Aster Dominates Record $1.4 Trillion Perpetuals DEX Trading Volume in September

Perpetual DEX trading volumes topped $1.43 trillion in September, a nearly 50% month-over-month increase. Aster led with more than $670 billion, while Hyperliquid and Lighter crossed $100 billion each.

Perp DEX Volumes Break $1.4 Trillion in September, Led by Aster and Hyperliquid

Perpetual decentralized exchanges (Perp DEXs) recorded a historic milestone in September, with monthly trading volumes surpassing $1 trillion for the first time. According to Defillama, total volume reached $1.43 trillion, marking a nearly 50% increase from the previous month.

Three protocols stood out with over $100 billion each in trading activity. Aster led the pack with a staggering $672.43 billion, representing nearly half of all recorded Perp DEX activity. Hyperliquid followed with $281.44 billion, while newcomer Lighter posted $170.12 billion after recently moving its Layer 2 network into public mainnet.

EdgeX narrowly missed the $100 billion club with $97.83 billion in trading, while Jupiter came in 11th at $22.15 billion, highlighting the widening gap between top-tier and mid-tier perpetual protocols.

Record-breaking month for Perp DEXs. The surge in volume highlights both retail trader participation and institutional momentum flowing into onchain derivatives. With centralized exchanges still under regulatory scrutiny, DEXs offering perpetual futures are increasingly becoming the venue of choice for leveraged crypto traders.

Industry observers note that the rise of Aster in particular underscores the shift toward specialized, high-frequency trading platforms. Its market share now dwarfs rivals and reflects a growing appetite for decentralized, verifiable alternatives to centralized perpetual venues.

The record-breaking month puts decentralized perpetuals on pace to rival some of the largest centralized derivatives markets, a signal that crypto-native trading infrastructure is entering a new phase of scale and competition.