Aster has surged to the top of the crypto derivatives market with $6.60 billion in perpetual futures trading volume, significantly outpacing competitors Hyperliquid and Lighter. This reflects a growing interest in perpetual trading and suggests favorable trading conditions on Aster. The competitive landscape remains strong, indicating that the market is rapidly evolving.

Author: fiyalkin, Crypto KOL Compiled by: Felix, PANews Recently, crypto KOL fiyalkin summarized a list of Perp DEX projects that may conduct token issuance in 2026, including brief introductions, key data, and more. These projects are all in the early stages of development and have not yet issued tokens. Below are the details. 1. Variational Variational is a decentralized peer-to-peer (P2P) derivatives trading protocol built on Arbitrum, focusing on on-chain trading, settlement, and clearing of broad derivatives such as perpetual contracts, options, and futures. Based on the Variational protocol, several applications have been developed, including those for simple perpetual contract trading.

Hyperliquid didn’t rely on hype cycles or marketing blitzes to break into the spotlight—it engineered its way into relevance, forcing the crypto industry to reassess how far onchain trading infrastructure had come. What Hyperliquid Is At its core, Hyperliquid is a decentralized exchange ( DEX)

According to Bubblemaps data, the decentralized perpetual contract exchange (Perp DEX) Lighter issued its native token $LIT on December 30, 2025 (TGE), distributing up to $675 million worth of tokens to early participants via airdrop. Lighter allocated 50% of the total supply to the ecosystem, including an immediate airdrop of 25% of the tokens to early participants in the 2025 scoring season. This move directly converted 12.5 million points from the first and second seasons into LIT (distributing 20 coins per point), aiming to reward loyal users. However, it sparked strong community backlash due to perceptions of unfairness. Half of the community praised the promotion as fair and community-centric, while the other half questioned resource allocation favoring insiders and long-term impacts.

Perp DEX trading volume reached a record high of 12.09T by 2025, having reached 65% of total lifetime volume within a year Activity remained more concentrated during the second half of the year, exceeding the aggregate of the first half for the fourth quarter. Hyperliquid’s dominance came under t

According to Bubblemaps data, the decentralized perpetual contract exchange (Perp DEX) Lighter issued its native token $LIT on December 30, 2025 (TGE), distributing up to $675 million worth of tokens to early participants through an airdrop. Lighter allocated 50% of the total supply to the ecosystem, including an immediate airdrop of 25% of the tokens to early participants in the 2025 scoring season. This move directly converted 12.5 million points from the first and second seasons into LIT (distributing 20 tokens per point), aiming to reward loyal users. However, it sparked strong community backlash due to perceptions of unfairness. Half of the community praised the promotion as fair and community-centric, while the other half questioned whether resource distribution favored insiders and its long-term impact.

Author: Jae, PANews The final airdrop suspense of this year came to an end last night (December 30). Perp DEX (Decentralized Perpetual Contract Exchange) Lighter announced the completion of its airdrop distribution, with a total of $675 million worth of tokens airdropped to early participants, bringing a touch of warmth to the cold market at the end of 2025. Although the winter market is somewhat bleak, the competition for liquidity and trading experience on the Perp DEX battlefield is becoming increasingly fierce. The industry is witnessing the gradual replacement of early automated market makers (AMMs) by high-performance centralized limit order books (CLOBs). Based on zk-rollup technology, Lighter has quickly stood out, leveraging its zero-fee strategy and customized ZK circuits to attempt to redefine the standards of on-chain derivatives trading. Since ancient times, airdrops have been difficult to balance, and Lighter undoubtedly faces competition from other airdrop projects.

Ethereum L2 Decentralized Perpetual Contract Exchange (Perp DEX) Lighter officially announces the launch of its native token "Lighter Infrastructure Token" (LIT). The structure of the LIT token is designed to channel all value from Lighter's core DEX and future products to LIT holders. Income (tracked on-chain in real-time) will be allocated for ecosystem growth and buybacks based on market conditions. The team states, "We are long-term builders with the goal of maximizing the value created over the long term." The token distribution plan is: 50% allocated to the ecosystem, and the remaining 50% to the team and investors (the latter with a one-year cliff and a three-year linear vesting). The launch of this token coincides with Lighter's introduction of spot trading functionality, from

Lighter, a decentralized perpetuals exchange (Perp DEX) on Ethereum Layer 2, has officially launched its native token LIT.

