Perp DEX War: Hyperliquid, Aster, Bluefin Vie for $1.8T Sector Supremacy

The decentralized perpetual derivatives exchange (perp DEX) sector has seen explosive growth in 2025, with total trading volume surpassing $1.8 trillion this quarter, according to DefiLlama datatitle1^[1]. This surge reflects a shift in market dynamics as platforms like Hyperliquid and Aster vie for dominance, while newer entrants such as Bluefin on the Sui blockchain are gaining traction. The sector’s expansion is fueled by improved user experiences, high leverage offerings (up to 1,000x), and incentive-driven tokenomics, including airdrops and buybacks, which are attracting both retail and institutional traderstitle2^[2].

Hyperliquid, a layer-1 blockchain for perpetual futures, has been the leading perp DEX since its November 2024 launch, accumulating over $2.7 trillion in cumulative volume. Its success is attributed to a robust incentive structure, with 75% of trading fees allocated to repurchasing its native HYPE token, which has a market capitalization of $13.6 billiontitle1^[1]. However, Hyperliquid now faces stiff competition from Aster, a BNB Chain-based platform backed by Binance co-founder Changpeng Zhao. Aster recently surpassed Hyperliquid in daily trading volume, with its native token surging over 2,000% in a week. Aster’s unique features, such as “hidden orders” and multi-chain support, have positioned it as a disruptive force in the sectortitle1^[1].

Bluefin, a perp DEX on the Sui blockchain, has also emerged as a significant player. As of September 2025, Bluefin’s total value locked (TVL) exceeded $220 million, with trading volume surpassing $78 billion. The platform’s Pro version, launched in July, has driven liquidity growth, supported by a quarterly token buyback program starting October 2025. Bluefin’s native token, BLUE, has doubled in price to $0.135, driven by rising SUI TVL and expectations of a potential Binance listingtitle2^[2]. Analysts note that Bluefin’s ecosystem, which includes spot swaps, lending, and vaults, differentiates it from peers and positions it as a “DeFi hub” in the perp DEX wavetitle2^[2].

The competitive landscape is intensifying as platforms leverage strategic incentives to capture market share. For example, Aster’s token generation event (TGE) achieved a fully diluted valuation (FDV) of $560 million, but its post-launch valuation now exceeds $15 billion, driven by CZ’s endorsement and multi-chain expansion. Meanwhile, Bluefin’s TVL growth was further accelerated by the collapse of Cetus, a major Sui DEX, which lost 75% of its TVL after a hacktitle9^[9]. This shift in liquidity underscores the fragility of the DeFi ecosystem and the importance of robust security and governance models.

Despite the rapid growth, sustainability remains a key concern. Platforms like Lighter, still in closed beta, and EdgeX, a 2014-launched protocol, are also capturing significant volumes but face scrutiny over long-term viability. Analysts caution that while tokenomics and airdrops drive short-term adoption, platforms must demonstrate consistent liquidity and user retention to solidify their positionstitle1^[1]. The sector’s future will likely hinge on technological innovation, regulatory clarity, and the ability to balance growth incentives with operational efficiency.