Core Insights - Decentralised exchanges (DEXs) for perpetual trading, such as Hyperliquid and Aster, are experiencing significant growth, with a trading volume of $1.8 trillion this quarter, surpassing the entire trading volume recorded in 2024 [1][3] Industry Overview - The surge in trading volume is attributed to improved infrastructure and effective tokenomics, leading to a user experience comparable to centralised exchanges like Binance [3] - Perpetual DEXs allow traders to speculate on cryptocurrency price movements without expiry dates and leverage up to 1,000 times their capital [2] Competitive Landscape - Hyperliquid has been a dominant player in the sector, accumulating over $2.7 trillion in trading volume since its launch, and distributing HYPE tokens worth $13.6 billion to over 90,000 users [5] - Aster, backed by YZi Labs and promoted by Binance co-founder Changpeng Zhao, has recently overtaken Hyperliquid in daily trading volume and its native token has surged 2,000% in the last week [6][7] - EdgeX, launched in 2014, remains one of the largest revenue-generating DeFi protocols with a trading volume of $161 billion [8]