Ethereum L2 Decentralized Perpetual Contract Exchange (Perp DEX) Lighter officially announces the launch of its native token "Lighter Infrastructure Token" (LIT). The structure of the LIT token is designed to channel all value from Lighter's core DEX and future products to LIT holders. Income (tracked on-chain in real-time) will be allocated for ecosystem growth and buybacks based on market conditions. The team states, "We are long-term builders with the goal of maximizing the value created over the long term." The token distribution plan is: 50% allocated to the ecosystem, and the remaining 50% to the team and investors (the latter with a one-year cliff and a three-year linear vesting). The launch of this token coincides with Lighter's introduction of spot trading functionality, from

BitMart has shown superior order book depth in Bitcoin and Ethereum perpetual markets compared to rival exchanges, resulting in tighter spreads and lower slippage during market fluctuations. This consistency indicates a robust market-making infrastructure.

Buyback and burn tokens, while M&A burns competitors. In traditional finance, buybacks are a defensive retirement option that giants resort to "due to their inability to grow further." The point of this article is: why might startup projects miss out on a moat in the illusion of buybacks? Why is expansion more important than buybacks in Web3? Buybacks are not suitable for Web3 (at least not now). By 2025, the "buyback narrative" will dominate — it is an obvious and straightforward price support method, but it has long-term structural issues. It's understandable why this idea has quickly gained popularity in Web3 — it precisely leverages Web3's core element: speculation. When a mechanism can continuously buy tokens and create a "sustainable buy volume," this design is highly tempting. It is very easy to explain and also very easy to sell.

Gate rebrands to Gate.com, obtaining licenses from MiCA and Dubai VARA. Founder Dr. Han revealed that in October, they will launch the CrossEx cross-exchange platform for professional investors to manage capital centrally. Gate Layer supports Gate Perp DEX and Gate Fun zero-code token platform.

Lighter, a perpetual decentralized exchange (perp DEX) and a major rival to Hyperliquid, is fueling airdrop speculation as Polymarket traders bet on a token launch before year’s end. Sebas, also known as Babastianj, a core contributor to the Lighter DEX, announced on the project’s Discord channel

Taiwan time on the 20th near noon, the Lighter token contract transferred 250 million LIT, suspected to be preparing for listing. But is this move too late to catch up with the Perp DEX competition? This article is from CoinW Research Institute. (Previous background: Aster, Lighter… fierce enemies encircle, Hyperliquid's siege war) (Additional background: Market share dropped from 80% to 20%, what exactly happened to Hyperliquid?) Table of Contents 1. Where does the controversy over Lighter originate: the mismatch between expected pre-commitment and information lag 2. Pre-pricing under high exposure: why is Lighter considered a "quasi-asset" 3. Ignoring TGE, has Lighter truly demonstrated product value?

Summary Recently, Lighter has become the focal point of discussions in the Perp DEX sector. Lighter is actively traded, its points system operates stably, and Coinbase has included it in its listing roadmap; however, the token issuance date and specific details remain unclear, leading to market expectations being advanced while key information lags behind, sparking controversy. Unlike projects that rely solely on incentives, Lighter attracts a large number of long-term users through an efficient matching mechanism and a good trading experience, demonstrating strong product value. This has caused the market to start valuing it based on mature asset standards in advance, thereby amplifying disagreements. The entire Perp DEX sector is at a critical stage of transitioning from “incentive-driven” to “value-intrinsic” development. How to design tokens that can effectively motivate users while reasonably reflecting the platform’s true value has become a common challenge in the industry. The past projects’回

Perpetuals trading platform Synthetix is returning to Ethereum’s mainnet, with its founder arguing the network is now more than capable of supporting high-frequency financial applications after years of network congestion drove derivatives activity elsewhere. “By the time perp DEXs became a

Perpetual decentralized exchanges, often called Perp DEXs, have become a core part of on-chain trading. These platforms let users open leveraged long and short positions straight from their crypto wallets without giving up control of their funds. Interest exploded over the past two years as

Perp DEX Aggregator VOOI is about to take a key step in its ecosystem development. According to the project team’s announcement, the airdrop of its token VOOI will officially open at 8:00 PM Beijing time on December 18, and will be available for 30 days. Meanwhile, Binance Alpha also announced that VOOI will go live on December 18, and users who meet the points criteria can participate in the airdrop. This series of actions marks the transition of this decentralized trading platform, which focuses on “chain abstraction” and “CEX-like experience” and has accumulated over $8.5 billion in trading volume, from the product stage to a comprehensive community and market operation phase.

