In September 2025, the monthly trading volume for perpetual futures often called “perps” on decentralized exchanges (DEXs) exceeded $1 trillion for the first time in history, reaching approximately $1.05 trillion to $1.14 trillion according to various reports.
This milestone reflects a 48% surge from August’s $707.6 billion and underscores the rapid growth of DeFi derivatives amid increasing competition and innovation in the sector.
Key drivers include fierce rivalry among platforms like Aster which led with over $420 billion in volume, dethroning prior leader Hyperliquid, Hyperliquid $282.5 billion, and Lighter, fueled by advancements in low-latency execution, high leverage up to 50x or more, and incentives like token buybacks and airdrops.
This shift highlights a broader trend where perp DEXs are capturing significant market share from centralized exchanges (CEXs), with on-chain perps now processing daily averages around $38 billion—comparable to major traditional markets.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
For context, a year earlier in September 2024, perp DEX volume was only about $131 billion, showing explosive year-over-year growth driven by better infrastructure like sub-second finality and zk-based layers.
While this boom signals maturing DeFi liquidity, it also raises concerns about over-reliance on speculation, as perp volumes often dwarf spot trading and could amplify volatility during downturns.
The $1.05T–$1.14T volume milestone shows perp DEXs are no longer niche, rivaling centralized exchanges (CEXs) in liquidity and scale. Daily averages of ~$38B indicate perps are now a core component of crypto trading, comparable to traditional financial markets.
DeFi is becoming a legitimate alternative to CEXs, attracting institutional and retail traders seeking self-custody and transparency. Perp volumes significantly outpacing spot trading often by 10x or more highlight a speculative frenzy, with platforms offering up to 50x leverage.
While this drives liquidity, it risks amplifying volatility and potential liquidations during market downturns, posing systemic risks to DeFi ecosystems. The surge from $131B in September 2024 to over $1T in 2025 reflects DEXs capturing market share from CEXs, driven by trustless trading and lower counterparty risk.
CEXs face pressure to innovate or risk obsolescence, while DEXs must scale infrastructure to handle growing demand without compromising decentralization. High-volume, high-leverage trading on DEXs may attract regulators concerned about market manipulation, investor protection, and systemic stability.
DEXs may face compliance challenges, potentially requiring KYC/AML integration or decentralized identity solutions to balance regulation with ethos. Platforms like Aster and Hyperliquid use token buybacks, airdrops, and yield incentives to drive volume, which may inflate metrics artificially.
Unsustainable incentives could lead to “mercenary capital” users chasing rewards then exiting, threatening long-term protocol viability. The perp DEX race is undergoing a revolution driven by technological innovation, fierce competition, and user-centric incentives.
Infrastructure improvements allow DEXs to handle $38B daily volumes, with Aster alone processing over $420B in September 2025. These advancements make DEXs viable for high-frequency trading, eroding CEXs’ technical edge and enabling 24/7, permissionless markets.
Aster overtook Hyperliquid as the volume leader $420B vs. $282.5B in September, with Lighter and others rapidly gaining ground. Competition drives innovation in UI/UX, leverage options 10x–50x, and cross-chain interoperability, making perps accessible to diverse users.
This “race to the top” fosters rapid iteration, with platforms differentiating via unique features like portfolio margining or exotic perp pairs. Platforms are deploying aggressive incentives—token airdrops, fee rebates, and buyback programs—to attract liquidity providers and traders.
Aster’s buyback program and Hyperliquid’s points system have fueled user acquisition, though some question their sustainability. These mechanisms mimic Web2 growth hacking, transforming DeFi into a user acquisition battleground, but risk creating incentive-dependent ecosystems.
Perp DEXs prioritize self-custody, reducing reliance on centralized custodians and aligning with DeFi’s ethos. Community governance and open-source protocols allow users to influence platform development, unlike CEXs.
This shift empowers users, fostering trust and resilience, though it demands greater user responsibility for wallet security. Scalability Limits: Even with zk-rollups, network congestion during peak volatility could degrade performance.
High leverage and volume concentration in top platforms Aster, Hyperliquid could lead to cascading liquidations. Global regulators may target DEXs, especially those offering high leverage without KYC. These hurdles force DEXs to innovate under pressure, balancing growth with resilience and compliance.
ConclusionThe $1T perp trading volume milestone underscores DeFi’s meteoric rise and the revolutionary transformation of the perp DEX race. Technological advancements, cutthroat competition, and user incentives are driving unprecedented growth, positioning DEXs as serious contenders against CEXs.
However, the reliance on speculation, high leverage, and incentives raises sustainability and regulatory concerns. The revolution is well underway, but its success hinges on DEXs navigating scalability, risk management, and potential regulatory headwinds while maintaining DeFi’s decentralized ethos.