Hyperliquid News Today: "VCs Bet Big on Perp DEXs Amid Incentive vs. Sustainability Showdown"

Perpetual decentralized exchanges (Perp DEXs) have emerged as a focal point for venture capital investment, driven by surging trading volumes, technological advancements, and the sector's potential to rival centralized exchanges (CEXs). In September 2025, Perp DEXs processed a record $1.14 trillion in trading volume, a 49% increase from August, according to DeFiLlama . This growth has attracted major VC firms, with projects like Hyperliquid, Aster, and Lighter leading the charge. Hyperliquid, which dominates 38% of the market as of September , has become a benchmark for its custom Layer-1 infrastructure, enabling CEX-level speed and liquidity. Earlier platforms like dYdX and GMX struggled with on-chain limitations, but Hyperliquid's specialized "appchain" design addressed execution lags and shallow liquidity pools The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1].

The influx of institutional capital is tied to Perp DEXs' revenue potential. In 2025, decentralized perpetual futures account for 75% of CEX trading volume, generating $49 trillion annually, compared to $14.8 trillion in spot and $1.3 trillion in options The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1]. Platforms like Hyperliquid and Aster are generating substantial fee revenue: Hyperliquid's monthly fees hit $110 million in August Asva Capital: [The Perpetual DEX Meta]^[2], while Aster, backed by Binance Labs, reported $11 billion in single-day trading volumes after its September launch Asva Capital: [The Perpetual DEX Meta]^[2]. VCs are betting on who can capture the largest share of this expanding market. "The only reason I wouldn't confidently say volumes go to 0 on the airdrop is due to Aster obfuscating the data," noted 6th Man Ventures' Bobby Jacowleff, highlighting concerns over incentive-driven activity The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1].

Infrastructure maturity has further fueled VC interest. Perp DEXs now leverage faster execution layers, reliable oracles, and cheaper settlement mechanisms, enabling scalability. Hyperliquid's HyperEVM ecosystem, for instance, hosts over 100 protocols and $2 billion in total value locked (TVL), while Lighter's zero-fee model and zk-rollup technology attracted 56,000 users in closed beta Asva Capital: [The Perpetual DEX Meta]^[2]. These advancements align with investor forecasts that Perp DEXs could become the first trillion-dollar crypto companies The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1]. However, challenges persist. Token-based incentives, such as Aster's Rh point farming or Lighter's airdrop-driven liquidity, risk creating unsustainable user bases. "The challenge for new entrants is building a base that's not 100% mercenary," said Tribe Capital's Boris Revsin The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1].

Technical and security risks also loom. Smart contract vulnerabilities, oracle manipulation, and liquidity aggregation issues remain critical concerns. Flowdesk's Hanson Birringer warned that "technical errors in smart contracts could lead to hack or loss of user funds," a risk exacerbated by the decentralized nature of these platforms The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1]. Despite these hurdles, the sector's growth trajectory is clear. Perp DEXs now account for 56% of DEX derivatives volume in 2025, up from 50% in 2024 The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1], with Hyperliquid, Aster, and Lighter collectively capturing nearly half of September's $1.14 trillion total .

Looking ahead, the competitive landscape is intensifying. New entrants like SunPerp (launched by TRON's Justin Sun) and Lighter's public rollout are expected to further fragment market share . Hyperliquid's upcoming HIP-3 upgrade, which allows third-party builders to create perpetual markets via token staking, aims to solidify its infrastructure role . Meanwhile, Aster's 300x leverage on Hyperliquid's HYPE token and Lighter's cross-chain compatibility underscore the arms race for liquidity and user adoption. Analysts like Patrick Scott argue that Hyperliquid's sustainable revenue model, loyal user base, and expanding ecosystem still position it as the "most investible" perp DEX .

As the sector evolves, VCs are prioritizing projects with long-term moats. "Survivors will act like platforms, not just exchanges," said Revsin, emphasizing the need for real fee generation and ecosystem pull The Block: [The Funding: Why perp DEXs are getting VC attention now]^[1]. The next phase of growth will likely hinge on balancing incentive-driven adoption with organic user retention, a challenge that could define which platforms dominate the $1.14 trillion decentralized derivatives market.