The Altcoin markets bear witness to a perp war, while big firearms are fighting for the supremacy of permanent Dex protocols simply a month of 1 TN, and an analyst says that the short -term winners are laid out.
Perpetual trade in decentralized scholarships has just taken an important step: more than $ 1 in a month. The overvoltage underlines how fast the chain derivatives gain ground, the traders now weighing which platforms could take the lead.
The block Latest data shows that the volumes of September for perpetuals negotiated on Dexs exceeded $ 1 TN for the first time, driven by a battle between the hyperliquid, the aster and the lighter.
“UNIPC” crypto analyst said Today, the market is “large enough to adapt to the three”, but argued that short -term configuration promotes ASTER (ASTER) and Apex (Apex).
Many think that Perps Dex trade is done
In reality, the main Perps Dex coins only cool before making their next aggressive leg
– $ Aster went from around $ 120 million to $ 3.8 billion in one week = a 3200% rally
– $ Apex went from about $ 0.23 to $ 2.7 in one…– Unipcs (aka ‘bonk guy’)
(@Theunipcs) October 1, 2025
(@Theunipcs) The hyperliquid (hype) remains the leader of the volume, although the tokens in the sector are swinging strongly while changes in market share per week.
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Why do perpetual dex volumes pass beyond 1 dollars billion?
Data De Defillama confirms the strength of this escape: approximately 1.143 TN in Volume Perps at 30 days from Thursday.
(Source: Defillama))
Light has announced its main public launch today, a step likely to put more pressure on the holders. The deployment has coincided with the recording readings of the dashboard, adding to the signs that perpetual DEX fall into a new growth phase.
Prices showed the split of the feeling of traders.
At the end of the afternoon, media threw planeed $ 48 at $ 49 with around $ 600 million in turnover.
(Source: Coingecko))
ASTER near $ 1.80 out of $ 1.1 billion in transactions, while Apex offbeat Between $ 1.45 and $ 1.90 depending on the location.
Hyperliquid always holds the deepest books, but its grip has loosened as an aster and a lighter flow with a high lever effect, multi-chain access and bonus programs.
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Is the ASTER or the APEX better positioned for short-term gains in DEX Perp?
Chef Bitmex Stephan Lutz said Wednesday, the current Perp Rush “can quickly go out”, noting that the activity of derivatives on centralized exchanges remains high.
Its point: chain earnings can fade just as quickly if the incentives dry out or liquidity bursts.
The UNIPC sees the chain derivative market breaking in three ways: hyperliquid (hype) holds the strongest network effects for the moment, with Aster and Apex positioned as high beta games if trading volumes continue to move on the chain.
“The Perps Dex industry is large enough to adapt to the three,” said the note, although it stressed that the short -term rise in the air to Aster and Apex.
But this point of view comes with a warning. Research by Maelstrom, the Family Office of Bitmex Co-founder Arthur Hayes, indicates that the hyperliquid should undergo two years of token unlocking from November 29
– Maelstrom (@maelstromfund) September 22, 2025
This could mean about $ 500 million in new supplies each month, a pressure point that traders were already monitoring.
The competition is warmed. Light’s Mainnet launched online, Aster always goes aggressively to win sharing, and hyperliquid continues to defend its liquidity and its lists.
The immediate race will be determined by which can maintain a deep book of orders, offer constant incentives and maintain stable markets.
Since more attention is focused on perpes in the culon of $ 1 milestone in September, the coming months reveal the quantity of this attention from the chain.
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The post analyst predicts which crypto will win Perr Dex War appeared first on 99Bitcoins.
