Can two decentralized exchanges really transform the entire landscape of on-chain perpetual trading? The answer appears to be yes, as SpookySwap and THENA have just made history by becoming the first DEXs to integrate Orbs' revolutionary Perpetual Hub Ultra technology. This groundbreaking development promises to bring institutional-grade perpetual trading to decentralized finance, complete with up to 60x leverage and support for over 300 trading pairs. SpookySwap THENA Orbs The Dawn of a New Trading Era SpookySwap and THENA each have launched perpetual trading via Orbs' Perpetual Hub Ultra, bringing onchain perpetual trading to their platforms. The Sonic and BNB Chain DEXs have integrated Orbs' protocol to introduce perpetual trading capabilities that were previously exclusive to centralized exchanges. SpookySwap THENA For those unfamiliar with perpetual trading, think of it as a way to trade cryptocurrency contracts that track the price of an underlying asset without an expiration date. Unlike traditional futures contracts that expire on specific dates, perpetual contracts allow traders to hold positions indefinitely. The leverage component means traders can control larger positions with smaller amounts of capital, amplifying both potential profits and risks. Orbs' flagship protocol, Perpetual Hub, facilitated over $2.2 billion in trading volume, demonstrating the significant demand for sophisticated trading tools in the DeFi space. The newly launched Ultra version represents an evolution of this successful technology, designed specifically for seamless integration across different blockchain networks. Orbs CBO Ran Hammer said: "We're delighted to see SpookySwap and THENA move quickly to integrate Perpetual Hub Ultra with full support from Orbs. These integrations bring a powerful onchain primitive to the Sonic and BNB Chain ecosystems that allow DEX users to access perpetual markets with deep liquidity and support for hundreds of assets". SpookySwap Brings Advanced Trading to Sonic Network SpookySwap's integration on the Sonic network represents a significant milestone for the high-performance blockchain. Sonic processes over 10,000 TPS with sub-second finality, making it an ideal platform for the rapid order execution required in perpetual trading. The technical architecture behind SpookySwap's implementation is sophisticated yet elegantly designed. Sonic users can now trade intent-based perpetual on SpookySwap, with Orbs' composable tech stack seamlessly orchestrating the entire process. This intent-based approach means traders simply express their trading intentions, and the system handles the complex execution automatically. Orders are filled by the Hedger, which draws liquidity from external sources, including centralized exchanges such as Binance. This connection to external liquidity sources ensures that traders can access deep liquidity pools, reducing slippage and improving execution prices. The Hedger acts as a market maker, providing the counterparty for trades while managing risk through sophisticated algorithms. Positions are managed by the Liquidator, tasked with checking collateral and margin thresholds. This automated system protects both traders and the platform by ensuring positions are closed before losses exceed available collateral. The Liquidator operates as a neutral third party, earning fees for providing this essential service while maintaining the integrity of the trading system. Perpetual Hub Ultra is completed by the Price Oracle, which provides accurate unrealized profit and loss (PnL) data for efficient position management. Price oracles bridge the gap between off-chain market data and on-chain smart contracts, ensuring that all calculations are based on accurate, real-time price information. THENA Transforms BNB Chain Trading THENA's integration brings similar capabilities to the BNB Chain ecosystem, which has established itself as a major force in decentralized finance. BNB Chain accounts for over 40% of global DEX trading volume, with $178B in monthly volume as of May 2025, highlighting the massive potential impact of adding perpetual trading capabilities to this ecosystem. BNB Chain users can also access perpetual trading on THENA, whose integration of Perpetual Hub Ultra is now live. This integration expands THENA's already comprehensive suite of trading tools, which includes spot trading, liquidity provision, and yield farming opportunities. All 300+ pairs that Orbs facilitates are available, enabling traders to enter leveraged positions for popular tokens, such as $PUMP, that aren't natively supported on BNB. This cross-chain capability represents a significant advancement in DeFi infrastructure, allowing traders to access assets from different blockchain networks without the complexity of manual bridging. Symm.io's smart contract infrastructure is combined with Orbs' infrastructure to provide a decentralized and highly liquid trading experience. Symm.io provides the foundational smart contract layer that enables isolated risk management between trading parties, while Orbs supplies the execution infrastructure and liquidity aggregation capabilities. Symm.io Symm.io The Technology Behind the Revolution Understanding the technical foundation of Perpetual Hub Ultra reveals why this integration represents such a significant advancement for decentralized trading. Orbs is a decentralized Layer-3 (L3) blockchain designed specifically for advanced onchain trading. Unlike traditional Layer-1 or Layer-2 solutions, Layer-3 infrastructure focuses on providing specialized execution capabilities that complement existing blockchain networks. Utilizing a Proof-of-Stake consensus, Orbs acts as a supplementary execution layer, facilitating complex logic and scripts beyond the native functionalities of smart contracts. This architecture allows for sophisticated trading mechanisms that would be difficult or impossible to implement directly on most blockchain networks. Orbs' latest flagship protocol, Perpetual Hub Ultra, enables DEXs on any EVM chain to complement their spot markets with the addition of perpetual trading. The protocol's chain-agnostic design means it can be deployed across multiple blockchain networks, creating a unified trading experience regardless of the underlying infrastructure. Ultra's plug-and-play design brings deep liquidity to DEXs, enabling users to access leverage within a familiar trading environment. This approach removes the technical barriers that have historically prevented smaller DEXs from offering advanced trading features, democratizing access to sophisticated financial instruments. Building on Proven Success Both SpookySwap and THENA bring extensive experience with Orbs protocols to their Perpetual Hub Ultra integrations. Both SpookySwap and THENA have a track record of integrating Orbs protocols, previously integrating dLIMIT and dTWAP to expand their spot trading offerings. The dLIMIT protocol enables traders to set limit orders, allowing them to buy or sell tokens at specific price points. This