Perp DEX: What Is the Next Big Bet for Future DeFi’s Liquidity?
Perp DEXs are coming into a “rocket launch” section as buying and selling volumes hit report highs, with heavyweights like Binance and Tron becoming a member of the race.
Platforms like Hyperliquid and Aster preserve breaking new data, turning the competitors into the hottest highlight of this DeFi season. This is when on-chain buyers are desperate to “get on board” earlier than the market turns into too crowded.
Big Players Give the “Green Light”
The rise of perp DEXs is now not simply an inner DeFi neighborhood story — it appears to be turning right into a key strategic transfer throughout the whole business. Binance CEO CZ recently mentioned Aster, a next-generation perp DEX, instantly making a ripple impact amongst his 8 million followers.
Previously, Changpeng Zhao proposed a dark pool-style DEX for perpetual futures to fight front-running and improve commerce privateness. Besides, Tron founder Justin Sun actively promoted SunPerp, leveraging the Tron ecosystem to convey the product to hundreds of thousands of customers.
These strikes will not be simply advertising and marketing performs. They clearly sign that Perp DEXs are mature sufficient to grow to be strategic locations for main liquidity flows. When main ecosystems step in, they carry capital and retail investor confidence, paving the manner for mass adoption. This might push perp DEXs past their “area of interest” standing and nearer to turning into a normal liquidity venue in the broader crypto market.
Perp DEXs: DeFi’s “Secret Weapon” in the Post-CEX Era
The development trajectory of perp DEXs is nothing wanting spectacular. Data from DefiLlama exhibits that perpetual futures buying and selling quantity over the previous 30 days surged to $569 billion. Total month-to-month quantity in August reached greater than $623 billion, the highest since 2022. Hyperliquid (HYPE) continues to dominate with over $329 billion in 30-day buying and selling quantity, capturing 57.8% market share.
In one other evaluation by CoinGecko, perpetual buying and selling quantity on decentralized exchanges reached a brand new all-time high of $898 billion in Q2 2025. The DEX/CEX quantity ratio additionally hit a report 0.23, reflecting a broader shift towards decentralization.
According to Dune Analytics, Hyperliquid stays the market king with a 48.7% share, recording $2.725 trillion in cumulative buying and selling quantity. Meanwhile, Aster is rising as a notable challenger, with $140 billion in cumulative buying and selling.
What makes perp DEXs so engaging isn’t simply the development numbers and their mechanics: low charges, high leverage, and consumer reward airdrops. Above all, the capacity to self-custody property on perp DEXs turns into a decisive benefit in a post-FTX world the place belief in centralized exchanges has eroded.
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