Author: Jaleel加六 This is one of the most important upgrades in Hyperliquid's history. All the upgrades to various DeFi protocols and Perp DEXs in the crypto market over the past have actually been addressing the same issue: how to make limited funds generate greater liquidity. Traditional financial derivatives markets have had an extremely effective solution: Portfolio

TON／BNB Ecosystem Perp Trading Platform Tradoor Rumored to Be a Victim of Malicious Rug Pull (Background: From Sahara to Tradoor, a review of recent scam coin "fancy decline" tactics) (Additional context: Bitcoin 70% of dark web trading volume suddenly evaporates: Abacus Market suspected of rug pull) According to community insiders who leaked to Dongqu, the TON／BNB ecosystem Perp trading platform Tradoor is suspected of experiencing a team rug pull. The insider claims that Tradoor manipulated the self-issued token $TRADOOR through malicious trading, violently pumping and dumping, dropping from $2.4 to $0.7 within two weeks, then violently pumping again to $6.6 to attract buying interest. > Tradoor

Aster has introduced a new trading feature aimed at traders who want speed and leverage without exposing their positions to the market. Summary Aster launched Shield Mode on Dec. 15, offering private BTC and ETH perp trading with leverage up to 1001x. Trades execute instantly with zero

Lighter—a decentralized perpetual futures exchange built on Ethereum's zk-rollup technology—has claimed the throne in the competitive Perp DEX arena, clocking a staggering $8.83 billion in 24-hour trading volume and edging out rival Hyperliquid's $8.52 billion.

At 9 p.m. Beijing time on December 9, HyENA, a new Perp DEX developed by the Based team, officially landed on Hyperliquid and supports the use of USDe as margin. HyENA is supported by the Ethena Foundation and brings a new trading model to the on-chain perpetual market by improving the efficiency of capital utilization, allowing previously idle margin assets to continue to earn income during trading. The launch of HyENA further expands USDe's ecological landscape and introduces institutional-grade margin efficiency to the on-chain perpetual market. More efficient perpetual trading with USDe HyENA allows users to open perpetual contract positions with USDe as margin/collateral assets, and can obtain the most eligible USDe margin in the first month of listing

Market Growth: Perp trading surpasses $1 trillion, with new platforms gaining significant market share. HYPE Price: The token fell 13%, struggling below major moving averages despite platform dominance. Trader Activity: Open interest and liquidity remain strong, showing confidence despite price he

SEOUL, South Korea, Dec. 6, 2025 /PRNewswire/ — MemeMax, the first Perp DEX built within the MemeCore ecosystem, has extended its ‘MaxPack Airdrop Campaign’ following strong community participation and a 400% surge in network transactions. Originally scheduled to end on December 4th, the event

Aster (ASTER) is accumulating around the 1.05 USD level at the time of writing on Friday, reflecting the overall gloomy sentiment of the cryptocurrency market. The native token of the decentralized exchange (DEX) specializing in perpetual contracts had previously bounced from the 0.88 USD low set during Monday's session.

Why is the competition among Perp DEXs essentially a competition of "risk models"? Perpetual contracts are the highest-value, most frequently traded products in the on-chain financial ecosystem, and they also present the most pronounced systemic risks. The Risk Model of Perp DEXs: The Lifeline of the Protocol The risk model is the dynamic risk control hub of the protocol, determining whether it can survive extreme market conditions. It is similar to the risk engine in traditional finance, but with even greater complexity, since on-chain systems cannot rely on temporary manual intervention. A mature Perp DEX risk model is a system composed of several core components, with its architecture and interconnections illustrated in the diagram below: Figure 1: (This diagram shows how the risk model processes input from price feeds through the core risk control layer, ultimately passing through the risk buffer layer to deliver overall system stability and capital efficiency. It reveals how the price model, margin rules, liquidation mechanism, and insurance

The "First Phase Trading Mining" event launched by the Sun Wukong (SunX) platform, with its "negative fee rate" incentive mechanism, has attracted a large volume of trading in the Perp DEX market. Trading volume has exceeded 410 million USDT, and users have saved 76,853 USDT in fees. The event enhances liquidity through dual incentives, and the buyback and burn of SUN tokens help stabilize their value. It aims to provide users with a low-cost, high-liquidity trading experience. The event will end on December 6.

