Overview

• DeFiLlama data shows September perp DEX volume reached about $1.14 trillion, nearly 50% higher than August and the first month above the trillion mark.
• Aster accounted for roughly $493.6 billion in September volume versus Hyperliquid’s $280.7 billion and Lighter’s $165 billion, with Aster’s 24‑hour turnover recently topping $80.47 billion.
• DeFi analyst Patrick Scott argues Hyperliquid remains best positioned, citing strong revenue and about 62% share of perp DEX open interest as a stickier indicator of liquidity.
• Competition is intensifying as Lighter’s public mainnet goes live and aggressive reward programs pull order flow between platforms, reshaping market share week by week.
• Warnings of fragility persist, with BitMEX’s Stephan Lutz cautioning the surge could fade if incentives weaken and Maelstrom flagging Hyperliquid token unlocks from Nov. 29 that could add about $500 million in monthly supply.