SUI News Today: Perp DEXs' $1.2T Surge Masks Structural Challenges in Crypto Derivatives Race

Perpetual decentralized exchange (perp DEX) trading volumes reached a record $1.2 trillion in October 2025, driven by aggressive incentive programs and a market selloff that triggered widespread liquidations, according to a report by The Block. This surge marks a significant shift in the crypto derivatives landscape, with platforms like Lighter, Aster, and EdgeX leading the charge. Despite losing market share, Hyperliquid remains a key player, though analysts note structural challenges in the rapidly evolving space.

The month's record volume was fueled by two primary factors: incentive-driven trading and the aftermath of a major liquidation event. Most major perp DEXs launched "points programs" or airdrop-style rewards to attract traders, creating a competitive environment where platforms incentivized high-frequency activity, the report found. Additionally, a sharp market selloff on October 10 led to cascading liquidations, forcing traders to re-enter the market in attempts to recover losses—a phenomenon known as "revenge trading." This dynamic amplified trading volumes across the board, with total perp DEX activity nearly doubling from the previous month, the report added.

Lighter emerged as the top platform, capturing a 27% market share by the end of October, while Aster, bolstered by Binance's BNB Chain ecosystem, reported over $270 billion in weekly trades, according to the same report. Hyperliquid, once the dominant player with a 33% share, saw its position erode to just 10% as rivals gained traction. However, DeFi analyst Patrick Scott argues that Hyperliquid's fundamentals—strong revenue generation, a 62% open interest lead, and ecosystem expansion efforts like its USDH stablecoin—position it as a more sustainable long-term investment compared to newer platforms like Aster and Lighter.

The Sui blockchain is also gaining attention in the perp DEX space. HyperSui raised $2M in its presale within two weeks, signaling institutional interest in the network's potential to boost DeFi total value locked (TVL) to $3 billion by year-end. Sui's ecosystem, already home to 700,000 daily active users and $2 billion in TVL, could benefit from HyperSui's advanced liquidity structures and AMM trading model, with analysts projecting SUI's price could rise to $11.20 if bullish momentum continues, the release noted.

Looking ahead, the report predicts a temporary cooldown in perp DEX volumes following October's record highs, barring further liquidation events. However, ongoing incentive programs and institutional adoption are expected to maintain elevated activity levels compared to pre-October benchmarks. For now, the perp DEX market remains a battleground for innovation, with platforms racing to capture traders seeking leverage and liquidity in an increasingly fragmented crypto derivatives landscape.