The market in October recorded a series of surprising milestones in the Perp Dex sector. Several Altcoins on the Perp Dex platform, including High Lipids (Hypop), Aster (Aster), and Avantis (AVNT), have recorded strong profits. If this trend continues, capital may continue to spin into smaller cap altcoins.
Data on the chain shows that some low-cap perp dex altcoins are experiencing a strong accumulation. This is reflected in the balance and replacement spares of whale wallets.
PERP DEX records fuel interest in low cap altcoins
Defillama data reveals that PERPS trading volume exceeded $1.1 trillion in September, marking the highest level in Defi history.
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In the first three days of October alone, it has already grown by more than $340 billion. This growth shows the possibility of setting an even higher record this month.
A huge wave of investors flocked to derivatives trading on DEXS, attracted by airdrop programs and encouragement from industry leaders.
If this trend continues, we can see strong price increases for some low-cap altcoins. These tokens have a market capitalization of less than $50 million and already show signs of early accumulation.
1. Adrena (ADX)
Adrena is an open-source, peer-to-peer, decentralized permanent exchange built in Solana.
ADX currently holds a market capitalization of less than $40 million. Nansen’s data shows that exchange reserves fell by more than 3% in the last week of September, and ADX prices rose from $0.028 to $0.038. Meanwhile, the Top Whale wallets increased their balance by 0.87%.
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These changes are modest, but several factors may support further possibilities for ADX.
First, Defillama’s data shows that the exchange capacity has been recovered to over $600 million in the past month, the highest level since June.
Second, as of October 3, Adrena was ranked second in daily trading fees among Solana-based Derivative Decks.
Third, the project was featured on Coingecko’s trend list. These signs suggest that Adrena is attracting new traders.
2. Persistent Protocol (PERP)
The persistent protocol is decentralized futures exchange built on Ethereum. PERP has been listed on Binance since 2020, but its prices have fallen by almost 99%. This decline marked a market capitalization of approximately $22 million.
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The updated investor enthusiasm for the Perp Dex story has turned its attention to this token.
Nansen’s data shows that PERP’s exchanges have fallen by more than 15.6% over the past month, while upper wallet balances have risen by 7.8%.
Some technical analysts highlight the PERP price structure in 2025. The tokens no longer produce lows and are forming a bullish pattern, suggesting potential benefits of over 130% by the end of the year.
The combination of on-chain accumulation signals and technical structures can support bullish scenarios in perp.
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3. Blue fin (blue)
Bluefin is currently SUI’s leading permanent platform. A recent Beincrypto report pointed out positive signs that suggest the project could attract more investors’ interest in October.
Blue’s market capitalization is approximately $39 million. Defillama data shows that DEX generates more than $13.6 million in annual revenue. Bluefin has pledged to buy back the blue using 25% of its revenue (approximately $3.4 million).
This planned repurchase amount corresponds to nearly 10% of the market capitalization. As a result, it could serve as a powerful price catalyst and encourage more investors to accumulate blue.
In particular, the buyback program began in October. Many analysts expect the blue price to exceed $0.20 this month.
Low-cap altcoins can provide important profit opportunities, but also carry two important risks.
The first is liquidity risk. These tokens can easily lead to large fluctuations due to low volumes of trade and low market depth.
The second is emotional risk. If the trend in Perp Dex declines, projects that lack actual utility will not be able to maintain users and the token price may drop again.
