- Perp DEXs hit $1.143 trillion in trading volume in September
- Aster, Hyperliquid, and Lighter topped $100B each in 30 days
- The volume marks a historic first for decentralized derivatives
According to DeFiLlama, September was a historic month for perpetual decentralized exchanges (Perp DEXs), with trading volume crossing the $1 trillion mark for the first time ever. The total monthly volume hit a staggering $1.143 trillion, marking a nearly 50% increase compared to August.
This milestone reflects the growing shift from centralized exchanges to decentralized platforms in the derivatives market . As traders continue to demand greater transparency, security, and autonomy, Perp DEXs are stepping in to fill the gap—offering high liquidity, speed, and permissionless access.
Leading the Charge: Aster, Hyperliquid, and Lighter
In the last 30 days, three standout protocols—Aster, Hyperliquid, and Lighter—each recorded over $100 billion in trading volume. Their performance not only shows robust user adoption but also highlights the increasing reliability and scalability of Perp DEX infrastructure.
These platforms have become favorites for both retail and institutional traders, thanks to their innovative features like low slippage, cross-margin capabilities, and decentralized governance.
Why This Matters for the Crypto Ecosystem
Crossing the trillion-dollar threshold in monthly trading volume is a major psychological and technical milestone. It signals growing confidence in decentralized finance ( DeFi ) and specifically in derivatives trading on-chain.
As regulatory scrutiny intensifies for centralized exchanges, the appeal of decentralized alternatives grows stronger. This momentum could pave the way for even more institutional players to enter the space, bringing liquidity, maturity, and stability to DeFi markets.
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