DeFi Perpetuals Reach $1 Trillion Monthly Volume, Signaling Major Market Shift

For the first time in history, decentralized perpetual exchanges (Perp DEXs) exceeded $1 trillion in monthly trading volume during September 2025. This landmark achievement was spearheaded by Aster, Hyperliquid, and Lighter, leading players that fueled this unprecedented market growth. Aster’s dominance within the space is particularly noteworthy, with its near $493B trading volume marking a significant shift in leadership.