In September 2025, the decentralized finance (DeFi) derivatives market achieved a historic milestone as perpetual decentralized exchanges (Perp DEXs) recorded a monthly trading volume of $1.143 trillion, according to data from DeFiLlama. This marks the first time monthly Perp DEX activity has exceeded the trillion-dollar threshold, representing a nearly 50% increase from the estimated August volume of $762 billion.
The surge equates to a daily average of approximately $38 billion in trades, a scale comparable to global stock markets. Analysts note that protocols generated around $1.143 billion in revenues at a standard rate of 0.1% last month, highlighting the economic significance of this emerging sector.
Key drivers include Hyperliquid, Aster, and Lighter, all of which reported over $100 billion in trading volume within the last 30 days. Hyperliquid leads due to robust liquidity incentives and deep markets, while Aster, a newer entrant, is rapidly gaining market share. Lighter, backed by Amber Group and still in beta as of early 2025, has accumulated a cumulative volume exceeding $161 billion. Together, these protocols account for nearly half of September's total turnover.
Growth is fueled by Ethereum Layer-2 rollups reducing transaction fees, incentive schemes like token buybacks, and renewed market enthusiasm amid crypto price spikes. Annual Perp DEX volume was estimated at $500-700 billion in 2024, but September 2025 alone surpassed $1 trillion, with early October data indicating trades over $120 billion, suggesting a potential $1.5 trillion by year-end.
Challenges include increasing regulatory scrutiny, particularly in China where virtual currency trading is banned, security risks from expanding liquidity pools, and potential fee wars among major DEXs that could impact profitability. Despite these, the September figures represent a turning point, positioning Perp DEXs as central to the global crypto trading ecosystem and potential competitors to centralized exchanges in liquidity and influence.