Perpetual derivatives trading via DEXs in DeFi has surpassed $1 trillion in monthly volume, marking a new record in the crypto ecosystem.
In September, decentralized perpetual derivatives platforms, known as Perp DEXs, reached an all-time high, surpassing $1 trillion in trading volume.
According to data published by DeFiLlama, this indicator rose to 1,22 trillions of dollars, a figure that reflects an increase of nearly 50% compared to August, when the volume was approximately $707.600 billion.
For market experts, this increase highlights the growing relevance and adoption that Perp DEX are achieving within the decentralized financial ecosystem, pointing to a trading model that offers users novel mechanisms to trade derivatives without the need for centralized intermediaries.
The Perp DEX boom has begun: buy HYPE hereWhat are Perp DEXs and why are they gaining traction?
Perp DEXs, or decentralized perpetual derivatives exchanges, facilitate the trading of contracts that give users synthetic exposure to underlying assets. Unlike traditional futures contracts, these perpetual contracts They do not have an expiration date, which allows traders to maintain open positions continuously. This feature, combined with the decentralized nature of these platforms, eliminates the need to trust centralized entities, providing greater transparency and control over users' funds.
The growth recorded in September is due to the expansion of products that combine the flexibility of derivatives with the security and accessibility of blockchain technology.
As a result, Perp DEXs have captured the attention of a diverse user base seeking both leverage and advanced tools for trading across multiple chains. By decentralizing these services, global access is facilitated and technological innovation is fostered, essential elements in the evolution of the digital financial sector.
The volume chart provided by DeFiLlama shows a sustained increase in daily volume from mid-2025, where peaks exceeding $110.000 billion are observed, demonstrating an accelerated and consolidated growth rate towards the end of September.
Source: DeFi Llama
Market Leadership and Competition: Aster, Hyperliquid, and Lighter
Within this dynamic market for decentralized perpetual derivatives, some protocols have stood out for their volume and capacity for innovation. Aster, a platform focused on BNB Chain, positioned itself as leader in September with a volume exceeding $420.000 billion. This platform, which previously operated under the name APX Finance, achieved significant growth following a merger and rebranding earlier this year.
Furthermore, the launch of its ASTER token in September fueled the platform's momentum, reaching a valuation of $14.000 billion in just a few days. Aster is also preparing to launch Aster Chain, a new Layer 1 network based on zero-knowledge (ZK) technology, designed to further enhance its trading ecosystem.
Moreover, Hyperliquid, which has dominated the perpetual derivatives space in recent months, saw its monthly volume drop to $282.500 billion, down 29% from August. However, the platform, which launched its HYPE token in November of last year, maintains a fully diluted valuation of nearly $50.000 billion. Although it has dropped to second place, it remains a key player in the decentralized perpetual derivatives market.
Finally, Lighter, which operates on the Ethereum Layer 2 ecosystem, rounded out the list of decentralized perpetual derivatives leaders with a volume of $164.400 billion in September. This platform is still in private beta, but its recent mainnet activation and growing base of daily active users—over 50.000—position it well to compete head-to-head with more established protocols.
Source: DeFi Llama
Innovations in perpetual trading functionalities
Beyond volume, the features that differentiate these platforms contribute to their rapid adoption. For example, Aster has implemented a "hidden orders" feature, which allows traders to place limit orders that are not visible on the order book. This mechanism protects the user's strategy from the complete transparency that characterizes most perpetual DEXs and can benefit risk management and order execution.
These types of innovations demonstrate how protocols are evolving to meet the needs of advanced traders, who require flexibility, efficiency, and more complex functionality.
Multi-chain integration and the ability to offer leverage also keep Perp DEXs in the spotlight for both institutional and individual investors.
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Perp DEX: A Step Toward the Future of Blockchain Trading
Surpassing $1 trillion in monthly decentralized perpetual derivatives volume represents a significant step in shaping the new trading paradigm on blockchain. DeFiLlama data confirms how the sector is booming and consolidating, driven by emerging platforms that offer technological innovation and efficiency compared to traditional centralized markets.
As protocols like Aster, Hyperliquid, and Lighter continue to expand their ecosystems, the volume and sophistication of trading on Perp DEX is expected to continue to grow.
The combination of flexible, multi-layered contracts and advanced features reinforces the role of these products as fundamental pillars in the future of decentralized finance. This scenario reinforces the transition toward more accessible and technologically advanced markets, consolidating decentralized perpetual derivatives as an essential component of the global crypto ecosystem.
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