{"id":22683,"date":"2025-09-30T11:07:04","date_gmt":"2025-09-30T11:07:04","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2025\/09\/30\/best-perpetual-dex-to-watch-in-2025\/"},"modified":"2025-09-30T11:07:04","modified_gmt":"2025-09-30T11:07:04","slug":"best-perpetual-dex-to-watch-in-2025","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2025\/09\/30\/best-perpetual-dex-to-watch-in-2025\/","title":{"rendered":"Best Perpetual DEX To Watch In 2025"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"c1\"><span class=\"c3\">Perpetual decentralized exchanges have quietly become one of the hottest corners of crypto. Traders are flocking to them for leverage, transparency, and the chance to move fast without relying on centralized platforms. In 2025, daily volumes on some of these protocols are hitting numbers that rival the biggest CEXs \u2014 yet not all growth is created equal. Behind the eye-catching figures, each project tells a different story when you look at its total value locked, open interest, and how it handles fees.<\/span><\/p>\n<p class=\"c1\">This article takes a closer look at the top five perpetual DEXs shaping the market right now \u2014 Aster, Lighter, Hyperliquid, Jupiter, and Avantis \u2014 breaking down what the data really says about their strength and staying power.<\/p>\n<h2 id=\"h.iel8gngfa54i\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Aster\"\/><span class=\"c4\">Aster<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\"><span class=\"c3\"><a href=\"https:\/\/nftevening.com\/what-is-aster\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener\">Aster<\/a> is without a doubt the name everyone is talking about right now. In just the past 24 hours, it pushed through $66 billion in perpetual trading volume, adding up to $331 billion over the week and $356 billion over the past month, according to DefiLlama. That\u2019s nearly three-quarters of all perp DEX activity in a single day \u2014 an almost surreal level of dominance.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfmr58ykXG-9iXgiWpBsScJjzw7F4t96dq2cDeptR7CQt0Yu796r9nL51fWS8VHaJQvnVQHGsLbdSsGmfKJPLx1p6A9v7Zm9qNXdOBXAC2v-C7t0_RH5ZxW-4Ny0cEB4mzsLr7o4g?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Aster\" width=\"1600\" height=\"654\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">But raw volume doesn\u2019t tell the whole story. When you look at how much capital is actually locked inside the protocol, the picture changes. Aster\u2019s total protocol TVL is $2.2 billion, which sounds strong, yet the perp side alone has only $34.26 million locked across BSC, Ethereum, and Solana. In other words, it\u2019s generating volumes thousands of times larger than the collateral it holds \u2014 a sign of extreme capital turnover, high leverage, and likely heavy incentives.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdiZjK6TNCy7NaMwfu5dePlOImm9lJR9pjZDhaVLqNA6DmVymdZR6FE41tMoB3L5re3fQ8LpNBSvhX8DiXIdAiMAbXdv44C7Q6FQX2UCcPAY2ImM46MYMxGVRt-Eo40XwHBuwn7MQ?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Aster\" width=\"1600\" height=\"656\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdiZjK6TNCy7NaMwfu5dePlOImm9lJR9pjZDhaVLqNA6DmVymdZR6FE41tMoB3L5re3fQ8LpNBSvhX8DiXIdAiMAbXdv44C7Q6FQX2UCcPAY2ImM46MYMxGVRt-Eo40XwHBuwn7MQ?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Aster\" width=\"1600\" height=\"656\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">At the same time, Aster isn\u2019t just smoke and mirrors. Daily fees have climbed above $25 million, putting it at the very top of the entire DeFi landscape. That\u2019s a strong sign that a good chunk of this trading activity is real.