Well-known crypto analyst Unipcs, who has over 200k followers on X, is pushing back against the idea that the perp DEX trade is finished. According to him, the recent cooldowns in leading perpetual DEX tokens like Aster (ASTER) and Apex (APEX) are not signs of a top but rather part of a healthy cycle before another leg higher.
Unipcs pointed out that both ASTER and APEX delivered massive rallies in September. Aster’s market cap jumped from around $120 million to $3.8 billion in just one week, a staggering 3,200 % rally. Meanwhile, Apex climbed from $0.23 to $2.70 in the same timeframe, a 1,000 % surge.
After such parabolic moves, many traders were quick to call a top. But Unipcs dismissed this thinking, comparing it to the “attention span of a goldfish.” He argued that pullbacks are natural and necessary, setting the stage for the next explosive wave higher.
many think the perps DEX trade is done
— Unipcs (aka 'Bonk Guy')
in reality, the leading perps DEX coins only cooled down a bit before making their next aggressive leg up
– $ASTER went from around $120m market cap to $3.8 billion in one week = a 3,200% rally
– $APEX went from around $0.23 to $2.7 in one…(@theunipcs) October 1, 2025
Why Perps DEXs Still Matter
Perpetual DEXs are among the strongest examples of crypto utility, according to Unipcs, thanks to their clear product-market fit. Far from being “dead,” the sector continues to show resilience and adoption.
While Hyperliquid (HYPE) has emerged as the clear market leader with a $15.8 billion market cap, Unipcs believes Binance‑backed Aster and Bybit‑backed Apex shouldn’t be underestimated. Both exchanges have the resources and reach to secure a larger share of the perp DEX market, and he sees more upside in their tokens.
Read also: $3.9 Billion Worth of Tokens To Be Unlocked in October – $ASTER, $SUI, and More
Three Proven Winners
In his view, the current perp DEX winners are clear:
- •Hyperliquid (HYPE): $15.8B market cap
- •Aster (ASTER): $2.7B market cap
- •Apex (APEX): $200M market cap
Unipcs added that Lighter is another strong contender but hasn’t released a tradable token yet.
“The perps DEX industry is big enough to accommodate all three,” he wrote, adding that the risk/reward setup now favors ASTER and APEX for further upside.
Unipcs revealed that he has not sold a single ASTER or APEX token, instead holding for higher price targets. In fact, he recently opened a large APEX long position on Lighter, using the dips as an opportunity to dollar‑cost average and strengthen his position.
For now, he remains firmly bullish on ASTER and APEX, calling them high‑upside plays in one of crypto’s most proven utility‑driven sectors.