In September 2025, decentralized derivative platforms recorded a historic trading volume, surpassing the $1 trillion mark for the first time. According to the analytical platform DeFiLlama, the total volume for the month reached $1.143 trillion, which is 49.5% higher than in August of this year.
This is reported by Business • Media
Market Leaders by Trading Volume
In the ranking of the largest perpetual DEXs by trading volume over the last 30 days, the top positions are held by the platforms Aster, Hyperliquid, and Lighter. Specifically, the trading volume on Aster amounted to $493.6 billion, on Hyperliquid to $280.7 billion, and on Lighter to $165.4 billion. The top five also includes edgeX with $91.2 billion and Jupiter with $21.7 billion, respectively.
Predictions on Platform Dominance
Stefan Lutz, CEO of the centralized exchange BitMEX, expressed doubts about the long-term dominance of the current leaders among derivative platforms. According to him, the incentive models used by platforms like Hyperliquid and Aster may prove insufficiently reliable in the event of significant market volatility. Lutz believes that centralized exchanges, particularly Coinbase, are better prepared to navigate sharp market changes.
“The current leaders among derivative platforms, particularly Hyperliquid and Aster, are unlikely to maintain their dominance in 2025.”
It is worth noting that a detailed guide with instructions on how to use the Aster platform was previously published, which will help users interact with it effectively.