Tag:

Perp

Story Protocol (IP) price down 50% after hitting ATH, will the losses continue?
GameFi Guides

Monthly perp trading surpass $1t for the first time

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In September, monthly trading volume on Perp DEXs broke through $1 trillion for the first time in history, reaching as high as $1.14 trillion amidst the boom in perp trading.

Summary

  • In September 2025, monthly trading volume on Perp DEXs surpassed $1 trillion, marking a historic first for the crypto community.
  • DEX trading has been on the rise lately, with more CEXs adopting DEX functionalities

According to data from DeFi Llama, trading volume for perpetual decentralized exchanges exceeded $1 trillion in monthly trading volume for the first time ever in September 2025. Compared to the previous month of August, this number indicates a nearly 50% month-over-month surge from just $766 billion.

The surge in monthly trading volume was driven by several decentralized protocols, such as Aster (ASTER), Hyperliquid (HYPE), and Lighter each crossing the $150 billion mark in trading volume over the past 30 days. In the past week alone, perp trading has climbed up by 161%.

Aster leads the charge with a monthly perp volume of $493.61 billion, making up for nearly half of the total perp trading volume in September alone. This number is followed by Hyperliquid with $280.7 billion in the same period. Lighter is in third place with $165 billion in monthly trading volume.

Perp trading volume on DEXs have risen to $1 trillion for the first time in history | Source: DeFi Llama

Within just a month, Aster managed to dethrone Hyperliquid as the dominating market holder of perpetual futures. What took Hyperliquid one year to achieve, Aster was able to do in just a few months. Back in August 2025, analysts estimated that Hyperliquid accounted for 80% of the total perp trading market.

In the past 24 hours, Aster’s perp volume has reached $80.47 billion. Meanwhile, Hyperliquid’s volume is only at $9.47 billion. The large nealy-1000% gap between protocols showcases the rapid growth of Aster DEX in the crypto space after gaining support from former Binance CEO Changpeng Zhao.

Perp trading on the rise

Compared to just a year ago in September 2024, the trading volume for perpetual futures was still stuck at around $131 billion. In just the span of a year, that number surpassed $1 trillion for the first time in history due to advancements made in the space.

The boom in perpetual trading can be attributed to the many new features introduced through Aster, Hyperliquid and many more DEX platforms. Many Perp DEXs run on high-throughput chains or Layer-2 solutions, reducing latency, lowering gas fees, and enhancing execution speed.

As a result, barriers that once made derivatives trading unattractive on-chain have been diminished.

Another key driver is the rewards model deployed by DEXs to attract more users to trade on their platforms. Most recently, more protocols are using token incentives, yield sharing, revenue redistributions, and “point-farming” schemes to bootstrap volume and liquidity on their respective platforms.

Projects like Aster have leaned heavily on this kind of incentive engineering to rapidly grow trading activity and attract users.

Not only that, centralized exchanges like OKX have begun to integrate support for DEX trading, in hopes of luring in more users with a hybrid model that combines CEX and DEX functionalities. At the moment, the program is still in its limited public beta test phase.

According to the announcement, the exchange plans to distribute 1,000 experience codes worldwide, giving users the chance to test the DEX support feature with zero trading fees. Transactions will be executed directly within the interface of the OKX exchange.



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Exchange Review August
Crypto Trends

The Crypto Perp DEX Mania May Quickly Fizzle Out: BitMEX CEO

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SINGAPORE — By the time Token2049 reconvenes next year, today’s headline‑grabbing decentralized exchanges like Hyperliquid and Aster may no longer dominate, BitMEX CEO Stephan Lutz told CoinDesk in an interview, warning that their incentive‑heavy business models are too fragile to endure.

Recently, a competitive battle has erupted in the perpetual decentralized exchange (perp DEX) sector, with emerging platforms like Aster and Lighter significantly challenging Hyperliquid’s former dominance.

Last week, Aster surpassed Hyperliquid in terms of 24-hour trading volume. This has sparked a race among competitors to launch new DEXs, aiming to capture market share in this expanding field.

In this context, Justin Sun announced the launch of a new DEX at the Token2049 conference in Singapore, signaling further intensification in this rapidly evolving landscape.

The excitement, however, is likely to be short-lived, according to Lutz, who called DEXs as inherent pump-and-dump schemes.

“DEXs are about giving access to markets without intermediaries, and they build momentum by relying heavily on incentives, it’s basically an inherent pump‑and‑dump scheme,” Lutz said. “I don’t mean that in a bad way or as a scam. It’s all public, you know what you’re getting into.”

He likened the incentive programs to an advertising blitz that pays for attention, explaining that these platforms hook users with token rewards and fee rebates and then depend on that feedback loop to keep people trading.

“The question is, what sticks?” he continued.

This boom‑and‑bust cadence not only makes it hard for DEXs to retain liquidity over the long term, he added, it also means retail traders chasing outsized yields are exposing themselves to considerable volatility and risk.

