Altcoin markets are bearing witness to a Perp DEX war, as the big guns battle for supremacy Perp DEX protocols just cleared a $1Tn month, and one analyst says the near-term winners are lining up.
Perpetual trading on decentralized exchanges just crossed a milestone: more than $1Tn in a single month. The surge highlights how fast on-chain derivatives are gaining ground, with traders now weighing which platforms could take the lead.
The Block’s latest data shows that September volumes for perpetuals trading on DEXs surpassed $ 1Tn for the first time, driven by a battle between Hyperliquid, Aster, and Lighter.
Crypto analyst “Unipcs” said today the market is “big enough to accommodate all three” but argued the near-term setup favors Aster (ASTER) and ApeX (APEX).
many think the perps DEX trade is done
in reality, the leading perps DEX coins only cooled down a bit before making their next aggressive leg up
– $ASTER went from around $120m market cap to $3.8 billion in one week = a 3,200% rally
– $APEX went from around $0.23 to $2.7 in one…— Unipcs (aka 'Bonk Guy')
(@theunipcs) October 1, 2025
Hyperliquid (HYPE) remains the volume leader, though tokens across the sector are swinging sharply as market share shifts week by week.
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Why Are Perpetual DEX Volumes Surging Past $1 Trillion?
Data from DeFiLlama confirms the strength of this breakout: roughly $1.143Tn in 30-day perps volume as of Thursday.
(Source: DeFiLlama)
Lighter announced its public mainnet launch today, a step likely to put more pressure on incumbents. The rollout coincided with record dashboard readings, adding to signs that perpetual DEXs are entering a new phase of growth.
Prices showed the split in trader sentiment.
By late afternoon, HYPE hovered at $48-$49 with about $600M in turnover.
(Source: Coingecko)
ASTER sat near $1.80 on $1.1Bn in trades, while APEX shifted between $1.45 and $1.90 depending on venue.
Hyperliquid still holds the deepest books, but its grip has loosened as Aster and Lighter lured flow with high leverage, multi-chain access, and bonus programs.
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Is Aster or Apex Better Positioned for Short-Term Gains in Perp DEXs?
BitMEX chief Stephan Lutz said Wednesday the current perp DEX rush “may quickly fizzle out,” noting that derivatives activity on centralized exchanges remains high.
His point: on-chain gains can fade just as fast if incentives dry up or liquidity splinters.
Unipcs sees the on-chain derivatives market breaking into three lanes: Hyperliquid (HYPE) holds the strongest network effects for now, with Aster and Apex positioned as high-beta plays if trading volumes continue to shift on-chain.
“The perps DEX industry is big enough to accommodate all three,” the note said, though it stressed that near-term upside looks tilted toward Aster and Apex.
But that view comes with a warning. Research from Maelstrom, the family office of BitMEX co-founder Arthur Hayes, indicates that Hyperliquid is scheduled to undergo two years of token unlocks starting November 29.
https://t.co/1BaqtQnxk6
— Maelstrom (@MaelstromFund) September 22, 2025
That could mean approximately $500M in new supply each month, a pressure point that traders are already monitoring.
Competition is heating up. Lighter’s mainnet has gone live, Aster is still spending aggressively to gain share, and Hyperliquid continues to defend its liquidity and listings.
The immediate race will be determined by who can maintain a deep book of orders, offer constant incentives, and maintain stable markets.
As more attention is focused on perps in the lead-up to the September $1Tn milestone, the coming months will reveal how much of that attention remains on-chain.
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