Watching the Perps Dex Wars anon?
🔹 Perpetual futures DEXs just logged their biggest month ever over $1.14T in volume for September, a 50% MoM surge.
🔸 Incentives, speed wars, and fresh launches are turning perps into the most competitive arena in DeFi.
What’s happening 👇
@TheDeFinvestor @_BillionAireSon @blocknewsdotcom @AnonVee_ @HYPERDailyTK @g13m @RiddlerDeFi CEXs once owned perpetuals.
🔹 But after FTX’s collapse, on-chain rivals exploded.
🔸 Incentives (points, rebates, airdrops) pulled traders in; new L1/L2 infra made execution fast enough.
The result: perp DEXs now clear >$100B weekly, rivaling CEX liquidity.
The September Record
Monthly perp DEX volume: $1.14T (+50% MoM).
Top 3:
🔹 Aster — $493B
🔸 Hyperliquid — $280B
🔹 Lighter — $165B
For context: all of DeFi spot DEXs combined did ~$120B just a year ago. Perps have redone the narrative.
The @Aster_DEX Phenomenon
🔹 From $9B in August to nearly $500B in September.
🔸 Backed by YZi Labs, rumored CZ ties.
🔹 TVL ballooned 6x ($340M → $2.2B).
$ASTER token up +1,600% post-TGE ($0.09 → $1.8).
It’s the fastest DEX growth story ever seen on-chain.
.@HyperliquidX: The Benchmark
🔹 The custom L1 + HyperCore engine still defines the standard.
🔸 $280B monthly volume, $87M in fees.
🔹 Sub-second execution, deep books at $10M+ size.
Flywheel: 99% of fees recycled into $HYPE buybacks.
But its moat is being tested, volumes fell -29% vs August.
.@Lighter_xyz: The Zero-Fee Challenger
🔹 Built on a zk-rollup, ex-HFT team, now out of beta.
🔸 $165B September volume.
🔹 True 0% maker & taker fees.
188K wallets, 50K+ DAUs.
Liquidity at size is thinner, but growth is exponential. The mainnet launch could push it deeper into the top 2.
Risks & Realities
Not all growth is organic. BitMEX’s CEO called it: perp DEXs risk “pump-and-dump” economics.
🔹 Aggressive incentives create “farmed” liquidity.
🔸 Funding rates spike (Aster saw 117% long premium).
🔹 Slippage + low TVL at smaller venues make liquidity fragile.
We’re watching fee wars (0%), infra wars (custom L1 vs zk-rollup vs Solana speed), and incentive wars ($ billions in points & rebates).
The winners won’t be those who farm hype, but those who:
🔹 Retain liquidity post-incentives.
🔸 Build deep order books at scale.
🔹 Secure regulatory survivability.
Right now, perps feel like club-hopping.
🔹 Everyone’s handing out free drinks at the door, but only a few venues will survive when the music stops.
🔸 Who do you think builds the lasting moat in the Perp DEX wars; Aster, Hyperliquid, or Lighter? ⚔️
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