Aster and Hyperliquid's monthly trading volume surpassed 869 billion USD, marking the golden age of the Perptual Futures market.

The decentralized perpetual futures trading platform is experiencing unprecedented explosive growth, with total market trading volume nearing the 1 trillion dollar mark within just 30 days. Among them, the two platforms Aster and Hyperliquid dominate, collectively accounting for over 52.8% of the market share, completely rewriting the landscape of crypto assets derivatives trading and showcasing the strong vitality of decentralized finance.

Perptual Futures DEX market explosion: Weekly trading volume surged by 153.74%

(Source: DefiLlama)

According to the latest data from DeFiLlama, perpetual futures decentralized exchanges (Perp DEX) have processed up to $869.189 billion in transaction volume over the past 30 days, with explosive growth this week as transaction volume soared an astonishing 153.74% compared to the previous week. This data not only proves the strong demand for decentralized derivatives trading in the market but also marks the gradual encroachment of the DeFi ecosystem on the market share of traditional centralized exchanges.

Perpetual DEX can essentially be seen as "Wall Street that never closes", where traders can exchange Perpetual Futures non-stop 24/7—this type of derivation is fully supported by smart contracts on the blockchain and has no expiration date. Unlike traditional centralized exchanges, platforms like Aster, Orderly, and Aden adopt innovative hybrid system architectures that handle order matching and trade calculations offline to improve speed, while ensuring fund security and transaction transparency through on-chain transactions.

Trading volume continues to rise: from 16.59 billion to 95.437 billion USD

The trading volume of perpetual DEX shows a remarkable rise trajectory:

September 20: 16.59 billion USD (168 protocols participated)

September 21: 23.1 billion USD

September 25: Reached a peak of 95.437 billion USD

September 27: Maintained at a high of 86.19 billion USD

This continuous rising trend indicates that decentralized perpetual futures trading has transitioned from the early experimental stage to the mainstream application stage, attracting a large number of professional traders and institutional investors to participate.

Aster and Hyperliquid: The Rise of Market Leaders

(Source: DefiLlama)

In this decentralized trading revolution, Aster and Hyperliquid are undoubtedly the brightest stars. According to data from DeFiLlama, these two platforms have demonstrated strong market dominance across various time dimensions:

24-hour Trading Volume (September 27):

Aster: 42.883 billion USD

Hyperliquid: 17.167 billion USD

Total market share for the day: 69.67%

7-day cumulative trading volume:

Aster: 147.257 billion USD

Hyperliquid: $81.088 billion

Other competitors are vying for the remaining market share.

30-day cumulative trading volume (from August 27 to September 27):

Aster: 162.451 billion USD

Hyperliquid: $296.456 billion

Total market share: 52.80%

These data clearly demonstrate the dominance of Aster and Hyperliquid in the perpetual DEX market, especially Hyperliquid's performance over a 30-day period, with trading volume approaching 300 billion USD.

Performance of Other Platforms: Intense Competition in the Second Tier

Apart from the two major players, other perpetual DEX platforms are also actively vying for market share:

Lighter: $1,578.16 billion (30-day trading volume)

EdgeX: $76.757 billion

Orderly: 19.174 billion USD

Aden: 14.501 billion USD

Pardex: 14.306 billion USD

GRVT: 4.568 billion USD

Although these platforms are not as large as Aster and Hyperliquid in total volume, each has unique advantages in specific market segments or technical features, collectively forming a diversified and highly competitive Perptual Futures DEX ecosystem.

Technical Advantages and Market Appeal of Perptual DEX

The reason why Perptual DEX can attract such a massive trading volume in a short period of time is mainly due to its unique technological advantages:

On-chain settlement guarantee: All transactions are ultimately settled on the blockchain, ensuring fund security and transaction transparency.

Self-custodied assets: Traders have complete control over their assets without the need to trust centralized institutions.

No permission required for trading: anyone can participate in trading without geographical or identity restrictions.

Hybrid architecture optimization: Combining off-chain order matching and on-chain settlement, balancing efficiency and security.

Smart Contract Automation: Transaction execution, clearing, and settlement are all automatically completed by code.

These features make perpetual DEX an ideal place for Crypto Assets derivatives trading, especially for users who value asset autonomy and trading transparency.

As technology continues to mature and liquidity continues to increase, the perpetual DEX market is expected to further expand its influence, challenging the dominance of traditional centralized exchanges. In this decentralized finance revolution, Aster and Hyperliquid have established their leadership, but competition is ongoing and the market landscape could change at any moment.