Perp DEXs Hit $1 Trillion Monthly Volume for First Time as Aster, Hyperliquid Lead Surge
Perp DEXs, additionally identified as Decentralized Perpetual Futures Exchanges, reached a sector-wide buying and selling quantity of $1.226 trillion over the previous 30 days for the primary time, based on DeFiLlama data.
The file was pushed primarily by Hyperliquid and Aster, two platforms now on the heart of perp DEX derivatives exercise.
The milestone marks a 48% enhance from August’s $707.6 billion quantity, with September’s complete reaching $1.05 trillion.
The fast-rising Aster DEX recorded the best quantity during the last 30 days, accumulating $493.61 billion, practically 50% of your complete perp DEX market share.
Following shut behind is Hyperliquid, the market’s dominant participant, which pulled in over $280 billion in perpetual buying and selling quantity throughout the identical interval.
Other notable perp DEXs exhibiting robust efficiency embody Lighter DEX with over $165 billion in buying and selling quantity, alongside EdgeX, Pacifica, and Bybit-affiliated Apex Protocol, which mixed for $116 billion in complete quantity.
Meanwhile, new platforms like SolarPerp, which turned the first perpetual DEX on TRON, have added recent momentum, attracting $30 million in complete worth locked (TVL) shortly after launch.
Similarly, Ethereum Layer 2 perp DEX Lighter has quietly built a strong presence in latest months, attracting $164.4 billion in September exercise to assert third place whereas nonetheless in personal beta.
This fast growth of the perpetual DEX market exhibits merchants are shifting away from centralized exchanges (CEXs) towards decentralized options that provide clear settlement, non-custodial buying and selling, and round the clock entry.
Perp DEXs Challenge Industry Giants in Fee Generation
Beyond buying and selling quantity, perp DEXs have additionally challenged business giants like Tether and Circle by way of charges generated.
Over the final 7 days, Aster has persistently ranked in the top 3 for charges generated, rating as one of many best cryptocurrencies based mostly on worth efficiency up to now week.
At the time of writing, based on DeFiLlama’s protocol fee rankings, Aster has generated over $121 million in charges, over $65 million greater than Circle (USDC issuer), and is in shut competition with Tether (USDT issuer) at $155.2 million throughout the identical interval.
Hyperliquid has additionally maintained its place as the fifth highest revenue-generating protocol within the crypto market, with over $23 million generated within the final 7 days.
Notably, Aster, beforehand identified as APX Finance, rebranded in March after merging with Astherus.
The platform is backed by YZi Labs (formerly Binance Labs) and has constructed its presence on multi-chain help, with an preliminary give attention to BNB Chain.
Since its latest rise to prominence, it has challenged Hyperliquid’s dominance.
Hyperliquid Remains Market Leader
Despite the rise of rivals, Hyperliquid stays the market’s most influential drive.
The platform at the moment instructions roughly 70% of the perp DEX market share, based on Token Terminal and DeFiLlama data.
Hyperliquid has persistently set benchmarks for the sector.
In May 2025, it reported $248 billion in 24-hour trading volume, demonstrating its unmatched liquidity and dealer exercise.
By August, the platform additionally posted its highest-ever income, producing $106 million, greater than every other DeFi protocol on the time.
Aster and Hyperliquid Token Performance and Market Dynamics
ASTER is at the moment valued at $14.6 billion FDV following an preliminary absolutely diluted valuation of $560 million on the time of its token era occasion.
The worth of ASTER elevated by over 10x from the time of CZ’s endorsement to over $2 inside simply 4 days.
It is at the moment buying and selling at $1.82, based on CoinMarketCap.
The attraction of a newly launched token, mixed with a “Binance-adjacent perps DEX” narrative, turned what was a typical TGE right into a momentum occasion.
In comparability, Hyperliquid, which launched its perp DEX platform in 2023 and its TGE in November, sees HYPE at the moment buying and selling at $49.63 with a $49.5 billion absolutely diluted valuation, whereas Lighter has but to launch a token.
The perp DEX market’s rising footprint is more and more seen in opposition to long-standing CEX perp large Binance.Over the final 24 hours, Binance’s futures market recorded $83 billion in trading volume, whereas Aster and Hyperliquid’s mixed 24-hour buying and selling quantity reached $78 billion, regardless of being roughly a 12 months previous in comparison with Binance’s 6-year head begin.
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