In contrast to the churn he sees in DeFi, Lutz said the largest centralized exchanges, led by Coinbase and its peers, are well-positioned to ride out these cycles and remain dominant long after the latest DEX incentives subside.

He added that BitMEX’s goal is to straddle both worlds, noting that while he sees DeFi enduring and embraces it personally as a crypto native, institutions can’t interact with it like they can with a centralized exchange.

BitMEX’s Tokyo pivot

The Japanese capital, not Hong Kong or Singapore, is where the trading volume is, according to Lutz.

In August, the exchange officially moved its data infrastructure to AWS Tokyo from AWS Dublin in a move aimed at boosting liquidity. The switch has delivered the desired results, underscoring Japan’s attractiveness.

“We were in Ireland before … but it became more and more difficult because basically everyone except the U.S. players are in the Tokyo data centers,” he said.

He said the switch boosted liquidity by roughly 80% in BitMEX’s main contracts and up to 400% in some altcoin markets, gains he attributed not to market-maker intervention but to reducing latency by being in Tokyo.

Looking towards the next crypto cycle

Lutz predicts the next crypto cycle will look markedly different from prior booms and busts.

With greater institutional participation, he said, BTC could behave more like a “real asset,” smoothing out the dramatic peaks and troughs that have defined past runs.

“I expect that with greater adoption we’ll see longer plateau phases than in previous cycles; the market will still follow the same rules and characteristics, but with lower volatility as it becomes a real asset embraced by the world’s wealthy,” he said.

The bitcoin market volatility has declined markedly since the debut of spot ETFs in the U.S. last year. Moreover, BTC’s implied volatility indices have steadily evolved into VIX-like structures, moving in the opposite direction of spot prices.

All this means that even though some of these new DEXs, offering eye-watering leverage – which Lutz believes won’t last until next year – there aren’t fireworks in store for BTC. Instead, it’ll look like any other sophisticated asset class with gradual ups and downs as the market cycle continues.



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Scattered pile of $1 bills (Gerd Altmann/Pixabay)
Crypto Trends

Orderly Network Introduces Build-Your-Own Perp DEX Platform

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Decentralized exchange (DEX) infrastructure provider Orderly Network introduced a platform for users to launch their own perpetuals DEXs.

“Orderly One” allows a perp DEX to be built in a matter of minutes without requiring the writing of any lines of code, Orderly said on X on Tuesday.

The new service is aimed at decentralized autonomous organizations (DAOs), funds, trading communities and so on who wish to build a revenue stream through crypto trading without relying on a centralized entity.

Perpetual DEXs play a significant role in crypto trading, combining perpetual futures market to a decentralized, permissionless environment.

Unlike traditional spot DEXs that only allow token swaps, these platforms let users trade with leverage and short assets, a functionality previously dominated by centralized exchanges like Binance. They allow traders to maintain full self-custody of their funds, eliminating the risk of exchange hacks or insolvency. By operating on smart contracts, they offer a trustless and alternative to centralized platforms.

In theory, the ability for DAOs and trading communities to build their own perp DEXs takes the decentralization a step further: not only is the trading protocol decentralized but so is the entire user-facing experience and its governance.



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Aster Perp Dex’s Token Surges Over 300% Within Hours Of Its Launch
GameFi Guides

Aster Perp DEX’s Token Surges Over 300% within Hours of Launch

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Aster, a YZi Labs (formerly Binance Labs) backed decentralized perpetual exchange, unveiled its native token ASTER on Wednesday. It surged over 300% from its initial price within hours of its launch.

Aster, launched in July on Binance’s BNB Chain, enables traders to speculate on cryptocurrency prices with leverage. Beside YZi Labs, a top decentralized exchange (DEX) on BNB Chain, Pancakeswap also provided significant backing to Aster.   

Prior to the token launch, the platform was running the Aster Genesis program to support the growth and trading activity on its DEX. Based on this, it initiated the token airdrop and rewarded contributors with a total of 704 million ASTER tokens. 

The timing of the launch could not be better as Hyperliquid, the leading perpetual DEX, is making waves, with its native token HYPE hitting a new all-time high the same day. 

At the time of publishing, ASTER token was trading $0.3981 with a market cap of $659.25 million and a 24 hour trading volume of $330 million, as per CoinMarketCap data. 

CZ sparks a cold-war

Celebrating the token launch, Changpeng Zhao, Co-Founder of Binance, cherished the Aster team by sharing a post on his X handle. “Well done! Good start. Keep building!,” he said while sparking chatter around the fact that he is only supporting Aster, via YZi Labs investment, to give indirect competition to Hyperliquid. 

“He’s obviously pissed about hyperliquid and plays to win,” said an X user Tulip King noting that he also recently removed “ex-Binance” from his bio and made it “Binance” and now “he’s back in charge.” 

Notably, Hyperliquid has generated billions in trading volume and it is giving tough competition to leading centralized exchanges (CEX) like Binance and Coinbase. Its decentralized nature—not requiring KYC and open for all—as well as CEX-like trade execution is making it increasingly popular among crypto traders. 

