- •Perpetual futures DEXs surpassed the $1 trillion mark in monthly volume, hitting $1.226T in September, up 48% from August.
- •Aster led with $493.61B and nearly half the market, followed by Hyperliquid with over $280B and Lighter DEX with $164.4B in private beta.
- •Aster generated $121M in fees in just one week, outpacing Circle and closing in on Tether, while Hyperliquid added $23M.
Decentralized perpetual futures exchangescrossed the $1 trillion monthly volume threshold for the first time, underscoring the market’s rapid expansion.
According to DeFiLlama data, perpetual trading platforms in the DeFi space processed $1.226 trillionover the past 30 days, a 48% increase from the $707.6 billion recorded in August.
Aster Leads Market Activity
The surge was fueled by Aster and Hyperliquid, which became the central drivers of on‑chain derivatives activity. Aster took the lead with $493.61 billion, nearly half of the entire market, while Hyperliquid recorded more than $280 billion over the same period.
Lighter DEX, still in private beta, surprised observers after reaching $164.4 billion and securing third place. Other projects such as EdgeX, Pacifica, and Bybit‑affiliated Apex Protocol contributed a combined $116 billion.
In terms of fee generation, Aster outperformed Circle and closed in on Tether. Over the past week, it brought in $121 million, compared to Circle’s $56 million and just $34 million short of Tether. Hyperliquid generated $23 million and remained among the top five revenue‑generating protocols in the market.
Formerly known as APX Finance, Aster rebranded after merging with Astherus and with the backing of YZi Labs. Positioned as a Binance‑adjacent perp DEX, it attracted significant liquidity and pushed its token to a fully diluted valuation of $14.6 billion, currently trading at $1.82.
Hyperliquid Remains The Dominant DEX
Despite Aster’s rapid rise, Hyperliquid continues to dominate with roughly 70% of the perp DEX market share. The platform has consistently posted record‑breaking activity, including $248 billion in 24‑hour trading volume in May and $106 million in revenue in August — the highest figure across DeFi protocols. Its HYPE token trades at $49.63 with a fully diluted valuation of $49.5 billion.
The growth of perpetual DEXs also puts them in direct comparison with Binance, the leading centralized exchange. Over the last 24 hours, Binance Futures reported $83 billion in trading volume, while Aster and Hyperliquid combined for $78 billion despite being barely a year old, compared to Binance’s six years of operation.