Self-managed Assets and Reward Mechanisms Propel Perp DEXs to a 24-Hour High of $67 Billion

According to DeFiLlama, perpetual decentralized exchanges (Perp DEXs) saw a record-breaking $67.1 billion in trading volume over a single day on September 25, 2025 title1 [ 1 ]. This milestone was largely fueled by a spike in trading on platforms such as Aster, which alone accounted for $35.8 billion—outpacing competitor Hyperliquid’s $10.1 billion title2 [ 2 ]. Over the last month, the industry handled $739.6 billion in perpetual contracts, highlighting the rapid uptake of decentralized derivatives title4 [ 4 ].

Aster, built on

Chain, has distinguished itself as a top performer. Its open interest soared from $3.7 million to $1.3 billion within a week, while its total value locked (TVL) surged 244% to $2.15 billion title1 [ 1 ]. The platform’s native token, ASTR, skyrocketed 12,065% from its initial $0.02 price to $2.43, driven by large investor accumulation and strategic support from YZi Labs (previously Binance Labs) and CoinMarketCap’s CMC Launch initiative title1 [ 1 ]. Meanwhile, Hyperliquid maintained its lead in weekly trading volume at $66 billion, but its 30-day market share dropped to 38% from 71% in May as Aster and Lighter captured 16.8% and 14.9% of the weekly volume, respectively title5 [ 5 ].

The rivalry between Aster and Hyperliquid showcases their differing approaches. Hyperliquid, which runs on a custom Layer-1 blockchain, uses HyperBFT consensus to handle 200,000 orders per second, delivering near-instant finality and centralized exchange-like performance title3 [ 3 ]. Its business model centers on token buybacks, allocating 90% of trading fees to repurchase HYPE tokens, which are currently priced at $42.39 after a 5.85% drop over the past week title4 [ 4 ]. In contrast, Aster has focused on the BNB Chain ecosystem and product differentiation, introducing both user-friendly one-click trading and advanced order book options, as well as offering leverage up to 1001x to attract risk-seeking traders title3 [ 3 ]. The platform is also developing a zero-knowledge (ZK) chain to boost privacy and efficiency title3 [ 3 ].

Industry analysts credit the sector’s expansion to improved infrastructure, aggressive token strategies, and evolving trader demands.

DEXs now offer user experiences on par with centralized exchanges (CEXs), featuring faster trades and easy-to-use interfaces title2 [ 2 ]. Incentives like airdrops and token buybacks have accelerated user growth. For example, Hyperliquid’s $13.6 billion HYPE token distribution and Aster’s community-focused tokenomics—which allocate half of all tokens to users—have set them apart title2 [ 2 ]. Observers also point out that the move toward self-custody and declining trust in CEXs, especially after incidents like FTX’s collapse, has hastened the migration to decentralized platforms title6 [ 6 ].

The sector’s rapid growth is reshaping the broader crypto landscape. Binance CEO Changpeng Zhao and

founder Justin Sun have both publicly supported Perp DEXs, signaling growing institutional acceptance title6 [ 6 ]. By the second quarter of 2025, total quarterly trading volume in the sector hit $1.8 trillion, already exceeding the entire volume for 2024 title2 [ 2 ]. Still, questions remain about long-term viability. While trading activity and leverage have soared, indicators like open interest and capital retention remain volatile. Experts caution that as incentive-driven growth slows, smaller platforms could face liquidity and security risks.

The ongoing battle among Perp DEXs marks a significant turning point in crypto trading. The competition between Aster and Hyperliquid reflects larger shifts: technological advancement, community-centric rewards, and the broadening of derivatives access. With Aster’s ZK-chain initiative and Hyperliquid’s focus on speed and performance, the sector is set to transform on-chain trading, though lasting success will require balancing expansion with resilience.