<\/span><\/p>\n<p class=\"c1\"><span class=\"c2\">Tokenomics:<\/span><\/p>\n<ul class=\"c11 lst-kix_o4hggxvfu4ve-0 start\">\n<li class=\"c1 c6 li-bullet-0\">Token: <a href=\"https:\/\/nftevening.com\/recommends\/binance-trade\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"inline-coin\" data-id=\"aster\" data-wpel-link=\"internal\"><span class=\"inline-coin__symbol\">ASTER<\/span><span class=\"inline-coin__price\"\/><\/a><span class=\"c3\">\u00a0(launched September 2025).<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Utility: powers both perps and spot trading, plus features like MEV-aware execution.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Vesting: milestone-based unlocks designed to stagger supply.<\/span><\/li>\n<\/ul>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf-XSYic1x-xuvwcyKU9GoQjhsAjx8wUvZUK1FuztwnXpX19jNBRxNBEnKswsHqLWnUC0fqr2SzC2cgmGtJqPRJo9j4PssbQXAjPDfMjL_Xt31iu8MJEt6DcsgVqXUMBB1Xdg3YIg?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Aster\" width=\"1600\" height=\"1286\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXf-XSYic1x-xuvwcyKU9GoQjhsAjx8wUvZUK1FuztwnXpX19jNBRxNBEnKswsHqLWnUC0fqr2SzC2cgmGtJqPRJo9j4PssbQXAjPDfMjL_Xt31iu8MJEt6DcsgVqXUMBB1Xdg3YIg?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Aster\" width=\"1600\" height=\"1286\"\/><\/p>\n<p class=\"wp-caption-text\">ASTER for long term growth<\/p>\n<\/div>\n<h2 id=\"h.m6dw7030rye7\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Hyperliquid\"\/><span class=\"c13\">Hyperliquid<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\"><span class=\"c3\"><a href=\"https:\/\/nftevening.com\/what-is-hyperliquid\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener\">Hyperliquid<\/a> has been around long enough to build a reputation for reliability. It processed $7 billion in perp volume in the last 24 hours, with $72 billion over 7 days and $280 billion in 30 days. That puts it at about 5% of the market, well behind Aster but still comfortably among the leaders.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcg6ffgFYRE4GcGCebXShbgCwKuhCP8xWrOnMEllo3n7BJnrvVzxIkJVfr-1m9CugHcqYBtv_VuzrWgLzbz6aXygRQFYMLXXOdkLZIYwesMJOrWzY3qiYVrL7oz66KzJHE4rryr?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Hyperliquid\" width=\"1600\" height=\"660\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcg6ffgFYRE4GcGCebXShbgCwKuhCP8xWrOnMEllo3n7BJnrvVzxIkJVfr-1m9CugHcqYBtv_VuzrWgLzbz6aXygRQFYMLXXOdkLZIYwesMJOrWzY3qiYVrL7oz66KzJHE4rryr?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Hyperliquid\" width=\"1600\" height=\"660\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">What sets Hyperliquid apart is depth. Its open interest is roughly $12.93 billion, showing traders are willing to keep serious positions open. And unlike Aster, it has the collateral base to back it up: TVL sits around $2.7 billion, one of the largest in the industry. That makes its liquidity feel sturdier and less reliant on short-term incentives.<\/span><\/p>\n<blockquote>\n<p>For more: <a href=\"https:\/\/nftevening.com\/hyperliquid-deep-dive-2\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener\">Hyperliquid Deep Dive: Understand HYPE and HLP Model<\/a><\/p>\n<\/blockquote>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXehZQR9UMNG1X5OZilDNjk-a2yo80YkEzz3i63FkrVm-fV8cWConN_nn090ug3juVnf7lywubirN3lI6FCwiQN0p_vckqKh3pqJl4IY4Y-FNvrIOxtHycDfei_NwxWLCsUOBGf-Tw?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Hyperliquid\" width=\"1600\" height=\"596\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXehZQR9UMNG1X5OZilDNjk-a2yo80YkEzz3i63FkrVm-fV8cWConN_nn090ug3juVnf7lywubirN3lI6FCwiQN0p_vckqKh3pqJl4IY4Y-FNvrIOxtHycDfei_NwxWLCsUOBGf-Tw?