In the fast-paced world of decentralized finance (DeFi), perpetual futures DEXes—often called perp DEXes—are becoming essential tools for traders. These platforms let you trade crypto assets with leverage without expiration dates, all on-chain and without centralized intermediaries. If you're into meme tokens, perp DEXes are where the action happens for high-risk, high-reward plays on volatile assets.

A recent thread on X by crypto researcher mikro (@mikroweller_) has sparked buzz, claiming that $ORDER, the token behind Orderly Network, is "BY FAR the most undervalued Perp DEX." Backed by heavyweights like Pantera and Sequoia Capital, and powered by LayerZero for cross-chain magic, Orderly positions itself as the "Pump.fun of perp DEXes." For the uninitiated, Pump.fun is a popular Solana-based platform that makes launching meme tokens a breeze. Similarly, Orderly provides plug-and-play liquidity and infrastructure for anyone to build or integrate perp trading—perfect for the meme token ecosystem where quick, liquid markets can make or break a project.

The thread doesn't just hype; it backs it up with hard stats, comparing Orderly to top competitors like Jupiter ($JUP), MYX Finance ($MYX), and Hyperliquid ($HYPE). Here's a quick breakdown of the key metrics highlighted (all 7-day perp volumes as of late September 2025):

• Orderly ($ORDER)​: $4.4B in perp volume, $50M TVL, $72M market cap
• Jupiter ($JUP)​: $7.2B in perp volume, $3.2B TVL, $1.35B market cap
• MYX Finance ($MYX)​: $2B in perp volume, $27M TVL, $2.3B market cap
• Hyperliquid ($HYPE)​: $81B in perp volume, $5.9B TVL, $14.5B market cap

Based on these, mikro argues $ORDER is undervalued by 3x versus $JUP, 4x versus $HYPE, and a whopping 64x versus $MYX. That's eye-opening, especially when you consider Orderly's volume is solid relative to its tiny market cap.

Looking at the visuals in the thread, Orderly's perp volume has been steadily climbing, showing consistent growth without the massive hype bubbles seen in others. Its TVL (total value locked, which measures assets deposited on the platform) is lower, but that's partly because it's designed as an infrastructure layer—think of it as the backend powering multiple frontends across chains. This omnichain approach, thanks to LayerZero, means Orderly can tap into liquidity from everywhere, making it ideal for meme token perps that pop up on various blockchains.

Why the undervaluation? Orderly has been quietly building for over two years, focusing on product-market fit rather than viral marketing. In the meme token space, where narratives drive prices, this could be a sleeping giant. Traders love liquid perps for leveraging bets on hot memes, and Orderly's setup allows developers to spin up custom perp markets easily. As more meme projects integrate with it, we could see explosive adoption.

The thread has garnered likes, reposts, and replies agreeing that $ORDER is "criminally undervalued," with some pointing to other low-cap gems like $NL. If you're hunting for DeFi plays with meme potential, this is worth watching. Check out the original thread for the full scoop, and dive into Orderly Network to see how it fits into your trading strategy.

Remember, crypto is volatile—do your own research, and this isn't financial advice. But in a market where undervalued infra often moons, $ORDER might just be the next big thing for meme-savvy traders.