Hyperliquid News Today: DeFi Perpetuals Surge to $1.24T as Hyperliquid, Aster, and Solana Battle for Trading Supremacy

The decentralized finance (DeFi) sector is experiencing a seismic shift as perpetual trading volumes surge to historic levels, with Hyperliquid, Aster, and emerging platforms like Solana's Percolator DEX vying for dominance. DeFi perpetual contracts hit a record $1.241 trillion in 30-day trading volume as of October 2025, driven by platforms such as Lighter, Aster, and Hyperliquid, which collectively accounted for billions in daily transactions, according to a Coinotag analysis. This growth underscores a broader trend of traders migrating to decentralized platforms for leveraged crypto positions, fueled by high-throughput infrastructure and competitive fee structures.

Hyperliquid has emerged as a key player, capturing 35% of blockchain revenue in July 2025 and maintaining a 60% market share in perpetual DEX trading. Its July trading volume reached $319 billion, dwarfing Aster's $145 billion over the same period, according to a Coinotag report. The platform's HYPE token, however, faces a potential supply crunch as aggressive buybacks absorb 5.64% of circulating supply since March 2025, with projections indicating the entire liquid supply could be repurchased in under two years, per a HYPE buybacks report. Daily revenues of $4 million, coupled with a low price-to-earnings ratio of 2, position HYPE as a high-growth asset in the DeFi ecosystem.

Solana's response to Hyperliquid's ascent is the Percolator perpetual DEX, a sharded protocol designed to enhance trading efficiency on the Solana blockchain. Announced by Solana Labs CEO Anatoly Yakovenko, Percolator features onchain programs for collateral management and liquidity-driven settlements, aiming to rival Hyperliquid's dominance. This move follows VanEck's report highlighting Hyperliquid's ability to "poach high-value users from Solana and retain them" through its user-friendly interface. Meanwhile, Aster's recent relisting on DefiLlama and its 30-day volume of $145 billion signal resilience in the competitive landscape.

The market's volatility has further amplified demand for perpetual contracts. Open interest in DeFi perps reached $16.84 billion in October 2025, with Hyperliquid accounting for $7.5 billion. Despite a $20 billion liquidation event on October 11, volume rebounded to record levels, illustrating the sector's resilience. Centralized exchanges like Binance still dominate with $70.2 billion in 24-hour perp volume, but decentralized platforms are closing the gap.

Analysts project DeFi perps volume could reach $1.3 trillion by year-end, driven by sustained speculation and technological advancements. For investors, the race between Hyperliquid, Aster, and Solana's Percolator represents a pivotal moment in the evolution of crypto derivatives. As VanEck's Matthew Sigel notes, the shift to decentralized platforms reflects a broader demand for transparency and efficiency, with HYPE and SOL tokens poised for gains amid this transition.