Overview

• DeFiLlama data shows roughly $1.143 trillion in monthly perpetual DEX volume in September, a near 50% jump from August.
• Aster captured the largest share with nearly half of trades, displacing Hyperliquid, while Lighter also cleared the $100 billion mark.
• Despite losing recent volume share, Hyperliquid still commands about 62% of perp DEX open interest and strong revenue, according to analyst Patrick Scott.
• Incentive programs such as airdrops, points campaigns and revenue sharing are credited with pulling traders and liquidity to these protocols.
• BitMEX chief Stephan Lutz cautioned that volumes could recede if rewards taper, even as competition intensifies with Lighter’s public mainnet launch.