Perp DEX, a decentralized exchange platform, is encountering several challenges as it gains mainstream attention. Key concerns include short-term volume inflation due to airdrop expectations and the sustainability of ongoing low-fee wars. Additionally, the limitations of Central Limit Order Book (CLOB) models for non-native assets and a lack of transparency in execution layers are highlighted as significant issues. The platform also faces risks of value dilution from homogenized DEX-as-a-Service models. These challenges underscore the complexities Perp DEX must navigate to maintain its growth and relevance in the evolving cryptocurrency landscape.