In a historic milestone for the decentralized finance (DeFi) sector, perpetual decentralized exchanges (DEXs) achieved a remarkable trading volume of over $1 trillion in September. This notable record not only highlights the growing popularity of perpetual trading mechanisms but also marks a significant 50% increase in volume from the previous month, according to data aggregated by DefiLlama.
The surge in trading activity was largely propelled by platforms like Hyperliquid, while new contenders such as Aster and Lighter have also emerged, contributing significantly to the volume. Aster, which operates on the BNB Chain and is supported by YZi Labs—a company linked to Binance—has quickly gained traction, becoming the leading perpetual trading platform with over $576.5 billion in volume reported over the last 30 days. It is closely followed by Hyperliquid, which reported $279.7 billion, and Lighter, which generated an impressive $167 billion.
The astounding performance of Aster has also translated to substantial daily revenue, reportedly reaching around $9 million—surpassing most competitors but trailing behind Tether’s $22 million. Furthermore, there are discussions about Aster potentially launching its own Layer 1 chain, although no official timeline has been confirmed.
Despite its initial dominance in the market, Hyperliquid is now facing challenges in retaining its user base. In a recent attempt to engage its community, the platform hosted an on-chain competition to select an issuer for a native stablecoin. However, the initiative received backlash as critics raised concerns regarding the fairness of the selection process, suggesting it may have favored insiders.
In another development, Lighter launched its public mainnet beta after a closed testing period of approximately eight months, positioning itself as an alternative for Ethereum users amidst fierce competition. Recently, Vlad Tenev, the CEO of fintech company Robinhood, publicly congratulated Lighter’s team on their launch via an X post, raising eyebrows regarding the potential future alignment between the two entities. However, this congratulatory gesture was not exclusive to Tenev, as several other industry figures extended their best wishes to Lighter, making it premature to draw any conclusions.
Overall, the trading volumes on perpetual DEXs have not only surpassed March’s totals but did so in just the first three days of October, proving the continued growth and importance of decentralized trading platforms within the ever-evolving cryptocurrency landscape. As the year progresses, it will be critical to monitor how these exchanges adapt and innovate to maintain their competitive edge and address community concerns.
