Aster, Hyperliquid, and More: Perp DEX Trading Nears $1 Trillion in 30 Days

Perpetual DEX Frenzy Heats Up

The perpetual decentralized exchange (perp DEX) sector is witnessing explosive activity, with nearly $1 trillion traded in the past month, according to DefiLlama data. Over the last 30 days, perp DEXs recorded a combined volume of $869.19 billion, with trading activity soaring 153.74% this week alone.

Perp DEXs—decentralized platforms for perpetual contract trading—operate like traditional derivatives markets but without expiry dates. Unlike centralized exchanges (CEXs), they run on smart contracts that allow peer-to-peer trading and onchain settlement, ensuring both transparency and user autonomy. Leading platforms like Aster, Hyperliquid, and Orderly leverage hybrid models, combining off-chain trade matching for speed with onchain execution for security.

Aster and Hyperliquid Dominate the Perp Arena

Among the numerous competitors, Aster and Hyperliquid have taken center stage, commanding over 52.80% of the total market share in perp DEX trading. DefiLlama’s data reveals that Aster led the seven-day and 24-hour charts, logging $42.88 billion in volume on Saturday, while Hyperliquid trailed closely with $17.17 billion, together accounting for nearly 70% of daily trading activity.

Zooming out, Aster recorded $147.26 billion in weekly volume and $162.45 billion over the past 30 days. Hyperliquid, meanwhile, posted $81.09 billion in weekly trades and an impressive $296.46 billion for the month. This dominance underscores both platforms’ grip on the growing decentralized derivatives landscape.

Rising Competition Across the DEX Landscape

Beyond Aster and Hyperliquid, other players are also carving out notable volumes. Lighter processed $157.82 billion, EdgeX reached $76.76 billion, Aden and Pardex each cleared around $14 billion, while Orderly maintained steady performance at $19.17 billion. Even GRVT, though smaller, secured $4.57 billion in volume during the same period.

Daily trading figures have climbed sharply since September 20, when $16.59 billion flowed through 168 protocols. Just five days later, daily volume peaked at $95.44 billion, reflecting a dramatic surge in activity and user engagement.

The New Face of Onchain Derivatives

Perp DEXs are now crypto’s main stage—an arena where traders, fueled by transparency and decentralization, move billions at lightning speed. With settlement handled entirely onchain, trust embedded in code, and innovation in execution models, the competition shows no sign of cooling down. The only question now: who will lead the next trillion-dollar month?

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