The permanent future diversification exchange (PERP DEX) has grew unprecedented for the past few months, and monthly trading volume has exceeded $ 1 trillion for the first time in September 2025.
ASTER captured most of this activity and even surpassed existing players, such as rings. Nevertheless, one analyst claims that the ring seat remains the most invested puffdex in the market.
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Hyperliquid vs. ASTER: The reason why experts still prefer rings despite market changes
Beincrypto reported that the permanent futures trading volume recently exceeded $ 10 billion for the first time as the market momentum increased on September 28. In addition, DEFILLAMA’s data showed that the total monthly amount reached a record of $ 1.143 trillion in September. This is 49% higher than the $ 760 billion in August.
Most of this activity was led by ASTER, who overturned the entire sector leader. Moreover, on October 2, Perp Dexs scored another record, with a daily trading volume of $ 118.7 billion.
Once again, for 24 hours, ASTER accounted for $ 81.88 billion and Hyperliquid was only $ 10.28 billion. Change dramatically reconstructed market epidemiology.
The hyperklicade share of the perp DEX volume plummeted from 45%to 8%and the ASTER volume soared.
Defi analyst Patrick Scott said, “In the last few weeks, Hyperliquid’s perp dex volume share has dropped from 45%to 8 %.Aster’s volume has increased more than 100 times 300b +++ last week.The light, Edgex has obtained a similar volume to hyper liquid.
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Nevertheless, Scott argues that despite the explosive growth of ASTER, the foundation continues to be noticed by the best positive Perp DEX.
“Perp dexs has been on the rise in the long run: the ratio of CEX perps has grown from 2% to 20% in 2022 last month. 10 times in 3 years. Hyperliquid was a trend driver and beneficiary. Why did you question the Binance-Related’S Aster? “
Analysts pointed out that they have built a sustainable profit model, unlike rivals that depend on air drop incentives. This platform is traded with a profit of 12.6 times and dominates public interest with a 62%share. Open interest is a key indicator of liquidity and shows user -based stickiness.
Scott said, “The fact that this problem is not to maintain for 12 months after over -advertising air drop, but to increase the amount of usage for 12 months, which is about the user’s loyalty and the stickiness of the product, which can only be replicated by an incentive program, which can only be replicated by a better product.
He mentioned that the advantages of the ring will expand beyond perps. HyperEvm is a hierarchical one -block chain, hosting more than 100 protocols with $ 2 billion on TVL and $ 3 million every day. The ecosystem includes a large name like Pendle, Morpho and Phantom, as well as basic projects such as Kinetiq and Hyperlend.
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Hyperliquid also launched USDH, a Starble recoin supported by Blackrock and Superstate Reserves. The market cap is about $ 25 million and the yield supports ecosystem growth.
SCOTT also pointed out that the upcoming HIP-3 initiative will allow builders to create a new PERP market by wielding 500,000 over-advertising.
“This creates another supply sink for over -advertising, expands various trading assets for the ring type, and converts ring assets into infrastructure so that other builders can create business.”
Finally, Scott admitted that there was a risk. If you fail in the continuous reduction of the absolute volume of the hyperklicade, the reduction of open profits, or the failure of the scale scale, the position may be weakened. However, at this time, strong profits, loyal users and growth channels are maintained due to the expansion of growth channels.
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Perp DEX begins to survive throughout the ecosystem.
On the other hand, as the debate over the past market position continued, the recent wave of launch strengthened the Perp DEX space. Beincrypto reported yesterday that Lighter launched Perp Dex Mainnet.
TRON founder Justin Sun also unveiled Sunperp, the default Perp DEX of the network. It was officially broadcasted on October 1 at the TOKEN2049 event.
CHANGPENG Zhao (CZ), the founder of Binance, has approved this inflow. He emphasized the surge in the new permanent Dex in the market, and pointed out that if competition increases, it will help to expand the entire sector.
“More players will grow the market faster. The assistant rising will lift all the boats. In the long run, the best builder wins. Dyor. Perp DEX era!” Read the post.
As more puffs enter the market, the coming time will be able to maintain continuous interest and growth, or if the current hype advertising will eventually disappear.