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Hyperliquid\" width=\"1600\" height=\"596\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">The platform runs entirely on Hyperliquid L1, a custom-built chain that powers its on-chain order book. Instead of handing fees straight to token holders, nearly all trading fees flow into a fund that buys back its native token, HYPE.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Hyperliquid reached new all-time highs with $29B in 24h volume and $7.7M in 24h fees. <a href=\"https:\/\/t.co\/uTs0JE5ch8\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">pic.twitter.com\/uTs0JE5ch8<\/a><\/p>\n<p>\u2014 Hyperliquid (@HyperliquidX) <a href=\"https:\/\/twitter.com\/HyperliquidX\/status\/1956187895779176514?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\">August 15, 2025<\/a><\/p>\n<\/blockquote>\n<p class=\"c1\"><span class=\"c2\">Tokenomics:<\/span><\/p>\n<ul class=\"c11 lst-kix_pohd6ydp0epx-0 start\">\n<li class=\"c1 c6 li-bullet-0\">Token: <a href=\"https:\/\/nftevening.com\/recommends\/binance-trade\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"inline-coin\" data-id=\"hyperliquid\" data-wpel-link=\"internal\"><span class=\"inline-coin__symbol\">HYPE<\/span><span class=\"inline-coin__price\"\/><\/a><span class=\"c3\">.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Mechanism: 99% of trading fees go into an Assistance Fund that buys back HYPE.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Ecosystem: supports both perp and spot markets.<\/span><\/li>\n<\/ul>\n<div class=\"b-cta-wrapper\">\n<div class=\"b-cta b-cta--stack\">\n<div class=\"b-cta__image\"><a href=\"https:\/\/nftevening.com\/recommends\/hyperliquid\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" width=\"225\" height=\"225\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2025\/03\/hyperliquid-logo.png\" class=\"image-fit wp-post-image\" alt=\"hyperliquid logo\"\/><\/noscript><img loading=\"lazy\" decoding=\"async\" width=\"225\" height=\"225\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2025\/03\/hyperliquid-logo.png\" class=\"lazyload image-fit wp-post-image\" alt=\"hyperliquid logo\"\/><\/a><\/div>\n<\/div>\n<\/div>\n<h2 id=\"h.kpu7s4urthj\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Lighter\"\/><span class=\"c4\">Lighter<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\"><span class=\"c3\">Lighter has taken the second spot with $8 billion in daily perp volume, alongside $64 billion over the week and $161 billion for the month. The project is building something quite different: a zk-rollup order book on Ethereum that lets anyone verify matches and liquidations on-chain. It\u2019s more about trustless infrastructure than splashy campaigns.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcc_rjKcmmpnK-ZkCJ2iRMAs1AE6eelM7G35aHTERJicuab0g6_AqsNJmRtsb_9pRBOZ7iNz4nUZfrZoVMWkpMjr1FlloOIHiyzsJdsQ7kLMoFLQ_OyBgG-GyDhvYE1V68WrYgX1A?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Lighter\" width=\"1600\" height=\"1253\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcc_rjKcmmpnK-ZkCJ2iRMAs1AE6eelM7G35aHTERJicuab0g6_AqsNJmRtsb_9pRBOZ7iNz4nUZfrZoVMWkpMjr1FlloOIHiyzsJdsQ7kLMoFLQ_OyBgG-GyDhvYE1V68WrYgX1A?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Lighter\" width=\"1600\" height=\"1253\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">That philosophy shows up in its numbers. Lighter\u2019s TVL is still relatively small compared to its trading figures, meaning the same pool of capital is being recycled over and over. While that can raise eyebrows, the rollup design does at least guarantee that trades are legitimate.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcbvvjUSJOFza1WltOn4PGHiS42vHaM-bIJrXWD_whUa_EYUVPVKeX3NwmlqWzIFeo6DaaJ9Q9OfdiRv_TqvwV_kM4N9LGH9MRc2ix4r9m0YFpCibea3xarZ8trtAAlcJHYvfxGRQ?