 achieving over $1 trillion in monthly trading volume for the first time in September.){kind=link}
2nd October 2025 – (New York) The decentralised finance sector has reached a significant milestone, with perpetual futures exchanges (perp DEXs) achieving over $1 trillion in monthly trading volume for the first time in September. This represents a substantial 48% increase from August’s $707.6 billion, signalling robust growth in the decentralised derivatives market.
Leading this expansion are platforms Aster and Hyperliquid, which have emerged as central hubs for perpetual trading activity. Aster recorded an exceptional $493.61 billion in volume over the past 30 days, capturing nearly half of the entire perp DEX market share. Hyperliquid followed with a formidable $280 billion during the same period, maintaining its established position as a market leader.
The sector’s expansion reflects a notable shift among traders toward decentralised alternatives that offer transparent settlement, non-custodial trading, and continuous market access. This trend is further evidenced by the strong performance of emerging platforms including Lighter DEX, which accumulated $165 billion in volume despite operating in private beta, alongside notable contributions from EdgeX, Pacifica, and Apex Protocol.
Beyond trading metrics, perp DEXs have demonstrated remarkable fee generation capabilities. Aster generated over $121 million in protocol fees during the past week, surpassing established industry giants including Circle and approaching Tether’s fee figures. Hyperliquid maintained its position as the fifth highest revenue-generating protocol in the cryptocurrency market.
The competitive landscape continues to evolve rapidly, with newer entrants like SunPerp—the first perpetual DEX on the TRON network—attracting $30 million in total value locked shortly after launch. Meanwhile, the established dominance of centralised exchanges is being challenged, with Aster and Hyperliquid’s combined 24-hour volume reaching $78 billion compared to Binance’s $83 billion, despite operating with significantly less market development time.
This unprecedented growth trajectory underscores a fundamental transformation in derivatives trading, as sophisticated market participants increasingly embrace decentralised protocols that combine institutional-grade volume with the core principles of DeFi.