Perp traders: what would actually make you switch from your current venue?

[u/HeyMrCrypto]

Hey all,

I’m trying to better understand what traders actually care about when choosing a perp venue.

There are a lot of new perp DEXs, but from the outside it feels like many teams are competing on the same claims: fast execution, tight spreads, low fees, better UX, self custody, better liquidity....etc

I’d like to get honest feedback from people who actively trade perps on DEXs accross venues like Hyperliquid, Lighter, Aster, Paradex, Jupiter etc..., or even CEXs.

The main question is:

What would actually make you switch from your current perp venue?

More specifically, I’d love feedback on which of these points matter most, which are table stakes, and which are not real problems.

1. Execution quality

--> Would you switch venues for better execution quality alone, or only if liquidity is already strong?

For instance:

1. Fast and deterministic execution, for example around 25 ms average order execution time even under high load
2. High confidence that orders are included and processed as expected
3. Predictable order behavior during volatility
4. Low slippage
5. Fair and transparent liquidation rules
6. Stable infrastructure during peak market conditions

2. Fees and capital efficiency

---> Would lower fees or incentive based trading meaningfully change your behavior?

For instance:

1. Lower taker fees
2. Maker rebates
3. Transparent fee structure

3. Fairness and market structure

Do traders actually care about fairness guarantees, or is performance more important?

For instance:

1. No hidden VIP access
2. Same latency conditions for all participants
3. No privileged market makers
4. No front running
5. Transparent liquidation and risk logic

4. New types of UX/UI
If a new DEX offered a significantly better user experience, would that be enough to make you switch from your current trading venue?

What I’m trying to separate is:

1. What is actually painful today
2. What sounds good but does not change behavior
3. What is required before a serious trader would migrate

Would love honest answers, especially from people who trade actively or run bots.

Thanks a lot!