The on-chain perpetual buying and selling market is experiencing important shifts and progress that proceed to redefine the aggressive panorama. As of in the present day, September 27, in response to knowledge shared by market analyst Phoenix Group, the globe perpetuals DEX weekly buying and selling volumes exceeded $64 billion. Catalysts answerable for this progress embody advancing modern buying and selling platforms striving to fulfil customers’ wants and the surging demand from clients attempting to find decentralized monetary choices. As per the info, perpetual DEXs (decentralized exchanges) are gaining reputation not simply from institutional traders but additionally from retail merchants who’re keen to commerce as much as 1000x leverage. Because the demand for seamless and handy DEXs grows, the analyst tracked top-performing on-chain perpetual buying and selling platforms by their buying and selling volumes.
TOP #PERPETUAL PROTOCOLS BY WEEKLY TRADING VOLUME$ASTER $HYPE #Lighter #edgeX $JUP $DIME $ORDER #Reya $APEX $AVNT #Rho #Ostium #Hibachi $SUN $MKL pic.twitter.com/2cmmjxhX3G
— PHOENIX – Crypto Information & Analytics (@pnxgrp) September 27, 2025
Prime Perp DEX Platforms Commanding Transaction Exercise
Aster
Aster, a decentralized perpetuals buying and selling platform backed by YZi Labs, previously Binance Lab, is on the high of the record. Amid the continuing cryptocurrency market turbulence, Aster’s weekly perpetual DEX buying and selling quantity reached a whopping $27.5 billion, overtaking Hyperliquid’s $13.4 billion. Over the previous week, Aster skilled large surges in lively futures contracts, an indicator that merchants are flocking to the brand new decentralized perpetual contract alternate, difficult its greatest competitor, Hyperliquid. The most important contributing issue to Aster’s progress is endorsement from former Binance CEO Changpeng Zhao (CZ).
Hyperliquid
Regardless of being the biggest on-chain decentralized perpetual contract alternate, Hyperliquid is second on the record. By processing a weekly perpetual buying and selling quantity reached $13.4 billion, in comparison with Aster’s excellent efficiency, implies that Hyperliquid is going through the problem of person decline. Regardless of experiencing challenges, Hyperliquid remains to be the market chief, and its benefits stay evident. Its Layer-1 blockchain’s excessive efficiency and cheaper transaction prices make merchants favor the platform. Launched in November 2024, Hyperliquid’s fast progress immensely attracted institutional curiosity.
Lighter
Subsequent is Lighter, a decentralized perpetual contract alternate constructed on Ethereum. As reported within the knowledge, Lighter processed a weekly buying and selling quantity of $9 billion, exhibiting its dominant function within the decentralized perpetuals sector. Newest metrics, as of September 23, confirmed that rising platforms (Aster and Lighter) have absorbed substantial market shares from the as soon as undisputed market chief, Hyperliquid. At the moment, Hyperliquid’s market share has declined to 38% whereas a16z-backed Lighter and Binance Labs-backed Aster management 16.8% and 14.9%, respectively.
EdgeX
EdgeX, a Layer-2 blockchain providing perpetual futures buying and selling working on high of Ethereum, solidified its place among the many high on-chain perpetuals exchanges and elite cryptocurrencies. The DEX processed a buying and selling quantity of $6.1 billion over the previous seven days, making it the fourth-largest on-chain derivatives buying and selling mission.
Jupiter Perpetuals
The fifth on this record is Jupiter Perpetuals, a derivatives protocol on Solana, providing perpetual contract buying and selling providers. Over the previous week, Jupiter registered a weekly perpetual buying and selling quantity of $1.1 billion.
Different Prime Market Performers
Different top-performing perpetual platforms, as highlighted within the knowledge, embody DIME, ORDER, REYA, APEX, AVNT, RHO, Ostium, Hibachi, Solar, and MKL. DIME facilitated $952 million in perp buying and selling exercise over the week, placing it at quantity 6 on this record. ORDER, a decentralized buying and selling platform, recorded a weekly buying and selling quantity of $681 million. It was adopted by REYA, which processed a perpetual buying and selling quantity of $621 million, and others.
