It is my opinion that DE is due to a weakening of the Superior Rectus muscle secondary to fat deposits in the Orbit of the fish.
While there is photographic evidence of DE occuring in wild Arowanas, most wild Arowanas do not eat as well as captive specimens. The diet captive Aros receive is relatively high in fat.
While many on this thread are reporting DE in juvenile/sub-adult fish, I'm willing to bet these fish are in tip-top condition, fat and sassy and get regular feedings from their loving owners.
Is there a genetic component to DE? Quite likely. A congenital weakening of the Occular Superior Rectus (either unilaterally or bilaterally) is well within the realm of possibilities. Add to that the fat deposits behind the eyeball and sure sounds like a case of DE to me.