The Decentralized Finance (Defi) market has already reached a historic high, because in September 2025 etc. perp dex’s (PERP DEXs) are more than $ 1,143 trillion, according to new data on Defillama. It is the first time in history that Perp Dex activity has awarded the Trillion Dollar Mark every month, an increase of almost 50 percent compared to the estimated figure of August 762 billion.
Protocolleiders in the Biljoen Dollar region
The tree is symptomatic for a rapidly increasing transition between the centralized exchanges and the decentralized platforms. The figures registered in September correspond to a daily average of approximately 38 billion in transactions that are comparable to the scope of stock markets around the world. Analysts see that protocols generated around 1,143 billion turnover last month with a normal percentage of 0.1%, which underlines the economic importance of this new industry.
The biggest players were hyperliquid, aster and lighter, all of whom had more than $ 100 billion in trade in the last 30 days. Hyperliquid remains at the forefront of fierce liquidity stimuli and in -depth markets. Aster is a fairly new player who achieves fast profits and records market share. In the meantime, lighter, supported by Amber Group and still in beta from the beginning of 2025, has added more than 161 billion cumulative volume. Together these protocols can be almost half of the turnover of trillion dollars in September.
What feeds the growth
The larger pattern is that decentralized derivatives broke out in 2025. An annual Volume Perp Dex was an estimated 500-700 billion in 2024, while in this year the part of September was in the trillion category. Early parts of October indicate that trade is already more than 120 billion, which is a precursor of a possible 1.5 trillions at the end of the year. Blends from Ethereum Layer-2 rollups that lower transaction costs, stimulation schemes, such as token-backkoop and new market zeal in the midst of crypto-price peaks have given the ideal atmosphere of this tree.
Yet there are challenges. An increase in the investigation of the regulations, in particular in areas such as China, where virtual currency trade is still strongly forbidden, is increasing. The security factor is also a great concern because the increasing liquidity pools are the favorite goals of exploits. The most important DEXs can go with each other in a reimbursement war, which can influence profitability.
Regardless of these dangers, the September figures represent a turning point. Perp Dexs now plays a central role in the global crypto trading system with a volume worth $ 1,143 trillion monthly. It is possible that decentralized eternal futures in the near future become the leading competitors for centralized trade fairs with regard to their liquidity and influence.
