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Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee as the crypto market enters another record-setting phase. Volumes are climbing to new highs, sparking debates about whether this signals strength or exposes fragility beneath the surface in a system increasingly fueled by leverage and speculation rather than steady demand.
Crypto News of the Day: Total Perps Volume Hits ATH, Surpassing $100 Billion
In late September, perpetual futures trading volume surged to an all-time high (ATH) above $100 billion. This marks a milestone for decentralized exchanges (DEXs) specializing in perpetual contracts.
The surge highlights a new phase in crypto, where speculation is the product and not just a feature. Perpetual DEXs are 24/7, self-custodial venues where traders can long or short crypto assets with leverage, without expiry dates.
Unlike centralized exchanges (CEXs), perps live entirely on-chain, with oracles and automated funding rates anchoring contract prices to spot markets.
The model has matured fast, thanks to regulatory pressure on CEXes, improved execution tech that mimics centralized speed, and a revenue meta where projects directly accrue value through fees and token buybacks.
“Crypto’s largest PMF → ability to make people rich. Perp DEXes do exactly that and allow users to long any degeneracy in our hyper-financialized world,” wrote DeFi researcher Ash.
Between 2023 and 2025, perp DEX volume jumped from $647.6 billion to $1.5 trillion, representing a 138% year-on-year surge.
Market share rose from under 10% to 26% of all perpetual futures trading globally. The second quarter (Q2) of 2025 alone saw a record $898 billion in perp volume.
Behind the boom are platforms pushing innovation at breakneck speed. Hyperliquid (HYPE), built on its own Layer-1 (L1) with a fully on-chain order book, has led the charge, funneling real value to token holders through buybacks.
Aster (ASTER) has leaned on BNB Chain integrations with dark pool orders and yield-bearing stablecoin. Others include Avantis, native to the Base chain, which blends crypto with real-world assets (RWA), and edgeX, Pacifica, and Lighter, which bring unique architectures around oracles, fairness, and execution.
Hidden Dangers Behind the Perp DEXs Boom
While the $100 billion milestone is significant, troubles abound. Critics argue that perp volumes are dwarfing spot markets.
This raises concerns that prices are being propped up by speculative leverage rather than genuine demand.
[SRC] https://finance.yahoo.com/news/perp-dexs-blowing-could-break-144007879.html
