If you've been keeping an eye on the decentralized finance (DeFi) scene, especially perpetual futures trading—often called "perps"—you might have noticed some exciting developments. Perpetual DEXes, or decentralized exchanges for perps, allow traders to bet on asset prices without expiration dates, all on the blockchain. They're like the high-octane engines of crypto trading, offering leverage and liquidity without traditional middlemen.

Recently, a thread from crypto researcher @mikroweller on X (formerly Twitter) caught our attention here at Meme Insider. It breaks down why Orderly Network's token, $ORDER, could be one of the most undervalued assets in this space right now. Backed by heavyweights like Pantera and Sequoia Capital, and powered by LayerZero for seamless cross-chain ops, Orderly has been quietly building for over two years. Think of it as the "Pump.fun" of perp DEXes—a platform that democratizes liquidity and infrastructure for anyone to launch and trade perps.

Let's dive into the stats that make this case so compelling. The thread compares Orderly to three big players: Jupiter ($JUP), MYX Finance ($MYX), and Hyperliquid ($HYPE). These aren't just random picks; they're some of the heaviest hitters in perp trading. Here's a quick snapshot of their key metrics as of late September 2025:

• Orderly: 7-day perp volume of $4.4 billion, TVL (total value locked) of $50 million, market cap $72 million.
• Jupiter: 7-day perp volume $7.2 billion, TVL $3.2 billion, market cap $1.35 billion.
• MYX Finance: 7-day perp volume $2 billion, TVL $27 million, market cap $2.3 billion.
• Hyperliquid: 7-day perp volume $81 billion, TVL $5.9 billion, market cap $14.5 billion.

To visualize this, check out the chart from the thread below. It plots weekly perp volumes, TVL across all chains, and circulating market caps over time.

Head-to-Head Breakdown: Orderly vs. the Competition

The real eye-opener is when you pit Orderly directly against these rivals. It's not just about raw numbers; it's about value for what you're getting.

Starting with Orderly vs. MYX Finance. Orderly boasts roughly twice the perp volume and TVL compared to MYX. Yet, its market cap is over 32 times smaller. To reach parity in relative valuation, $ORDER would need a whopping 64x pump—pushing it to around $16 per token from current levels. That's the kind of asymmetry that gets traders excited.

Next up, Orderly vs. Hyperliquid. Hyperliquid dominates with 18 times Orderly's volume and 118 times the TVL, but Orderly's market cap is more than 200 times smaller. A modest 4x from here (to about $1) would bring it to fair value relative to $HYPE. Hyperliquid's massive scale shows what's possible, and Orderly's tech stack positions it to catch up fast.

Finally, Orderly vs. Jupiter. Here, Orderly's perp volume is only half of Jupiter's, but its market cap is 19 times smaller. Jupiter's TVL is inflated by non-perp features like borrowing and lending, so it's not an apples-to-apples comp. Adjusting for that, a 9-10x move (to $2.25-$2.50) would align their valuations.

What This Means for $ORDER Holders

Averaging it out, the thread suggests $ORDER is undervalued by a factor of 23-24x compared to these peers. That puts its relative fair value at around $5.75-$6. Of course, this is all relative and based on current metrics—crypto moves fast, and factors like tokenomics, fee yields, and upcoming unlocks could sway things. Always do your own research (DYOR) and remember, this isn't financial advice.

Orderly's edge comes from its plug-and-play infrastructure. Anyone can tap into its liquidity pools and launch perps, much like how Pump.fun revolutionized meme token launches. With top-tier backers and a product that's hitting the market sweet spot, it's no wonder the community is buzzing. Replies to the thread echo this sentiment, with targets ranging from $10+ and calls for 10-30x pumps.

If you're into meme tokens or DeFi plays, keeping an eye on perp DEXes like Orderly could be key. They fuel the volatility and liquidity that make meme trading thrive. For more insights on emerging blockchain tech and token analyses, stick around Meme Insider—we're all about decoding the chaos into actionable knowledge.

Curious about Orderly? Check out their official site here or dive deeper into the original thread on X. What's your take on $ORDER's potential?