch of the Pre-TGE Season XP marketing campaign promotes engagement forward of the EDGE token era occasion. These developments place edgeX to ship high-quality execution throughout a number of market varieties inside an more and more aggressive perp DEX panorama.
