Decentralized exchanges (DEXs) specializing in perpetual trading for cryptocurrencies have seen an explosive surge in trading volume this quarter, surpassing $1.8 trillion. This figure, published by DefiLlama, represents more than the entire trading volume recorded in 2024, solidifying the position of perpetual DEXs as a focal point in the current cryptocurrency market frenzy.
Leading the charge is Hyperliquid, which has emerged as the largest player in the sector. Launched in November 2022, Hyperliquid has drawn attention for its significant trading volume, accumulating over $2.7 trillion since its inception. The platform operates on a dedicated layer 1 blockchain designed specifically for trading perpetual futures, and it has incentivized user participation by distributing HYPE tokens with a market value of approximately $13.6 billion to over 90,000 users.
Part of the reason for the rapid growth in volume includes advancements in infrastructure that have improved the user experience, making it comparable to established centralized exchanges such as Binance. Features include quicker execution times and an intuitive visual interface. Furthermore, many DEXs have implemented incentive structures like airdrops, rewarding users for trading activity, and utilizing buybacks to enhance token value.
In the evolving market landscape, newer competitors like Aster are making significant inroads. Aster, which operates on the BNB Chain, has overtaken Hyperliquid in terms of daily trading volume. Backed by YZi Labs—previously known as Binance Labs—and supported by Binance co-founder Changpeng Zhao’s promotion on social media, Aster’s native token has surged by an astonishing 2,000% within the past week. This newfound traction has enabled Aster to surpass established players, including stablecoin giant Circle, in revenue generation within the DeFi protocol space.
The competition doesn’t stop there. EdgeX, one of the oldest players in the field, launched in 2014 and remains a major revenue earner within the DeFi ecosystem with $161 billion in total trading volume. Backed by crypto liquidity provider Amber Group, EdgeX continues to be a significant force.
Another rising player is Lighter, which is still in a closed beta phase that began in January. The platform has witnessed daily trading volumes reaching $6 billion as users rush to engage with the protocol, hoping for a future airdrop, although no announcements have been made regarding this.
The rapid expansion of the perpetual DEX market highlights a broader trend within the cryptocurrency landscape, fueled by technological advancements and innovative incentive structures that attract traders eager for leverage and liquidity. As the competition heats up, it remains to be seen how traditional centralized platforms will respond to the growing allure of decentralized alternatives.
