DeFi Protocol Perpetual DEX Trading Volume Hits Record $1.14T in September, Up 50% MoM

The decentralized finance (DeFi) ecosystem has reached a major milestone as perpetual decentralized platforms (Perp DEXs) collectively in September 2025.

This marks a 50% increase from August’s $762 billion and highlights the growing adoption of decentralized derivatives platforms, which are increasingly competing with traditional centralized platforms.

Who contributed to the growth

September’s surge was largely driven by three key protocols—Aster, Hyperliquid, and Lighter—which together contributed more than $100 billion in trading volume, according to DeFiLlama.

with an estimated $493 billion in trading volume over the past month. The platform’s native token, ASTER, also recorded an extraordinary rally, gaining more than 2,000% in the last 30 days and pushing its market capitalization to $2.96 billion.

, with trading activity generating approximately $280 billion in volume during the identical period. However, unlike Aster, Hyperliquid’s token HYPE did not experience a major surge in September, posting only an 11% monthly gain.

Despite this, HYPE remains one of the best-performing tokens in the market, delivering roughly 1,400% returns over the past year—an average monthly growth rate of about 116%. Its market capitalization currently stands at $16.5 billion, ranking it as the 11th most valuable crypto asset.

Lighter, another decentralized perpetual platform, also added to the momentum later than completing its eight-month beta phase. The protocol recorded $165 billion in trading volume in September, reflecting strong investor demand and growing utility.

Collectively, these three protocols accounted for 82% of the total perpetual trading volume in September. Other notable contributors in the category include Edgex and Pacifica.

Industry outlook: ‘Just the beginning’

Industry leaders believe perpetual platforms are only at the ahead stages of their rally, with October—often referred to by analysts as “Uptober”—expected to bring further momentum to the market.

BitMEX CEO Stefan Lutz that the current rally is not based on hype but rather on the structural evolution of the market. According to him, the industry is building a “self-sustaining” model that can scale over the long term.

He explained:
“The original goal of such platforms is to provide access to markets without intermediaries, but the current growth is driven mainly by artificial incentives. This is not fraud, but a transparent economic model in which all participants understand the rules of the game.”