Altcoin markets are bearing witness to a Perp DEX battle, as the large weapons battle for supremacy Perp DEX protocols simply cleared a $1Tn month, and one analyst says the near-term winners are lining up.
Perpetual buying and selling on decentralized exchanges simply crossed a milestone: greater than $1Tn in a single month. The surge highlights how briskly on-chain derivatives are gaining floor, with merchants now weighing which platforms may take the lead.
The Block’s newest information reveals that September volumes for perpetuals buying and selling on DEXs surpassed $ 1Tn for the primary time, pushed by a battle between Hyperliquid, Aster, and Lighter.
Crypto analyst “Unipcs” stated right now the market is “large enough to accommodate all three” however argued the near-term setup favors Aster (ASTER) and ApeX (APEX).
many assume the perps DEX commerce is finished
in actuality, the main perps DEX cash solely cooled down a bit earlier than making their subsequent aggressive leg up
– $ASTER went from round $120m market cap to $3.8 billion in a single week = a 3,200% rally– $APEX went from round $0.23 to $2.7 in a single…
— Unipcs (aka 'Bonk Man') (@theunipcs) October 1, 2025
Hyperliquid (HYPE) stays the amount chief, although tokens throughout the sector are swinging sharply as market share shifts week by week.
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Why Are Perpetual DEX Volumes Surging Previous $1 Trillion?
Knowledge from DeFiLlama confirms the energy of this breakout: roughly $1.143Tn in 30-day perps quantity as of Thursday.
(Supply: DeFiLlama)
Lighter introduced its public mainnet launch right now, a step more likely to put extra strain on incumbents. The rollout coincided with report dashboard readings, including to indicators that perpetual DEXs are coming into a brand new section of progress.
Costs confirmed the break up in dealer sentiment.
By late afternoon, HYPE hovered at $48-$49 with about $600M in turnover.
(Supply: Coingecko)
ASTER sat close to $1.80 on $1.1Bn in trades, whereas APEX shifted between $1.45 and $1.90 relying on venue.
Hyperliquid nonetheless holds the deepest books, however its grip has loosened as Aster and Lighter lured move with excessive leverage, multi-chain entry, and bonus packages.
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Is Aster or Apex Higher Positioned for Brief-Time period Features in Perp DEXs?
BitMEX chief Stephan Lutz stated Wednesday the present perp DEX rush “might rapidly fizzle out,” noting that derivatives exercise on centralized exchanges stays excessive.
His level: on-chain good points can fade simply as quick if incentives dry up or liquidity splinters.
Unipcs sees the on-chain derivatives market breaking into three lanes: Hyperliquid (HYPE) holds the strongest community results for now, with Aster and Apex positioned as high-beta performs if buying and selling volumes proceed to shift on-chain.
“The perps DEX business is large enough to accommodate all three,” the observe stated, although it pressured that near-term upside seems tilted towards Aster and Apex.
However that view comes with a warning. Analysis from Maelstrom, the household workplace of BitMEX co-founder Arthur Hayes, signifies that Hyperliquid is scheduled to endure two years of token unlocks beginning November 29.
https://t.co/1BaqtQnxk6
— Maelstrom (@MaelstromFund) September 22, 2025
That might imply roughly $500M in new provide every month, a strain level that merchants are already monitoring.
Competitors is heating up. Lighter’s mainnet has gone reside, Aster continues to be spending aggressively to achieve share, and Hyperliquid continues to defend its liquidity and listings.
The rapid race will likely be decided by who can preserve a deep e-book of orders, supply fixed incentives, and preserve steady markets.
As extra consideration is targeted on perps within the lead-up to the September $1Tn milestone, the approaching months will reveal how a lot of that spotlight stays on-chain.
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