Sunperp on Tron: Perpetual DEX in testing with cross‑chain liquidity and ADL

Sunperp, a new perpetual DEX being tested on the Tron blockchain, promises millisecond executions, cross-chain liquidity aggregation, and an integrated auto-deleveraging (ADL) system. Justin Sun reshared the announcement on X, inviting users to try it and highlighting dedicated incentives, while numerous economic details and operational metrics remain to be confirmed.

According to the data collected by on-chain analysts and industry reports, in May 2025 TRON hosted over 75 billion USDT, with the network recording over 8.3 million daily transactions and approximately 306 million active accounts, a context that justifies the interest in USDT-collateralized derivatives. Market analysts following perpetual DEX also note that the massive availability of USDT on TRON facilitates cross-chain arbitrage operations and reduces costs for market makers.

What is Sunperp and what it brings differently to Tron

Sunperp is a platform perp DEX that uses USDT as collateral, with profits and losses calculated in USDT. The architecture separates matching, executed off-chain to maximize speed, from settlement, recorded on-chain to ensure transparency of trading results. In this context, the debut announcement was originally reported by Jamie Redman; the team also states that, while in the testing phase, the core contracts are non-upgradable.

Main Technical Features

• Order types: market, limit (with FOK – Fill-or-Kill, GTC – Good-Till-Cancelled, and IOC – Immediate-or-Cancel modes), post-only orders, plan orders, trailing, and TWAP (Time-Weighted Average Price).
• Use of multi-source oracles to determine the mark price employed in the calculation of profits and liquidations.
• Primary collateral: USDT, with P&L calculated in the same currency.
• Core contracts declared non-upgradable in an environment still in testing.

Cross-chain liquidity: less slippage and tighter spreads

The protocol claims to aggregate liquidity flows from various networks in order to increase market depth and improve order execution, thereby reducing slippage and spreads in large-size trades. However, the actual effect will depend on the overall volume, the latency of the feeds, and the quality of the connected market makers. For those seeking an in-depth look at aggregation and bridge mechanisms, our practical guide on cross‑chain liquidity is available.

Prices from multiple oracles: protection against abnormal spikes

For accurate price determination, Sunperp uses a composite mark price derived from multiple oracles. In particularly volatile market phases, the system executes orders based on the average prices of the oracles instead of isolated prints from the book, thus reducing the risk of anomalous executions or unfair liquidations.

ADL and insurance fund: risk management visible in the interface

The system integrates an insurance fund and auto-deleveraging (ADL) mechanisms to manage risk. The user interface displays an ADL risk indicator, providing transparency on possible automatic position reductions under stress conditions, thus preserving the overall reserves of the protocol. For terms and operation, also see our glossary on ADL.

Maker/taker fees: tiered structure, expected details

The fee structure follows a maker/taker model with variable levels based on recent trading volume. That said, the complete and final details of the fees have not been made public, and the actual cost for traders will also depend on factors such as funding, slippage, and any maker rebates.

Execution model: off‑chain for speed, on‑chain for transparency

The order matching process occurs off-chain, allowing executions in milliseconds, while the settlement is recorded on-chain. This model, designed to reduce network costs and latency, however, involves the risk associated with possible congestion during peak phases and a strong dependence on the matching infrastructure and the accuracy of oracles.

Declared Risks and Disclosure

The Sunperp documentation highlights risks related to smart contracts, market making, liquidity, and network congestion. Although the use of non-upgradable contracts reduces the risk of arbitrary changes after launch, it requires particular attention to audits and initial configurations. Indeed, the robustness of composite oracles and risk management through ADL remain aspects to be closely monitored. We recommend checking links to independent audits and smart contract addresses before operating in production.

0 “Do the math.” — Justin Sun, who described Sunperp as “the cheapest on Tron.” This statement will need to be assessed based on public data regarding fees and funding.

Quick Comparison with Main Rivals

| Platform | Collateral | Matching | Fee maker/taker | Oracles | Notes |
| —————— | ———- | ——————————————– | —————————— | ————– | —————————————————————————— |
| Sunperp (Tron) | USDT | Off‑chain + settlement on‑chain | Variable tiers (undisclosed) | Multi-source | ADL visible in UI; in testing phase |
| Hyperliquid | native | Optimized on‑chain | Variable | Proprietary | Focus on low latency |
| dYdX | USDC | Based on Layer‑2 (StarkWare) with order book | Variable | Composite |
| GMX | Multi | Pool + oracle | Variable | Chainlink | GLP/v2 model |

Quick Details

• Collateral and P&L: USDT as the sole base currency.
• Liquidation trigger: use of a composite mark price calculated from multiple oracles.
• Positions with reduced sizes: more exposed to complete liquidations, as indicated in the rulebook.
• Advanced orders: support for FOK, IOC, GTC, post-only, trailing, and TWAP.

Context and What is Missing for a Full Evaluation

The landscape of on‑chain perpetuals is extremely competitive. The ultimate testing ground will be represented by production latency, the quality of aggregated liquidity, and transparency regarding fees and incentives. In the absence of comprehensive public metrics, it remains difficult to estimate the competitive advantage of Sunperp compared to established platforms like Hyperliquid, dYdX, or GMX.

Elements still awaited for a detailed evaluation include: a complete table of fees, the markets supported at launch, the initial volumes/TVL, the amounts of incentives and airdrops, links to independent audits, and the addresses of the deployed smart contracts.