# Perp DEX Monthly Trading Volume Tops $1 Trillion as Aster Overtakes Hyperliquid

*Author: Bankless*
*Published: Oct 2, 2025*
*Source: https://www.bankless.com/read/news/perp-dex-monthly-trading-volume-tops-1-trillion-as-aster-overtakes-hyperliquid*

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Monthly perpetual swap trading volume through onchain exchanges surged past $1T in September, marking the first time the sector has breached the milestone. Aster, Hyperliquid, and Lighter led the pack, all individually posted over $100B of trading volumes.

### What’s the Scoop?
- **New Market Leader:** Aster, a BNB Chain-based protocol backed by YZi Labs, stole the month with $420B in trading volume, seizing the top spot from former favorite Hyperliquid.
- **Hyperliquid’s Decline:** The long-dominant Layer 1 dropped to second with $282.5B of trading volumes, down 29% from August. Despite the fall, Hyperliquid remains the largest perp DEX by token market cap, valued at an approximately $50B FDV.
- **Lighter’s Quiet Rise:** Ethereum Layer 2-based exchange Lighter also ascended to prominence, with volumes topping $160B in September; the previously invite-only platform went [public](https://x.com/Lighter_xyz/status/1973508660061180363) yesterday.

> According to DeFiLlama, in September, monthly trading volume on Perp DEXs surpassed $1 trillion for the first time in history, reaching $1.143 trillion, nearly a 50% month-over-month increase. In the past 30 days, protocols with over $100 billion in Perp trading volume included… [pic.twitter.com/85VaVrJ0h0](https://t.co/85VaVrJ0h0)— Wu Blockchain (@WuBlockchain) [October 2, 2025](https://twitter.com/WuBlockchain/status/1973681507110936680?ref_src=twsrc%5Etfw)