Perp DEXs Hit $1 Trillion Monthly Volume for First Time as Aster, Hyperliquid Lead Surge

Perp DEXs, also known as Decentralized Perpetual Futures Exchanges, reached a sector-wide trading volume of $1.226 trillion over the past 30 days for the first time, according to DeFiLlama data.

The record was driven primarily by Hyperliquid and Aster, two platforms now at the center of perp DEX derivatives activity.

The milestone marks a 48% increase from August’s $707.6 billion volume, with September’s total reaching $1.05 trillion.

The fast-rising Aster DEX recorded the highest volume over the last 30 days, accumulating $493.61 billion, nearly 50% of the entire perp DEX market share.

Following close behind is Hyperliquid, the market’s dominant player, which pulled in over $280 billion in perpetual trading volume during the same period.

Other notable perp DEXs showing strong performance include Lighter DEX with over $165 billion in trading volume, alongside EdgeX, Pacifica, and Bybit-affiliated Apex Protocol, which combined for $116 billion in total volume.

Meanwhile, new platforms like SunPerp, which became the first perpetual DEX on TRON, have added fresh momentum, attracting $30 million in total value locked (TVL) shortly after launch.

Similarly, Ethereum Layer 2 perp DEX Lighter has quietly built a strong presence in recent months, attracting $164.4 billion in September activity to claim third place while still in private beta.

This rapid expansion of the perpetual DEX market shows traders are shifting away from centralized exchanges (CEXs) toward decentralized alternatives that offer transparent settlement, non-custodial trading, and round-the-clock access.

Perp DEXs Challenge Industry Giants in Fee Generation

Beyond trading volume, perp DEXs have also challenged industry giants like Tether and Circle in terms of fees generated.

Over the last 7 days, Aster has consistently ranked in the top 3 for fees generated, ranking as one of the best cryptocurrencies based on price performance in the past week.

At the time of writing, according to DeFiLlama’s protocol fee rankings, Aster has generated over $121 million in fees, over $65 million more than Circle (USDC issuer), and is in close contention with Tether (USDT issuer) at $155.2 million during the same period.

Hyperliquid has also maintained its position as the 5th highest revenue-generating protocol in the crypto market, with over $23 million generated in the last 7 days.

Notably, Aster, previously known as APX Finance, rebranded in March after merging with Astherus.

The platform is backed by YZi Labs (formerly Binance Labs) and has built its presence on multi-chain support, with an initial focus on BNB Chain.

Since its recent rise to prominence, it has challenged Hyperliquid’s dominance.

Hyperliquid Remains Market Leader

Despite the rise of competitors, Hyperliquid remains the market’s most influential force.

The platform currently commands approximately 70% of the perp DEX market share, according to Token Terminal and DeFiLlama data.

Hyperliquid has consistently set benchmarks for the sector.

In May 2025, it reported $248 billion in 24-hour trading volume, demonstrating its unmatched liquidity and trader activity.

By August, the platform also posted its highest-ever revenue, generating $106 million, more than any other DeFi protocol at the time.

Aster and Hyperliquid Token Performance and Market Dynamics

ASTER is currently valued at $14.6 billion FDV following an initial fully diluted valuation of $560 million at the time of its token generation event.

The price of ASTER increased by over 10x from the time of CZ’s endorsement to over $2 within just four days.

It is currently trading at $1.82, according to CoinMarketCap.

The appeal of a newly launched token, combined with a “Binance-adjacent perps DEX” narrative, turned what was a standard TGE into a momentum event.

In comparison, Hyperliquid, which launched its perp DEX platform in 2023 and its TGE in November, sees HYPE currently trading at $49.63 with a $49.5 billion fully diluted valuation, while Lighter has yet to launch a token.

The perp DEX market’s growing footprint is increasingly visible against long-standing CEX perp giant Binance.Over the last 24 hours, Binance’s futures market recorded $83 billion in trading volume, while Aster and Hyperliquid’s combined 24-hour trading volume reached $78 billion, despite being roughly a year old compared to Binance’s 6-year head start.

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