[PERP](https://www.gate.com/post/topic/PERP) In the cryptocurrency sector, perpetual trading strategies are increasingly favored by investors. Investors with skills in perpetual contract trading can leverage PERP tokens for in-depth analysis, thereby uncovering the secrets of leveraged crypto trading. Decentralized perpetual trading platforms such as Gate have become dominant forces in the perpetual token market trend. This article will share detailed strategies and tips to help you stand out in the complex market of 2025. With the tools and methods we provide, you will be able to more effectively realize potential returns in this highly competitive financial world. PERP token represents the cutting-edge direction of decentralized perpetual contract trading. According to current market data, PERP token has a circulating supply of approximately 66 million, a total supply of 150 million, a current price of $0.10, and a total market

Daily activity in on-chain perpetual futures markets spiked sharply at the start of December, with cumulative volume rising from $28 billion on Nov. 30 to more than $51 billion by Dec. 2 according to DefiLlama metrics analysed by Outset PR: New day, new momentum on our radar 📡Perp markets are he

The article analyzes the role of the OI/TVL ratio in risk assessment of trading platforms, pointing out that a higher ratio indicates greater platform risk. The average ratio for CEX is 0.5, mature Perp DEX should be below 1, while some rapidly growing Perp DEX have ratios exceeding 3.

According to Mars Finance reports, the volume of the decentralized perpetual exchange reached $1.2 trillion in October, declining to $1.13 trillion in November, a decrease of 5.83%, but still a rise of 71.7% compared to September. Lighter, Hyperliquid, and Aster dominate the volume share.

Event Overview Image: [https://web3.ldd678.com/en/campaigns/30](https://web3.ldd678.com/en/campaigns/30) To thank our users for their support of Gate Perp DEX, we are launching the "King of Long and Short Personal Peak Competition"—a trading competition purely determined by individual trading skills! Whether you are a bullish player or a bearish hunter, as long as you complete profitable trades during the event period, you will have a chance to compete for a rich prize pool. You only need to rely on your personal strength to defeat other participants and earn the title of the strongest "King of Long and Short"! The core metric of the event is "Long and Short Points." By participating in trading and accumulating Long and Short Points, you will rise on the event leaderboard and ultimately compete for a series of rewards. Whether you are bullish or bearish in the market, you...

While decentralized perpetual exchanges, or perp DEXes, clocked an eye-popping $1.2 trillion in volume in October, the data reveals their November tally eased slightly, trading a bit softer than the prior month’s fireworks. While the dip clocked in at just $70 billion, November’s perp DEX haul

LOOKS lost 78% in November 2025 as NFT trading volume fell over 40%. PERP dropped 65.87% amid declining liquidity and Total Value Locked in the protocol. DEEP fell 48.82% as trading activity and orderbook usage across DEXs decreased significantly. Recently, the price of Bitcoin plummeted to $86K.

The US stock market's Perptual Futures have become a new investment direction for smart money. The three major platforms, trade.xyz, Ostium, and Lighter, offer leverage of up to 100 times, supporting 24/7 trading. This article will conduct a deep comparison of the trading mechanisms, risk control designs, and actual performances of each platform. (Background: The crypto market has entered a Bear Market; what major events are mainstream Perp DEXs currently involved in?) (Background Supplement: The "invisible hand" of Perp DEX: How centralized capital manipulates decentralized markets?) Money always flows to where more money is, and liquidity is always in pursuit of deeper liquidity. The market capitalization of Bitcoin is 1.7 trillion USD, while the total market capitalization of the US stock market exceeds 50 trillion USD. Tech giants like Apple, Microsoft, and Nvidia have market capitalizations that can easily crush half of the entire crypto assets market. More and more smart money.

Written by: Jaleel Jia Liu, Rhythm Money always flows to where there is more money, and liquidity is always in pursuit of deeper liquidity. The market capitalization of Bitcoin is $1.7 trillion, while the total market capitalization of the US stock market exceeds $50 trillion. Tech giants like Apple, Microsoft, and Nvidia each have a market value that can crush half of the entire cryptocurrency market. An increasing number of savvy crypto investors seem to have reached a subtle consensus that trading cryptocurrencies is really not as good as trading US stocks. The U.S. stock market is deeply intertwined with the global economy, geopolitics, and technological innovation, and its volatility and topicality are far richer than any single cryptocurrency. This level of global attention is something that Meme coins and altcoins will never be able to reach. including major Perp DEXs in the crypto industry such as Hyperliquid, Trade.xyz, Ostium, and Lighter.