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Lighter\" width=\"1600\" height=\"1266\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcbvvjUSJOFza1WltOn4PGHiS42vHaM-bIJrXWD_whUa_EYUVPVKeX3NwmlqWzIFeo6DaaJ9Q9OfdiRv_TqvwV_kM4N9LGH9MRc2ix4r9m0YFpCibea3xarZ8trtAAlcJHYvfxGRQ?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Lighter\" width=\"1600\" height=\"1266\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c2\">Tokenomics:<\/span><\/p>\n<ul class=\"c11 lst-kix_nojlt7tyk3dk-0 start\">\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Token: not yet released.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Incentives: points-based system in place, with airdrop expectations running high.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Tech focus: zk-rollup with verifiable matching and liquidation logic.<\/span><\/li>\n<\/ul>\n<h2 id=\"h.e6rk9hs1bvha\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Jupiter\"\/><span class=\"c4\">Jupiter<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\">Jupiter made its name as Solana\u2019s go-to swap aggregator, but in 2025 it\u2019s become a serious player in perpetuals too. On some days it processes over\u00a0$1 billion in daily perp volume,\u00a0<span class=\"c3\">according to DefiLlama, which places it among the most active Solana-based venues. The advantage Jupiter has over rivals is obvious: it already controls the bulk of liquidity routing on Solana, so plugging in perps was a natural next step.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfti3wCVV3VUQ8zK-LCP73xLNEUhBIKW-31KyYTIVJNQzK5RhyQ-V63v1Cc3ldfGls7XcCoklvI4tfoYb0P8gm-PdMaeqoHchf0IIE_Jdd8UVog37ycLt_7Lk5K4pW0h6i8eUAp8g?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Jupiter\" width=\"1600\" height=\"653\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfti3wCVV3VUQ8zK-LCP73xLNEUhBIKW-31KyYTIVJNQzK5RhyQ-V63v1Cc3ldfGls7XcCoklvI4tfoYb0P8gm-PdMaeqoHchf0IIE_Jdd8UVog37ycLt_7Lk5K4pW0h6i8eUAp8g?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Jupiter\" width=\"1600\" height=\"653\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">TVL numbers are less eye-popping than trading flow, with perp liquidity pools hovering in the tens of millions. That gap suggests Jupiter is leaning heavily on aggregation efficiency rather than deep in-house collateral. Still, open interest has been growing steadily, and because it sits at the center of the Solana ecosystem, Jupiter has a stickiness that newer standalone perp DEXs can\u2019t easily replicate.<\/span><\/p>\n<p class=\"c1\"><span class=\"c2\">Tokenomics:<\/span><\/p>\n<ul class=\"c11 lst-kix_yl2wd23qk6ll-0 start\">\n<li class=\"c1 c6 li-bullet-0\">Token: <a href=\"https:\/\/nftevening.com\/recommends\/binance-trade\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"inline-coin\" data-id=\"Jupiter\" data-wpel-link=\"internal\"><span class=\"inline-coin__symbol\">JUP<\/span><span class=\"inline-coin__price\"\/><\/a><span class=\"c3\">.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Utility: used for governance and incentive programs across Jupiter\u2019s aggregator and perpetual markets.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Distribution: community airdrops already live, with ongoing incentive emissions.<\/span><\/li>\n<\/ul>\n<h2 id=\"h.vwvftetb7mao\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Avantis\"\/><span class=\"c4\">Avantis<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\"><span class=\"c3\"><a href=\"https:\/\/nftevening.com\/what-is-avantis-avnt\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener\">Avantis<\/a> is a newer entrant but one that\u2019s making waves quickly. Built on Arbitrum, it positions itself as a derivatives hub offering perpetual futures, options, and structured products. Daily perp volumes recently climbed into the hundreds of millions of dollars, putting it just outside the top five by trading activity.