In-Depth Analysis of Perp DEX: Hyperliquid, Aster, Lighter, edgeX  

In September 2025, Perp DEX platforms like Hyperliquid, Aster, Lighter, and edgeX are transforming decentralized perpetual futures trading, with Hyperliquid dominating 48.7% market share and $2.7 billion TVL. As Q2 volumes hit $898 billion with a 0.23 DEX/CEX ratio, these platforms drive DeFi innovation. This in-depth analysis of Perp DEX covers Hyperliquid's liquidity edge, Aster's ecosystem backing, Lighter's zk-CLOB efficiency, and edgeX's deep order books in a $3.5 trillion cryptocurrency market.

Perp DEX Landscape Overview

Perp DEX platforms enable perpetual futures trading without expiration, leveraging DeFi for leverage and liquidity. In 2025, Hyperliquid leads with $400 billion monthly volume, while Aster rises with $140 billion cumulative. Lighter pushes zero-fee retail on zkSync Layer 3, and edgeX offers deep liquidity rivaling Hyperliquid. The sector's growth reflects post-Fed rate cut liquidity, boosting altcoin perps. This in-depth analysis of Perp DEX highlights their role in maturing DeFi.

• Hyperliquid: 75-80% market share.
• Aster: Backed by Tron, fast growth.
• Lighter: zk-CLOB for efficiency.
• edgeX: 98% August volume growth.

Hyperliquid's Dominance Examined

Hyperliquid dominates Perp DEX with 48.7% share and $329 billion 30-day volume, its L1 chain enabling high throughput. TVL at $2.7 billion supports deep liquidity for most tokens. Features like 97% fee buybacks for HYPE token enhance user rewards. In this in-depth analysis of Perp DEX, Hyperliquid's "rocket launch" phase post-UNI endorsement signals sustained lead. It outpaces competitors in revenue, with $86.6 million in August.

• TVL: $2.7 billion.
• Volume: $400 billion monthly.
• Rewards: 97% fee buybacks.
• Lead: 75-80% perpetual share.

Aster's Rise and Backing

Aster, with $140 billion cumulative volume, is a rising Perp DEX backed by Tron and endorsements from CZ and Justin Sun. Its 57.8% share in some metrics shows rapid adoption. Features include high leverage and ecosystem integration. In this in-depth analysis of Perp DEX, Aster's "game-changer" status challenges Hyperliquid. It pushes for mass adoption with leading ecosystem support.

• Volume: $140 billion cumulative.
• Backing: Tron, CZ, Sun.
• Leverage: Up to 100x.
• Growth: Competing for top spot.

Lighter's zk-CLOB Innovation

Lighter, a zkSync Layer 3 Perp DEX, transformed from spot trading in 2023, pushing zero-fee retail with zk-CLOB for efficiency. It offers deep liquidity and low costs. Features include high-speed execution and minimal slippage. In this in-depth analysis of Perp DEX, Lighter's newcomer status highlights zk tech's edge. It aims for UNI-like impact with innovative trading.

• Structure: zk-CLOB for zero fees.
• Network: zkSync Layer 3.
• Focus: Retail accessibility.
• Potential: Pushing DeFi boundaries.

edgeX's Liquidity Focus

edgeX provides deep liquidity, with aggregate close to Hyperliquid's and 98% for most tokens in August. It emphasizes order book depth for perps. Features include high-volume trading without slippage. In this in-depth analysis of Perp DEX, edgeX's 98% growth positions it as a liquidity rival. It complements leaders like Hyperliquid in the ecosystem.

• Liquidity: 98% for tokens.
• Growth: 98% August volume.
• Focus: Order book depth.
• Role: Rival to Hyperliquid.

Summary

This in-depth analysis of Perp DEX shows Hyperliquid leading with $2.7 billion TVL, Aster backed by majors, Lighter innovating zk-CLOB, and edgeX focusing liquidity in a $3.5 trillion market. For tips, trade on Hyperliquid for volume and monitor Aster for endorsements. Explore Lighter for zero fees in DeFi strategies.