Author: Frank, PANews Since the launch of the HIP-3 growth model, this flagship product is rapidly becoming a new business growth engine for Hyperliquiid, not only driving explosive growth in market trading volume with a tenfold increase in monthly trading amount, but also injecting more innovative vitality and liquidity into the Perp DEX segment. Behind the surge in trading volume is HIP-3, which aims to become the underlying trading foundation for future decentralized markets. However, this transformation journey is far more rugged than the data suggests. The monthly trading volume has increased more than tenfold, with the main driving force being the growth model. The full name of the HIP-3 proposal is "Builder-Deployed Perpetuals." Its core idea is to decentralize the "market creation rights" from the core protocol team to the community and developers. Under the HIP-3 architecture, Hyperl

According to TechFlow news on November 27, the world's first Chinese decentralized futures trading platform Sun Wukong (SunX) will hold a themed live broadcast today at 20:00 (UTC+8) titled "Sun Wukong 72 Debate: From Fee Rebates to SUN Buyback and Destruction, A Comprehensive Breakdown of the Million Dollar Mining Activity!" At that time, crypto KOLs such as Zane. Zizi, SexyMichill, Kawaii Biscuit, DePig, and San Shu.Btc will be invited to attend and engage in in-depth discussions regarding the trends of the crypto market and the future trends of Perp DEX. According to previous news, the first phase of the "Trading Mining" event for Sun Wukong (SunX) will take place from November 21, 20:00 to December 6, 20:00 (UTC+8), with a total prize pool of up to 1.35 million.

Coinbase Ventures recently revealed the nine most promising areas for 2026, including RWA Perptual Futures, specialized exchanges, prediction market aggregators, composable Decentralized Finance, unsecured credit lending, privacy assets, as well as AI agents, Bots data collection, and Proof of Humanity. This list serves not only as Coinbase's investment guide but also reveals the next narrative direction for the encryption industry. The rise of RWA perp? Moving from tokenization to "everything as Perpetual Futures". Coinbase believes that Perptual Futures will be the fastest way to bring RWAs on-chain, and it is more flexible than traditional asset tokenization. RWA Perptual Futures can provide exposure to various real-world assets such as oil, inflation, credit spreads, and private company valuations without the need to hold physical assets. With the transaction

The cryptocurrency market is undergoing significant changes, and the era dominated by market makers is coming to an end. The liquidation events on 10·11 and 11·03 dealt a heavy blow to market makers, prompting the market to return to a true price mechanism. The trend toward on-chain solutions is clear, from the rise of Perp DEXs like Hyperliquid to the launch of Aave V4 and mobile financial products. Cryptocurrency is regaining its core values and breaking free from parasitic systems.

Although the entire crypto market seems to have returned to another "bear market," everyone's enthusiasm for new sectors hasn't diminished much. Especially in the derivatives sector, the Perp DEX space—many traders and community users are focusing more on high-frequency, structured, and points-based perpetual markets. This is why some Perp DEXs that haven't issued tokens are still able to deliver astonishing numbers even in a sluggish environment. This momentum is set for a concentrated breakout in December: two top-tier Perp DEXs without tokens are about to have their TGE. Will they be able to recreate the frenzy seen when Aster launched, or even replicate that wave of phenomenal market performance? Many users, myself included, are eagerly anticipating it. BlockBeats has compiled a list of the leading Perp DEXs by trading volume and buzz, summarizing their key events and developments from the past two to three weeks.

Despite the Bear Market in the crypto market, Perp DEX remains popular. edgeX will launch the seal meme coin and plans to collaborate with longer to promote its ecosystem. Lighter has completed a $68 million funding round, achieving a valuation of $1.5 billion, showcasing the vitality and potential of the market.

PANAMA CITY, Nov. 21, 2025 /PRNewswire/ — Grvt, the preeminent DEX (decentralized exchange) for onchain financial privacy that is powered by zero-knowledge (“ZK”) technology, is proud to announce the official debut of the Grvt Global Trading League (GTL), an innovative, esport-style trading

Written by: Deep Tide TechFlow Introduction The market is bleak, but there are still a few projects doing well, and Aster is one of them. According to CoinGecko's data on November 19, $ASTER has increased by over 7.7% in the past 24 hours, with a 7-day increase of 18.4% and a 14-day increase of 32.1%. As one of the most successful TGE projects this year, the market has become more focused on Aster's subsequent direction after witnessing the remarkable achievement of Aster TGE's increase of over 2800% within the week. After all, having witnessed many TGE peak performances, it is only when there are continued users, transactions, and revenue after the TGE that it can be considered to have truly withstood the test of the market and the community. At the same time, 2025 as Perp