Perp DEXs Soar, But Incentive-Driven Growth Sparks Doubt

The decentralized perpetual trading market has entered a new phase of explosive growth, with nearly $1 trillion in trading volume recorded across perp DEX platforms over the past 30 days. This surge, driven by platforms like Aster and Hyperliquid, reflects a rapid shift in crypto trading dynamics, as decentralized alternatives challenge centralized exchanges (CEXs) for dominance in high-leverage derivatives markets. According to DeFiLlama, perpetual DEX volume hit $67.134 billion in the past 24 hours alone, with Aster’s 24-hour volume surpassing $35.8 billion—triple Hyperliquid’s $10.094 billion—marking a significant milestone in the sector’s evolutiontitle1^[1].

Aster, a BNB Chain-based perp DEX backed by YZi Labs (formerly Binance Labs), has emerged as a key player. Its daily trading volume reached $35.868 billion in late September 2025, capturing over 50% of the perp DEX market in a single day. This growth followed a dramatic 12,065% price surge for Aster’s native token, which rose from $0.02 to $2.43 in a week, alongside a 244% increase in total value locked (TVL) from $625 million to $2.15 billiontitle2^[2]. Meanwhile, Hyperliquid, the long-term leader in perp DEX volume, maintained a 30-day cumulative volume of $300 billion, though it faced intensifying competition from Aster and other platforms like Lighter and EdgeXtitle3^[3].

The broader perp DEX ecosystem has expanded rapidly, with total 30-day volume reaching $739.599 billion in Q3 2025. This growth is fueled by infrastructure improvements and tokenomic incentives, including airdrops and buybacks, which have attracted retail and institutional traders. Hyperliquid’s HYPE token, for instance, generated $115 million in trading fees in August 2025, contributing to $507 million in cumulative revenue since its launchtitle4^[4]. Aster’s success, meanwhile, is attributed to strategic backing from Binance co-founder Changpeng Zhao and the CMC Launch program, which amplified its visibility through 400 million banner views and 3 million social media impressionstitle5^[5].

Analysts highlight the structural shift toward decentralized trading, driven by self-custody, high leverage, and privacy features. Perp DEXs now account for 8.3% of total perpetual futures volume, up from 3% in October 2024, with Hyperliquid capturing 77.4% of DEX perpetual volume in August 2025title6^[6]. The DEX-to-CEX perpetual futures ratio has also risen to 8.3%, reflecting a growing preference for decentralized platforms among traders seeking control over their assets and access to innovative features like hidden orders and bridgeless multi-chain supporttitle7^[7].

Despite the momentum, challenges remain. Critics argue that incentive-driven volume spikes may not reflect sustained market demand, as seen in past airdrop-driven booms. For example, Aster’s open interest surged to $1.3 billion in a week, but some traders caution that reward programs could distort liquidity and lead to volatility once incentives tapertitle8^[8]. Nonetheless, the sector’s trajectory suggests a long-term trend: decentralized exchanges are increasingly seen as viable alternatives to CEXs, particularly for high-leverage trading and niche tokens. As Binance and Tron expand their perp DEX offerings, the competition is expected to intensify, with implications for liquidity distribution and user adoptiontitle9^[9].