Based on the latest XAU market depth data, StandX XAU-USD has now surpassed $10M+ in 10 bps order book depth, ranking first among the compared markets.
This figure is already significantly ahead of other Perp DEXs: roughly 6x Lighter, 6x Hyperliquid, 7x GRVT, and close to 10x edgeX. This shows that StandX has reached a leading position among Perp DEXs in terms of gold perpetual order book depth and large-order absorption capacity.
This progress has been strongly supported by SIP-5A: Community Maker Yield, which allows users to participate as makers, provide real two-sided liquidity to the order book, and earn rewards from their liquidity contribution. Users can track their DUSD Rewards and Token Allocation through the dashboard.
A major reason behind the improvement in StandX XAU-USD depth is SIP-5A: Community Maker Yield. On July 5, StandX introduced SIP-5A: Community Maker Yield, a proposal designed to further open the role of market making to community users and reward them for providing real, executable two-sided liquidity on the platform.
In simple terms, users do not only come to trade. They can also participate as makers by placing limit orders, contributing depth to the order book, and earning rewards in return. This mechanism gives more users a reason to continuously provide liquidity, which has helped XAU-USD order book depth improve over time. Based on the current data, SIP-5A has already shown clear results.
Of course, StandX liquidity is not limited to gold alone. We previously published a dedicated article on BTC liquidity, where StandX BTC order book depth reached 800 BTC at 10 bps. This shows that the improvement in StandX depth is not an isolated case in a single market, but something happening across multiple major trading pairs. You can read the article here: 800 BTC at 10bps: A Closer Look at StandX Liquidity
Beyond order book depth, Open Interest is also an important indicator of market activity for a Perp DEX. StandX’s SIP-2: Position Yield brings open positions into the yield layer by allowing eligible positions to participate in protocol fee distribution based on rules such as position duration, market support, and risk controls.
SIP-2 was proposed by StandX on March 31. After the proposal was introduced, StandX OI saw a very clear change: from below $30M at the beginning to $144.14M on April 17. Throughout April and May, OI also remained mostly above $100M. These figures show that SIP-2 had a clear impact on StandX market scale and position activity.
Overall, StandX has made visible progress over this period. From OI below $30M to a peak near $140M+, and now with XAU-USD 10 bps depth surpassing several major competitors including Hyperliquid, Lighter, GRVT, and edgeX, these changes all point to the same thing: StandX’s product design is being validated by the market.
Whether it is SIP-2’s design around Position Yield or SIP-5A’s incentives for community making, the results are now reflected in real data: higher OI, deeper order books, and stronger trading absorption capacity. As mentioned above, this improvement is not limited to XAU alone. Since the launch of SIP-5A, liquidity across other trading pairs has also continued to improve, with more users choosing to participate as makers, provide real order book depth, and earn yield through their liquidity contribution.
This is a clear signal that users recognize the value of SIP-5A through continued participation. For anyone interested in becoming a maker, or for traders looking to trade XAU in one of the strongest 10 bps gold perpetual order books across Perp DEXs, StandX is becoming an increasingly competitive venue. Going forward, we will continue to introduce proposals that users find valuable and keep improving the trading experience through deeper liquidity, stronger incentives, and better execution quality.