Perp DEX Volume Battle: Aster Breaks 42.8 Billion USD in a Single Day, Far Ahead of Hyperliquid

The decentralized perpetual futures trading platform (Perp DEX) market competition has become fierce, with Aster maintaining its top position with an astonishing 42.88 billion USD in 24-hour trading volume, almost a 2000% increase compared to last week. Hyperliquid ranks second with a trading volume of 17.16 billion USD, but still leads in terms of TVL. This article analyzes the latest data of the seven major Perp DEX, revealing the key trends and market landscape behind this decentralized derivatives trading revolution.

Comparison of the Latest Data of Seven Mainstream Perp DEX

According to the latest data from Perpetualpulse and Dune, as of September 28, the market landscape of mainstream Perptual Futures Decentralized Exchanges (Perp DEX) has undergone significant changes. Aster leads the market with an impressive volume advantage, while Hyperliquid, although second in volume, still maintains a leading position in Total Locked Value (TVL).

These data reveal the explosive growth of the decentralized derivatives trading market, particularly the nearly 2000% weekly growth rate of Aster, indicating that the market's demand for efficient, low-cost decentralized Perptual Futures trading platform is rapidly rising.

Aster and Hyperliquid: The Different Development Paths of Two Giants

As the two dominant forces in the market, Aster and Hyperliquid exhibit vastly different development strategies and competitive advantages.

· Aster: A rising star with explosive growth

As a relatively new platform, Aster has achieved remarkable growth thanks to strong liquidity incentive measures and endorsements from industry giants. Its 24-hour volume reached $42.88 billion, an astonishing increase of 1994% compared to last week, surpassing the total trading volume of platforms ranked second to seventh.

Aster's core competitive advantages include:

Powerful liquidity incentives: Attract traders and liquidity providers through token rewards.

Endorsement by Industry Giants: Association with well-known cryptocurrency ecosystems has enhanced market confidence.

User-friendly interface: Lowers the entry barrier for new users.

Efficient Trade Execution: Providing a trading experience close to centralized exchanges.

However, Aster also faces challenges, especially in terms of the number of trading pairs, currently only supporting 42 trading pairs, far fewer than Hyperliquid's 180.

· Hyperliquid: A Mature and Stable Market Leader

As an early participant in the market, Hyperliquid has established a solid user base and a rich variety of trading pairs. Its TVL reaches 5.716 billion USD, approximately 2.5 times that of Aster, indicating a high level of long-term trust from investors in its platform.

The main advantages of Hyperliquid are:

Rich Trading Pairs: 180 trading pairs provide a more comprehensive market coverage.

Higher TVL: The TVL of 5.716 billion USD indicates a strong capital accumulation capability.

Mature Risk Management System: Market-tested risk control mechanisms

Stable technical architecture: Capable of supporting large-scale trading activities

Although Hyperliquid lags behind Aster in terms of volume, its 75.2% weekly growth rate is still significant, indicating that the platform continues to attract new users and capital.

Differentiation Competitive Strategy of Medium-sized Perp DEX

Beyond Aster and Hyperliquid, mid-sized platforms like Lighter, edgeX, and Backpack are also seeking their market positioning and competitive advantages.

· Lighter: Representative of the Ethereum Ecosystem

Lighter ranks third with a 24-hour volume of $5.78 billion, achieving a weekly growth rate of 109%. As a major Perptual Futures platform within the Ethereum ecosystem, Lighter attracts a large number of users who prefer Ethereum infrastructure.

Its TVL of $680 million and 71 trading pairs indicate that Lighter is building a balanced ecosystem with a certain depth of capital while providing relatively rich trading options.

· edgeX: One of the Fastest Growing Challengers

edgeX has become one of the fastest-growing platforms with a weekly growth rate of 213%, achieving a 24-hour trading volume of $3.421 billion. As a representative of Layer-2 solutions, edgeX attracts a large number of users with low Gas fees and fast transaction confirmation times.

Its 84 trading pairs exceed Lighter, indicating that the platform is actively expanding its market coverage to provide users with more trading options.

· Backpack: Emerging Competitors

Although Backpack has not disclosed its TVL data, its 1.44 billion USD 24-hour trading volume and 33 trading pairs indicate that it is establishing a foothold in the market. As a newer participant, Backpack may be focusing on building its initial user base and liquidity foundation.

Survival Strategies for Small Perp DEX

Smaller platforms like Paradex and GRVT face challenges in surviving in a competitive market, but they also demonstrate impressive growth potential.

· Paradex: A Niche Platform for Steady Growth

Paradex demonstrates a robust development momentum with a 24-hour volume of $820 million and a weekly growth rate of 44.8%. Its $100 million TVL and 62 trading pairs indicate that Paradex is building a platform focused on specific market segments.

· GRVT: A High-Growth Emerging Force

Although the volume of GRVT is relatively small at $486 million, its 221% weekly growth rate indicates that the platform is rapidly attracting new users. With a TVL of $11.29 million and 27 trading pairs, GRVT is still in the early stages of development, but the growth potential is significant.

Future Trends and Challenges of the Perp DEX Market

With the rapid development of the decentralized Perptual Futures trading market, several key trends and challenges are emerging:

1. Liquidity competition intensifies

The liquidity competition among various platforms will further intensify, potentially leading to more aggressive token incentive programs and user acquisition strategies. This competition may drive explosive growth in short-term trading volume, but it may also bring challenges to long-term sustainability.

2. Technological Innovation and Differentiation

As the market matures, technological innovation will become the key to platform differentiation. More efficient order matching engines, more advanced risk management systems, and richer trading tools will be important factors in attracting and retaining users.

3. Regulatory Adaptation and Compliance Challenges

As the global regulatory environment changes, Perp DEX platforms will need to find ways to balance the ideals of Decentralization with compliance requirements. Those platforms that can effectively address regulatory challenges may gain an advantage in long-term competition.

4. User Experience and Education

As more retail users enter the market, simplifying the user experience and providing educational resources will become key competitive factors. Platforms that can lower the entry barriers and effectively educate users may attract a broader user base.

Conclusion: A New Era of Decentralized Derivatives Trading

The explosive growth of the Perp DEX market marks the arrival of a new era in decentralized derivatives trading. The leading positions of Aster and Hyperliquid, along with the rapid development of other platforms, demonstrate the strong demand in the market for efficient, transparent, and permissionless derivatives trading solutions.

With the advancement of technology and the increase in user adoption, Perp DEX platform has the potential to reshape the global derivatives trading landscape, providing financial tools and opportunities that were previously only accessible to institutional investors to a broader user base.