Increasing competition to Hyperliquid

Being a top perpetual DEX, Hyperliquid is currently facing huge challenges from various emerging competitors. One of the close competitors was Lighter, which recently gained popularity after its points trading went viral. Now, Aster, with backing from the “Binance Cartel” is taking over the crypto community, rising toughly against Hyperliquid’s dominance in the decentralized perpetuals ecosystem. 

Also Read: Wormhole Unveils W 2.0 Tokenomics With Yield and Bi-Weekly Unlocks



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HYPE price eyes $50 as Hyperliquid crosses $2b milestone
NFT Gaming

Hyperliquid Grabs 80% of Perp DEX Market in One Year, Analysts Say

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Hyperliquid now controls roughly 80% of the decentralized perpetual futures market, highlighting its rapid dominance over competitors. However, this concentration raises concerns about sustainability and potential risks if trading volumes decline.

Summary

  • Hyperliquid has quickly become the leading decentralized perpetual futures platform, handling up to $30 billion in daily trades.
  • Its lean, self-funded team built a fast, execution-focused blockchain with fee-sharing incentives that attract traders and developers.
  • Despite rapid growth, risks like validator concentration, transparency gaps, and reliance on high trading volumes leave its future uncertain.

In just over a year, Hyperliquid has grown into the dominant player in decentralized perpetual futures, with Redstone estimating it controls about 80% of the market, trading volumes on par with big centralized exchanges, and fresh concerns over how long such concentrated activity can last.

At its peak, the platform processed as much as $30 billion in daily trades. That milestone, only a few decentralized exchanges have ever reached, despite being run by a lean team of just 11 people.

The platform, co-founded by Jeff Yan, a former Hudson River Trading quant and Harvard graduate, chose from the start to avoid venture capital, a decision that, combined with timing, gave Hyperliquid an opening it exploited faster than rivals.

Trading volume across decentralized exchanges | Source: CoinGecko

At the start of 2024, decentralized exchange dYdX had roughly 30% of trading volume across decentralized exchanges. By the end of that year, its share had fallen to around 7%, while Hyperliquid’s share stabilized above 65%, per CoinGecko’s data.

Much of Hyperliquid’s growth seems tied to execution. One-click trading, zero gas fees, and sub-second order finalization make it feel closer to a centralized exchange than most DEXs, which has helped attract both retail and professional traders.

“Built by a lean, self-funded team that refused to accept VC investors’ money, they’ve proven that technical excellence and community-first economics can outcompete well-funded competitors.”

RedStone

The platform runs on its own blockchain with HyperBFT, a consensus system designed to process hundreds of thousands of orders per second with settlement finality under a second. By focusing first on speed and reliability before expanding infrastructure, Hyperliquid appears to have earned credibility among traders faster than most peers.

Incentives and Revenue

The platform splits trading fees with its community. People who list new spot markets can keep up to half of the fees those trades generate. Developers who build user interfaces earn a share that can even exceed the protocol’s own cut. And those who launch perpetual markets share their fees with the investors who stake behind them.

This setup has pushed outside developers to build on the platform without needing grants or subsidies. They’ve already created tools to fill gaps like letting traders use one balance across different positions or borrow against their assets. The result is a growing ecosystem that competing decentralized exchanges haven’t been able to replicate.

Decentralized exchanges by trading volume | Source: DefiLlama

DefiLlama data shows Hyperliquid ranks third among decentralized exchanges by weekly trading volume, generating over $12 billion, behind only PancakeSwap and Uniswap. That surge has helped Hyperliquid produce more than $1 billion in annualized revenue, translating to an estimated $102.4 million per employee.

As previously reported by crypto.news, that figure exceeds Tether at $93 million, OnlyFans at $37.6 million, Nvidia at $3.6 million, and Cursor at $3.3 million.

Risks ahead

A joint report from OAK Research and GL Capital notes that despite Hyperliquid’s rapid growth, “several key milestones must still be met to validate [the valuation] thesis.”

“Centralization remains a concern, with only 16 validators, and the lack of transparency in the codebase could deter third-party developers. While full control over the infrastructure is a powerful model, it also exposes the platform to vulnerabilities, as demonstrated by the HLP incident.”

OAK Research and GL Capital

The platform’s reliance on sustained trading volume further amplifies risk. A prolonged bear market could temporarily depress returns and challenge the token buyback system that supports much of the HYPE ecosystem.

From a valuation perspective, analysts describe the opportunity as “asymmetric risk/reward,” with HYPE’s fair value estimated between $32 and $49 under conservative assumptions, which is about 86% of the top of that range, given that HYPE is trading at $42.

Hyperliquid has demonstrated rapid adoption, but it still faces multiple structural and market risks. Validator concentration, transparency gaps, reliance on high trading volumes, and execution-dependent growth all mean that results remain sensitive to both internal decisions and external market conditions.



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