Aster Volume Surges as Perp DEX Activities Hit Record Highs

In the ongoing Perp-DEX meta, the volumes for decentralized exchanges offering perpetual futures are reaching historic levels. According to DeFiLlama, the on-chain perpetual trading volume soared to a new high of $67.134 billion in the past 24 hours. 

The broader market processed $739.599 billion in perpetual trades over the past 30 days, showing remarkable growth compared to previous quarters. 

Aster, a newly launched perpetual decentralized exchange (DEX) backed by YZi Labs, led this surge with extraordinary momentum. The platform posted $35.868 billion in trading volume in the past 24 hours. The figure was more than three times Hyperliquid’s $10.094 billion, its closest competitor. 

Lighter followed with $10.56 billion, although flagged data uncertainty left room for variance. Fourth and Fifth after Hyperliquid, EdgeX recorded $5.856 billion while Paradex trailed with $1.039 billion. 

Aster and Hyperliquid in focus

CoinMarketCap data shows a dip in prices for leading perpetual DEX tokens. As of writing, Aster is trading at $2.14, which is a 4.78% drop over the last 24 hours, with a trading volume of $2.82 billion. On the other hand, with a daily volume of $605.8 million, Hyperliquid’s HYPE token is currently down 5.85% at $42.39. 

In Q2 2025, according to CoinGecko’s report, Hyperliquid dominated, holding a 72.7% share. During that time, it handled $653.2 billion in trades, making it the eighth-largest exchange. Additionally, Aster had significant growth; following the release of its new Pro mode, its trade volume doubled, contributing to its increased popularity.

Besides, platforms like RabbitX and EdgeX posted steady growth, while dYdX saw volumes plummet. In Q2, dYdX recorded just $5.3 billion monthly, half of January’s levels. 

As shown by DeFiLlama, trading volumes for perpetual DEXs were relatively stable throughout 2021 until the early days of 2023. Yet, with mid-2024, a sudden surge occurred, and the rise has maintained since.

The fast growth of Aster and Hyperliquid shows that more traders are moving to decentralized platforms. Hence, people want safer, high-leverage trading without giving up control of their funds. 

Also Read: Bitcoin Drops Below Cost Basis Quantile As $107K Liquidity Trap Deepens

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