Self-Custody and Incentives Drive Perp DEXs to $67B 24-Hour Record

The perpetual decentralized exchange (Perp DEX) market reached an unprecedented $67.1 billion in 24-hour trading volume on September 25, 2025, according to DeFiLlama datatitle1^[1]. This record was driven by a surge in activity on platforms like Aster, which posted $35.8 billion in daily volume, surpassing rival Hyperliquid’s $10.1 billiontitle2^[2]. Over the past 30 days, the sector processed $739.6 billion in perpetual trades, reflecting a dramatic acceleration in decentralized derivatives adoptiontitle4^[4].

Aster, built on BNB Chain, emerged as a standout performer. Its open interest ballooned from $3.7 million to $1.3 billion in a week, while total value locked (TVL) jumped 244% to $2.15 billiontitle1^[1]. The platform’s native token, ASTR, surged 12,065% from its $0.02 launch price, reaching $2.43, coinciding with whale accumulation and strategic backing from YZi Labs (formerly Binance Labs) and CoinMarketCap’s CMC Launch programtitle1^[1]. Hyperliquid, meanwhile, retained its seven-day volume lead at $66 billion, but its 30-day share has fallen to 38% from 71% in May as Aster and Lighter captured 16.8% and 14.9% of weekly trading activitytitle5^[5].

The competition between Aster and Hyperliquid highlights divergent strategies. Hyperliquid, a custom-built Layer-1 blockchain, leverages HyperBFT consensus to process 200,000 orders per second, offering sub-second finality and CEX-like executiontitle3^[3]. Its revenue model prioritizes token buybacks, with 90% of trading fees allocated to repurchasing HYPE tokens, which now trade at $42.39 after a 5.85% weekly declinetitle4^[4]. Aster, by contrast, focused on BNB Chain’s ecosystem and product innovation. It introduced dual trading modes—retail-friendly one-click orders and advanced order books—and offered up to 1001x leverage, a feature that attracted high-risk traderstitle3^[3]. The platform also plans a zero-knowledge (ZK)-based chain to enhance privacy and performancetitle3^[3].

Market observers attribute the sector’s growth to maturing infrastructure, aggressive tokenomics, and shifting trader preferences. Perp DEXs now rival centralized exchanges (CEXs) in user experience, with faster execution and intuitive interfacestitle2^[2]. Incentive structures, including airdrops and buybacks, have fueled user adoption. For instance, Hyperliquid’s $13.6 billion HYPE token distribution and Aster’s community-driven token model—allocating 50% of tokens to users—have become critical differentiatorstitle2^[2]. Analysts also note that self-custody and trust erosion in CEXs, exacerbated by past failures like FTX, have accelerated the shift to decentralized platformstitle6^[6].

The sector’s expansion has triggered a broader industry transformation. Binance CEO Changpeng Zhao and Tron founder Justin Sun have publicly endorsed Perp DEXs, signaling institutional validationtitle6^[6]. By Q2 2025, the sector’s total quarterly volume reached $1.8 trillion, surpassing 2024’s full-year totaltitle2^[2]. However, sustainability concerns persist. While trading volumes and leverage ratios have surged, metrics like open interest and capital retention show less stability. Experts warn that speculative activity and incentive-driven growth may wane as rewards diminish, leaving smaller platforms vulnerable to liquidity and security challenges.

The Perp DEX wars underscore a pivotal shift in crypto trading. As Aster and Hyperliquid vie for dominance, their rivalry reflects broader trends: infrastructure innovation, community-first incentives, and the democratization of derivatives trading. With Aster’s ZK-based chain and Hyperliquid’s performance-first approach, the sector is poised to redefine on-chain trading, though long-term success will depend on balancing growth with stability.