functionality brings centralized exchange-style trading to decentralized platforms, giving traders more control over their execution prices. dTWAP (decentralized Time-Weighted Average Price) allows for algorithmic order execution, breaking large trades into smaller chunks to minimize market impact. SpookySwap users may set limit orders using dLIMIT to purchase and sell tokens at certain prices. With TWAP by Orbs, traders may more easily accumulate a sizable position in a particular asset without being hampered by slippage or volatility. These previous integrations have provided both platforms with valuable experience in implementing Orbs technology and have demonstrated the practical benefits to their user communities. The integration of Orbs Liquidity Hub into THENA follows the announcement of a recent funding round between the pair. Orbs has invested $600K into THENA to expand its core products and grow TVL. This strategic partnership extends beyond mere technology integration, representing a commitment to long-term collaboration and mutual growth. Market Impact and Future Implications The launch of Perpetual Hub Ultra addresses a significant gap in the DeFi ecosystem. The total value locked (TVL) in on-chain derivatives stands at $3.4 billion, a fraction of the DeFi market's overall TVL of approximately $100 billion. This disparity highlights the massive potential for growth in decentralized derivatives trading. Perpetual Hub has the potential to boost trading volume for DEXs that integrate the protocol, helping exchanges attract new users and grow revenue without the need to bootstrap on-platform liquidity, thanks to its intent-based architecture. This revenue potential is particularly attractive for DEXs looking to expand their business models beyond traditional trading fees. The intent-based architecture represents a fundamental shift in how decentralized trading platforms operate. Instead of requiring users to navigate complex order books or liquidity pools, traders simply express their intentions, and the system handles execution automatically. This approach significantly reduces the technical knowledge required to participate in advanced trading strategies. As Perpetual Hub Ultra is rolled out across more EVM chains, it will provide access to perpetual trading that is decentralized, secure, and fully customizable to suit the needs of leading DEXs. This scalability ensures that the benefits of advanced trading capabilities can extend throughout the broader DeFi ecosystem. Looking Forward: The Democratization of Advanced Trading The integration of Perpetual Hub Ultra by SpookySwap and THENA represents more than just a technological upgrade. It signals the beginning of a new era in decentralized finance, where advanced trading capabilities previously exclusive to institutional platforms become accessible to all participants. Smaller DEXs and Layer‑2s have long struggled to compete in the on‑chain perps space. They either build their own platform, an expensive, months‑long process or join one of the big players' ecosystems. Perpetual Hub Ultra changes this dynamic by providing a ready-made solution that can be deployed quickly and cost-effectively. That shift could democratize futures markets on chains. Today, most perpetual volume flows through just a few large venues, leaving new entrants stuck with sub‑par liquidity and high margin costs. By enabling more platforms to offer competitive perpetual trading, the overall market becomes more competitive and efficient. The success of these initial integrations will likely influence other DEXs to adopt similar solutions. As more platforms offer perpetual trading capabilities, users will benefit from increased competition, better pricing, and more innovative features. This competitive environment should drive continued innovation and improvement across the entire DeFi ecosystem. Final Outlook The integration of Orbs' Perpetual Hub Ultra by SpookySwap and THENA represents a watershed moment for decentralized finance. After years of centralized exchanges maintaining their dominance in derivatives trading through superior technology and liquidity, we're finally seeing DeFi platforms close this gap meaningfully. What makes this development particularly compelling is the plug-and-play nature of the solution. Rather than forcing each DEX to reinvent the wheel, Orbs has created infrastructure that can be quickly deployed across multiple platforms. This approach should accelerate the adoption of advanced trading features throughout DeFi, benefiting the entire ecosystem. The choice of SpookySwap and THENA as the first adopters is strategically sound. Both platforms have proven track records with Orbs technology and operate on high-performance networks that can handle the demands of perpetual trading. Their success with this integration will likely serve as a powerful demonstration for other potential adopters. Looking ahead, the real test will be user adoption and trading volume. While the technology is impressive, the ultimate measure of success will be whether traders actually prefer these decentralized alternatives to established centralized platforms. The combination of familiar interfaces, deep liquidity, and the security benefits of decentralized trading creates a compelling value proposition. The broader implications extend beyond just these two platforms. As more DEXs adopt Perpetual Hub Ultra and similar solutions, we may see a fundamental shift in how derivatives trading occurs in crypto markets. The current oligopoly of major centralized exchanges could face genuine competition from a distributed network of specialized DEXs, each offering unique features and serving specific communities. This democratization of advanced trading capabilities aligns with the core principles of DeFi: removing intermediaries, increasing accessibility, and empowering users with greater control over their financial activities. If successful, this integration could mark the beginning of a new chapter in the ongoing evolution from centralized to decentralized finance. Don’t forget to like and share the story! This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYO This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYO This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYO business blogging program business blogging program

This story contains new, firsthand information uncovered by the writer.

The writer was physically present in relevant location(s) to this story. The location is also a prevalent aspect of this story be it news or otherwise.

Binance

HackerNoon

Oracle

The First 60x Leveraged Perpetuals on a DEX Just Went Live – Here’s What It Means for DeFi

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

$2M Backing and a Vision: How GAM3S.GG is Reshaping Web3 Gaming

(1/100) Crypto Countdown: Golem

A Research Report on the Trader $JOE DeFi Platform

07/03/2018: Biggest Stories in the Cryptosphere

05/02/2018: Biggest Stories in the Cryptosphere

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps