Decentralized finance (DeFi) perpetual futures trading has reached a new milestone, with monthly volumes exploding past $1 trillion for the first time in history. This surge highlights the increasing popularity and maturation of DeFi derivatives, as well as the growing competition among decentralized exchanges (DEXs).
In September 2025, monthly trading volume on perpetual DEXs surpassed $1 trillion, reaching as high as $1.14 trillion. This represents a nearly 50% increase compared to August, which saw $766 billion in trading volume. The $1.05T–$1.14T volume milestone shows perp DEXs are no longer niche, rivaling centralized exchanges (CEXs) in liquidity and scale. Daily averages of ~$38B indicate perps are now a core component of crypto trading, comparable to traditional financial markets.
Several decentralized protocols have driven this surge, with Aster, Hyperliquid, and Lighter each exceeding $150 billion in trading volume over the past month. Aster is leading the charge with a monthly perp volume of $493.61 billion, accounting for nearly half of the total perp trading volume in September alone. Hyperliquid follows with $280.7 billion, and Lighter is in third place with $165 billion.
This growth can be attributed to advancements in low-latency execution, high leverage (up to 50x or more), and incentives like token buybacks and airdrops. Many Perp DEXs run on high-throughput chains or Layer-2 solutions, reducing latency, lowering gas fees, and enhancing execution speed. As a result, barriers that once made derivatives trading unattractive on-chain have been diminished.
The rise of DeFi perps also reflects a broader trend of DEXs capturing market share from centralized exchanges (CEXs), driven by trustless trading and lower counterparty risk. On-chain perps are now processing daily averages around $38 billion, which is comparable to major traditional markets.
However, this rapid growth also raises some concerns. One is the potential for over-reliance on speculation, as perp volumes often dwarf spot trading and could amplify volatility during downturns. High leverage and volume concentration in top platforms like Aster and Hyperliquid could lead to cascading liquidations.
Regulators may also start to pay closer attention to DEXs, especially those offering high leverage without KYC. These hurdles force DEXs to innovate under pressure, balancing growth with resilience and compliance.
Despite these challenges, the $1 trillion milestone is a significant achievement for the DeFi industry. It signals a structural shift toward decentralized derivatives, offering traders more choice and tools. For holders, it means DeFi keeps closing the convenience gap with centralized exchanges.
The first 23 days of October have already seen $1 trillion in decentralized perps trading volume, surpassing September's record of $772 billion. On October 10, a daily record of $78 billion was recorded. Hyperliquid is leading October with $317.6 billion in trading volume, while Lighter, Aster, and edgeX have also performed well with $255.4 billion, $177.6 billion, and $60.6 billion, respectively.
According to a report in early October, perpetual swaps have accounted for 75% of total trading volume on centralized exchanges (CEXs) since 2025, with a turnover of nearly $49 trillion, far exceeding spot trading ($14.8 trillion) and options trading ($1.3 trillion). On decentralized exchanges (DEXs), the share of perpetual swaps has also increased from 50% last year to 56% this year. Cumulative on-chain perpetual swap trading volume has reached $4.7 trillion, compared to $3.6 trillion for spot trading.
