The Rise of the Perp DEX Meta – Hyperliquid Leads the Charge Amid New Challengers

Over the past few weeks in late September 2025, perpetual decentralized exchanges (perp DEXes) have exploded in activity. Trading volumes are brushing against the $1 trillion mark in just 30 days (1), while tokens tied to new platforms like $ASTER & $APEX have been spun up to try and compete with Hyperliquid.

This surge reflects a broader shift: traders are increasingly moving away from centralized exchanges (CEXes) and embracing decentralized platforms that combine performance, incentives, and narrative firepower. Hyperliquid remains the frontrunner, but the rise of newcomers such as ASTER, APEX, and Avantis on Base is shaking up the competitive landscape.

This article breaks down what perp DEXes are, why Hyperliquid has led the way, how challengers are gaining ground, and the key factors driving this meta’s sudden breakout.

What Are Perp DEXes?

Definition:
Perpetual decentralized exchanges are blockchain-based platforms for trading perpetual futures contracts. These contracts are synthetic derivatives that let traders speculate on asset prices without expiration dates, often with leverage of 50x or more. Unlike spot markets, perps enable long and short positions across crypto assets, real-world assets (RWAs like gold or oil), and beyond. Beyond that, they operate in a non-custodial and permissionless way.

Key Features:

• On-chain execution with transparent settlement
  
  
• Liquidity pools or order books powering trades
  
  
• Low fees 
• Self-custody of funds
  
  
• User incentives like airdrops or revenue shares
  
  

Evolution:
Building on early pioneers like dYdX and GMX, perp DEXes address the pain points of centralized platforms KYC, hacks, opacity while offering CEX-like speed and tools. The main tradeoff historically has been liquidity and execution for CEX’s. By Q3 2025, perp DEX volumes had surged to $1.8–2 trillion, rivaling many traditional markets (2).

Hyperliquid: The Market Leader

Launched in 2023 on its own custom Layer-1 blockchain (HyperEVM), Hyperliquid quickly became the dominant perp DEX, commanding 71–73% market share earlier in 2025 (3). While challengers have started to erode its lead, it remains the benchmark for performance and innovation.

Core Strengths:

• Custom L1 Blockchain: Sub-second finality, zero gas fees, and a fully on-chain order book something most DEXes avoid due to efficiency trade-offs.
  
  
• Trading Features: Up to 50x leverage, one-click execution without constant wallet confirmations, 130+ listed assets, advanced order types (TWAP, iceberg), and cross-margin support.
  
  
• User Experience: Low fees (0.01% maker, 0.035% taker), over-collateralized insurance funds, and partial liquidations to reduce user risk.
  
  

Ecosystem Growth: Through Hyperliquid Improvement Proposals (HIPs), the platform is evolving into infrastructure for the entire perp ecosystem. HIP-2 introduced “Hyperliquidity,” a native order-book liquidity system, while HIP-3 opened the door for permissionless market creation. Together, these moves position Hyperliquid not just as a DEX but as a liquidity layer others can build on.

Compared with AMM-based DEXes like Uniswap, Hyperliquid’s order book offers more precision. And unlike incentive-heavy rivals, its growth has been mostly organic, backed by technology rather than just token rewards.

The New Wave of Competitors

Despite Hyperliquid’s lead, new entrants are rapidly gaining traction, each bringing its own edge.

ASTER

• Profile: Multi-chain DEX backed by YZI Labs, boosted by endorsements from Binance founder CZ.
  
  
• Features: Up to 100x leverage, hidden orders, zk-proof privacy, and plans for its own L1. RWAs and VIP tiers are on the roadmap.
  
  
• Growth: At its peak, ASTER processed $85B in daily volume (more than Hyperliquid’s monthly), seized the majority of market share, and fueled a huge initial token rally. Its Season 2 airdrop of 704M tokens triggered massive user inflows, with 330K new wallets spun up in a single day (4). Note that volume metrics could be enhanced for marketing reasons. 
  
  

APEX

• Profile: Bybit-backed DEX bringing exchange-grade muscle into DeFi.
  
  
• Features: Up to 500x leverage, aggressive buybacks (50–90% of revenue), and an “Omni AI” upgrade set for Q4.
  
  
• Growth: $500M daily volume at peak, and a massive token rally, driven by visible backing from Bybit CEO Ben Zhou (5).
  
  

Avantis (on Base)

• Profile: RWA-focused perp DEX on Coinbase’s Base L2.
  
  
• Features: Gold, oil, and forex pairs alongside crypto markets. Funded by Pantera, Founders Fund, and Coinbase Ventures.
  
  
• Growth: Listings on Binance and Coinbase spurred a token surge, TVL climbed 27% quarter-over-quarter, and weekly volumes hit $1.4B. Its narrative as a long-term RWA play positions it for a potential $20B+ market cap (6).
  
  

Quick Comparison:1. Platform 2. Max Leverage Edge / 3. Backing Market Share / 4. Volume Peak

Hyperliquid  50x, Custom L1, on-chain order book, 71–73% (earlier 2025)

ASTER 100x, CZ shill, multi-chain, zk features, 51–61%

APEX 500x, Backed by Bybit, AI features, Rapidly growing

Avantis Varies, RWA focus, Coinbase ecosystem RWA niche

(7) (8) (9)

Why the Meta Exploded

The September 2025 breakout wasn’t random it was the product of several forces converging:

• Incentives: Massive airdrops like ASTER’s 704M tokens or Avantis’ Season 3 rewards pulled in millions of users. Buyback programs from APEX and others added deflationary heat (10).
  
  
• Celebrity Endorsements: A single tweet from CZ (ASTER), Ben Zhou (APEX), or Justin Sun (SunPerp) was enough to multiply volumes overnight.
  
  
• Migration from CEXes: Regulatory pressure, fee sensitivity, and custody concerns pushed traders toward DeFi.
  
  
• Narrative + Tech: Integrations of RWAs, and order-book innovation fed the “next Hyperliquid” hype cycle. Social buzz on X amplified every milestone.
  
  

But the risks are clear: extreme leverage leads to rapid wipeouts, over-farming can dilute rewards, and the sheer pace of new launches risks fragmenting liquidity.

What’s Next

Perp DEXes are no longer a niche; they're becoming the core of DeFi trading. Hyperliquid’s tech supremacy is being tested, but ASTER’s aggressive growth, APEX’s centralized backing, and Avantis’ RWA angle each represent credible new models.

Looking ahead, expect:

• More trillion-dollar quarters in volume
  
  
• Fresh Layer-1 launches (ASTER’s is on deck)
  
  
• Liquidity rotations across ecosystems
  
  
• Greater institutional attention

For traders, the meta offers both opportunity and danger. The best approach: do your own research, manage leverage carefully, and stay nimble as the perp DEX landscape continues to evolve.

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Recourses

1. Perp DEX season: Avantis and Aster defy market downturn with impressive rallies 
2. The Age of Perpetual DEXs: Growth Meets Clouds
3. Hyperliquid Under Siege
4. Aster and Hyperliquid drive $2tn volume record as perp DEX competition heats up
5. perp DEXes are running the show

      7. Hyperliquid Docs

      8. Aster Docs 

      9. APEX docs

10. Hyperliquid plan to cut HYPE supply in half amid $12 billion unlock panic