This week, perpetual DEXs have stolen the spotlight — with traders and communities piling in, sparking one of the hottest narratives in crypto right now.
Trading Volume Hits New Highs
Over the past week, Perp DEXs have dominated crypto conversations. Tokens like $AVNT, $ZEX, $ORDER, $DRIFT, and $ASTER saw notable gains in just seven days, fueling a sense of “FOMO” across the market. On-chain perpetual markets are now processing hundreds of billions in monthly volume, with liquidity and user experience inching closer to what traders expect from centralized exchanges. The message is clear: more professionals- and even casual retail users- are moving their leverage bets on-chain.
Aster Ignites the Market
Among all players, Aster has become the spark that set the sector ablaze. Its rapid rise triggered strong FOMO across the community. Many see $ASTER not only as a product play but also as a bet on Binance’s broader ambitions in decentralized derivatives—some even framing it as a “BNB 2.0” narrative.
Within days of its TGE, Aster’s TVL surged to the hundreds of millions. While Hyperliquid still leads in overall TVL, the sheer pace of Aster’s growth sent shockwaves through the market — and has others in the sector gearing up for their own launches.
Hyperliquid’s Flywheel Keeps Turning
Despite the noise around Aster, Hyperliquid remains the benchmark. With its custom L1, full order book (CLOB) design, and an expanding ecosystem (including USDH stablecoin and governance proposals around event-based markets), Hyperliquid continues to attract traders and liquidity providers. Rather than being displaced, it looks like the competition is pushing the entire sector into a higher gear.
A Broader Wave of Competition
This is not a two-player game. Projects like Lighter, edgeX, and others are actively scaling up, while infrastructure players such as Orderly are powering dozens of live Perp DEXs. The competitive landscape is shifting from “winner takes all” to a crowded, fast-moving arena where fees, liquidity, and capital efficiency will decide who stands out.
Opportunities Meet Uncertainty
Amid the frenzy, risks remain front and center:
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Sustainability of liquidity incentives and rewards
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High leverage blow-ups in meme coin and long-tail markets
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Transparency in governance and whale behavior
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The looming question of global regulation around perpetuals
From Hyperliquid’s steady dominance to Aster’s explosive debut, the Perp DEX narrative has become one of the strongest storylines in crypto. What began as an alternative is quickly becoming a new DeFi main stage.
