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Solana's perps market lags Hyperliquid, a gap rooted in architectural constraints rather than purely application-layer failures. Three new protocols, Phoenix, Bulk, and Bullet, are attacking the execution problem from different points on the composability-performance spectrum. We benchmark execution costs across venues, isolate the L1 constraints holding makers back, and assess whether Solana's infrastructure roadmap and these new entrants can close the gap before purpose-built chains lock in their liquidity advantage.