Hyperliquid News Today: DeFi Perpetuals Reach $1.24 Trillion While Hyperliquid, Aster, and Solana Compete for Leadership in Trading

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Bitget-RWA2025/10/26 13:56

By:Bitget-RWA

- DeFi perpetual contracts hit $1.241T in 30-day volume (Oct 2025), driven by Hyperliquid (60% DEX share), Aster, and Solana's Percolator. - Hyperliquid dominates with $319B July volume, 35% blockchain revenue, and aggressive HYPE token buybacks absorbing 5.64% circulating supply. - Solana counters with Percolator DEX to challenge Hyperliquid, while Aster maintains $145B monthly volume despite user poaching concerns. - Market resilience seen after $20B liquidation event; DeFi perps open interest hits $16.8

The decentralized finance (DeFi) landscape is undergoing major changes as perpetual trading volumes climb to unprecedented highs, with Hyperliquid,

Aster

, and new entrants like Solana's Percolator DEX competing for market leadership. In October 2025, DeFi perpetual contracts reached an all-time high of $1.241 trillion in 30-day trading volume, propelled by platforms such as Lighter, Aster, and Hyperliquid, which together processed billions in daily trades, according to a

Coinotag analysis

. This surge highlights a broader movement of traders shifting to decentralized venues for leveraged crypto trading, attracted by robust infrastructure and appealing fee models.

Hyperliquid has solidified its position as a major force, generating 35% of blockchain revenue in July 2025 and holding a 60% share of the perpetual DEX market. Its trading volume for July hit $319 billion, far surpassing Aster’s $145 billion in the same timeframe, based on a

Coinotag report

. The HYPE token on the platform is facing a possible supply shortage, as aggressive buybacks have removed 5.64% of its circulating supply since March 2025, with forecasts suggesting the entire liquid supply could be bought back in less than two years, according to a

HYPE buybacks report

. With daily revenues reaching $4 million and a price-to-earnings ratio of just 2, HYPE stands out as a fast-growing asset within DeFi.

Solana has responded to Hyperliquid’s rise with the introduction of Percolator, a perpetual DEX built on a sharded protocol to boost trading performance on the

Solana

blockchain. Announced by Solana Labs CEO Anatoly Yakovenko, Percolator incorporates onchain programs for managing collateral and liquidity-based settlements, aiming to challenge Hyperliquid’s market share. This initiative follows a VanEck report noting Hyperliquid’s success in attracting and retaining valuable users from Solana through its intuitive platform. At the same time, Aster’s recent return to DefiLlama and its $145 billion 30-day volume demonstrate its staying power in the competitive field.

Market volatility has further fueled the appetite for perpetual contracts. In October 2025, open interest in DeFi perpetuals climbed to $16.84 billion, with Hyperliquid responsible for $7.5 billion of that total. Even after a $20 billion liquidation on October 11, trading volumes quickly recovered to new highs, showing the sector’s durability. While centralized exchanges like Binance still lead with $70.2 billion in 24-hour perpetual volume, decentralized platforms are rapidly narrowing the gap.

Experts predict that DeFi perpetuals could reach $1.3 trillion in volume by the end of the year, driven by ongoing speculation and technological progress. For investors, the competition among Hyperliquid, Aster, and Solana’s Percolator marks a crucial phase in the development of crypto derivatives. As VanEck’s Matthew Sigel points out, the migration to decentralized platforms signals a growing preference for transparency and efficiency, with HYPE and

SOL

tokens well-positioned to benefit from this shift.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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