Persistence Futures The Perp DEX sector has seen unprecedented growth in the last few months, with monthly trading volumes exceeding $1 trillion for the first time in September 2025.
Aster captures most of this activity, outperforming established players like high lipids. Nevertheless, one analyst claims that hyperliquid remains the “most investable” PARP DEX in the market.
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High lipid vs. aster: Why experts still prefer high lipids despite the market shift
Beincrypto recently reported a surge in perpetual futures trading volume on September 28th, with the first surge in market momentum. Additionally, Defillama data showed that monthly total volume reached a record high of $1.143 trillion in September. This marked a 49% increase compared to $766 billion in August.
Most of this activity was driven by asters that overtaked the previous segment leader, the high lipids. Additionally, on October 2nd, Perp Dexs recorded another record, bringing daily trading volumes to an all-time high of $118.7 billion.
Again, Aster accounted for $81.8 billion over the course of 24 hours, while Hyperliquid managed just $10.28 billion. This shift dramatically reshapes the market dynamics.
While Aster’s volumes have skyrocketed, Hyperliquid’s share of Perp Dex volumes plummeted from 45% to just 8%.
“Over the past few weeks, Hyperliquid’s share of PERP DEX volumes has dropped from 45% to 8%. Aster volume has risen more than 100 times last week.
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Still, Scott argues that despite Aster’s explosive growth, high lipids stand out as the best position perp dex thanks to its basics.
“PERP DEX is on a long-term uptrend. As a percentage of CEX tumor volume, they grew from under 2% in 2022 to over 20%. 10 times in three years. High-ion fluid is both the driver and beneficiary of that trend. He added.
Analysts said they have built a sustainable revenue model, unlike their rivals who rely on airdrop incentives. The platform trades 12.6x revenue multiple times and dominates open interest with a 62% share. Open Interest is a key metric of liquidity and shows user-based stickiness.
“The fact of the matter is that high lipids not only maintain it, but they were able to increase their usage in 12 months after the airdrop of hype. This speaks to the loyalty of the user and the stickiness of the product. This user retention cannot be replicated by an incentive program.
He pointed out that Hyperliquid’s benefits extend beyond Perps. As a layer 1 blockchain, HypereVM hosts over 100 protocols, with $2 billion in TVL and $3 million in daily app revenue. The ecosystem includes native projects such as Kinetiq and Hyperlend, as well as big names such as Pendle, Morpho and Phantom.
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Hyperliquid has also launched USDH, a stablecoin supported by BlackRock and SuperState reserves. Its market capitalization is around $25 million, and yields support ecosystem growth.
Additionally, Scott noted that upcoming HIP-3 initiatives will allow builders to create new PARP markets with 500,000 hype.
“This creates another supply sink for hype, expanding the various tradeable assets on high lipids, and converting high lipids into infrastructure for other builders to create their businesses,” he said.
Finally, Scott admitted that there was a risk. A sustained reduction in absolute amounts of hypertrophic oxidants, a decrease in open interest, or USDH that fails to expand may weaken its position. But for now, we’re keeping it the most investable Perp Dex by expanding our strong revenue, loyal users and growing growth channels.
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PERP DEX is rapidly increasing across ecosystems
Meanwhile, as debate continues over Hyperliquid’s market position, a recent wave of launches has further strengthened the Perp Dex space. Beincrypto reported yesterday that Lighter has launched Perp Dex Mainnet.
Additionally, Tron founder Justin Sun has announced Sunperp, the network’s native Perp Dex. It was officially opened on October 1st during the Token2049 event.
Changpeng Zhao (CZ), the founder of Binance, supports this influx. He highlighted the surge in new permanent Dex entering the market, noting that increasing competition will help expand the overall sector.
“More players will expand the market size faster. Rising tide lifts all boats. In the long run, the best builders win. I’ve read the post.
As more PARP DEXS enters the market, the time coming will know if they can sustain sustainable interest and growth, or if the current hype will eventually fade.
