Analyst Forecasts Which Crypto asset Will Triumph in Perp DEX Battle
The alternative coin sector is experiencing a fierce competition among Perp DEXs, as major players vie for dominance. Perp DEX protocols just achieved an impressive $1 trillion in trading for the month, and analysts indicate that the upcoming frontrunners are emerging.
Perpetual trading on decentralized exchanges has reached a notable achievement: exceeding $1 trillion within a single month. This increase underscores the rapid growth of on-chain derivatives, prompting traders to consider which platforms might lead the way.
The Block’s latest statistics indicate that September’s perpetual trading volumes on DEXs exceeded $1 trillion for the first time, propelled by competition among Hyperliquid, Aster, and Lighter.
Crypto analyst “Unipcs” noted today that the crypto market can “support all three” but suggested that the immediate outlook favors Aster (ASTER) and ApeX (APEX).
Many believe the perps DEX trade has concluded.
In truth, the leading perps DEX tokens merely paused briefly before embarking on their next aggressive ascent.
– $ASTER soared from approximately $120 million market cap to $3.8 billion in just one week, marking a 3,200% increase.
– $APEX surged from about $0.23 to $2.7 in one…— Unipcs (aka ‘Bonk Guy’)
(@theunipcs) October 1, 2025
Hyperliquid (HYPE) continues to lead in volume, although tokens across the crypto market are fluctuating sharply as trading market share is redistributed weekly.
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What’s Driving Perpetual DEX Volumes Beyond $1 Trillion?
Data from DeFiLlama showcases the momentum behind this surge: around $1.143 trillion in 30-day perps volume as of Thursday.
Lighter officially launched its public live protocol today, a move likely to increase pressure on competitors. This rollout has coincided with database dashboard metrics, further indicating that perpetual DEXs are entering a new period of expansion.
Market prices reflect diverging trader sentiments.
By late afternoon, HYPE was priced at $48-$49 with approximately $600 million in trading volume.
ASTER was trading around $1.80 with $1.1 billion in trading volume, while APEX fluctuated between $1.45 and $1.90, varying by trading network.
Hyperliquid still exhibits the tightest order books, but its dominance has diminished as Aster and Lighter attract trading activity with high leverage, multi-chain capabilities, and incentive programs.
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Which is Better Positioned: Aster or Apex for Short-Term Gains in Perp DEXs?
BitMEX CEO Stephan Lutz stated on Wednesday that the ongoing perp DEX frenzy “might rapidly lose momentum,” highlighting that derivatives activity on centralized platforms remains robust.
His concern: gains on-chain could diminish swiftly if incentives wane or market fluidity becomes fragmented.
Unipcs perceives the on-chain derivatives crypto market diversifying into three segments: for now, Hyperliquid (HYPE) enjoys the strongest protocol effects, while Aster and Apex are positioned as high-risk investments should trading volumes increasingly shift on-chain.
“The perps DEX sector is large enough to support all three,” the note asserted, though it emphasized that the short-term potential appears more favorable for Aster and Apex.
However, this perspective comes with a caution. Insights from Maelstrom, the investment firm of BitMEX co-founder Arthur Hayes, suggest that Hyperliquid is set for two years of crypto token unlocks starting November 29.
— Maelstrom (@MaelstromFund) September 22, 2025
This situation may lead to an influx of approximately $500 million in new supply monthly, a factor traders are keeping a close eye on.
The competition is intensifying. Lighter’s mainnet is live, Aster is aggressively investing to capture crypto market share, and Hyperliquid is on the defensive regarding its available volume and listings.
The next crucial factor will be who can sustain a robust order book, provide ongoing incentives, and keep markets stable.
With increasing focus on perps leading up to the September $1 trillion landmark, the forthcoming months will indicate how much of that interest remains on-chain.
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The post Analyst Predicts Which Crypto Will Win Perp DEX War appeared first on 99Bitcoins.
