Decentralized perpetual exchanges surpassed $1 trillion in monthly trading volume for the first time in September 2025, led by Aster, Hyperliquid, and Lighter.
This milestone indicates a transformative shift in the DeFi market, impacting core assets and drawing attention from key ecosystem players.
Perp DEXs Surpass $1 Trillion in Trading Volume
The decentralized finance (DeFi) sector has reached a major milestone as perpetual decentralized exchanges (Perp DEXs) exceed $1 trillion in monthly trading volume for the first time. This surge highlights an unprecedented shift in the market.
Key players such as Aster, Hyperliquid, and Lighter contributed significantly to this growth. Aster, backed by YZi Labs, led with nearly $493B in trading volume, marking a significant change in the protocol's leadership.
"Our record volume reflects both the confidence in our protocol and the growing institutional interest in decentralized derivatives." — Justin, Lead Developer, Aster
DeFi Total Value Locked Sees Notable Increase
The breakthrough comes alongside an increase in DeFi total value locked (TVL), suggesting greater collateral demand. Developers focus on incentivizing growth and enhancing protocol features, enhancing their respective security and sustainability.
Market reactions include enthusiasm over surging collateral demand, while concerns about smart contract vulnerabilities remain. Historical data indicates potential regulatory shifts impacting financial stability, yet innovation continues to thrive, echoing past blockchain advancements.
Historical Shifts: Centralized to On-Chain Trading
The recent advances compare to historical shifts from centralized to on-chain trading, surpassing earlier DEX booms. Previous 2021 trends such as Uniswap v3 spikes also marked significant moments, yet the current consistency is unprecedented.
Experts highlight ongoing advancements mirroring previous regulatory pressures, citing potential market re-alignments. Kanalcoin predicts sustained growth, emphasizing strategic development as pivotal for future DeFi dominance.