<\/span><\/p>\n<div style=\"width: 1610px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeXqQNtlkDaF7NXFCALVDYm5JhbT-41d5xmMAyX3GTDQ_QqpIQvQgU4QPvm_ImJbXMREOv2EIYxb6t9VGXxaRc1VdULVPfO3Bto8KEF2I3RnOSx5ZqtGDywtEEv32B2qDZuupoOQg?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Avantis\" width=\"1600\" height=\"659\"\/><\/noscript><img class=\"lazyload\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeXqQNtlkDaF7NXFCALVDYm5JhbT-41d5xmMAyX3GTDQ_QqpIQvQgU4QPvm_ImJbXMREOv2EIYxb6t9VGXxaRc1VdULVPfO3Bto8KEF2I3RnOSx5ZqtGDywtEEv32B2qDZuupoOQg?key=bu9bNPRrmn-AYWM8ZB1GKg\" alt=\"Avantis\" width=\"1600\" height=\"659\"\/><\/p>\n<p class=\"wp-caption-text\">Source: DefiLlama<\/p>\n<\/div>\n<p class=\"c1\"><span class=\"c3\">What stands out about Avantis is its capital model. TVL has grown past $50 million, modest compared to giants like Aster or Hyperliquid, but the protocol shares real yield from trading fees back to stakers. That\u2019s helped attract sticky liquidity and given it an edge in a market where many platforms burn through incentives without long-term alignment.<\/span><\/p>\n<p class=\"c1\"><span class=\"c3\">The project has been transparent about publishing open interest and fee dashboards, making it easier to gauge how sustainable growth actually is. While Avantis is still small in absolute terms, its design suggests it\u2019s more focused on building a healthy base than chasing headline volumes.<\/span><\/p>\n<p class=\"c1\"><span class=\"c2\">Tokenomics:<\/span><\/p>\n<ul class=\"c11 lst-kix_ne74w69mygfn-0 start\">\n<li class=\"c1 c6 li-bullet-0\">Token: <a href=\"https:\/\/nftevening.com\/recommends\/binance-trade\/\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"inline-coin\" data-id=\"avantis\" data-wpel-link=\"internal\"><span class=\"inline-coin__symbol\">AVT<\/span><span class=\"inline-coin__price\"\/><\/a><span class=\"c3\">.<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\"><span class=\"c3\">Utility: staking earns a share of protocol fees (\u201creal yield\u201d).<\/span><\/li>\n<li class=\"c1 c6 li-bullet-0\">Incentives: emissions program live on Arbitrum to bootstrap liquidity.<\/li>\n<\/ul>\n<blockquote>\n<p>For more:\u00a0<a href=\"https:\/\/nftevening.com\/avantis-avnt-list-binance\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener\">Avantis Will Be Listed on Binance HODLer Airdrops!<\/a><\/p>\n<\/blockquote>\n<h2 id=\"h.69z4ssx5x165\" class=\"c10\"><span class=\"ez-toc-section\" id=\"Conclusion\"\/><span class=\"c13\">Conclusion<\/span><span class=\"ez-toc-section-end\"\/><\/h2>\n<p class=\"c1\"><span class=\"c3\">On the surface, Aster looks unstoppable with three-quarters of all daily perp volume. But when you layer in TVL, the story isn\u2019t as straightforward. Aster\u2019s perp side has very little collateral compared to its trading flow, suggesting incentives and leverage are doing a lot of the heavy lifting. Hyperliquid, by contrast, has billions locked in and nearly $13 billion in open positions, giving it a sturdier base. Lighter is betting on speed and verifiability, though they\u2019re still working with relatively small pools of capital.<\/span><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/nftevening.com\/best-perpetual-dex\/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=best-perpetual-dex\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Perpetual decentralized exchanges have quietly become one of the hottest corners of crypto. Traders are flocking to them for leverage, transparency, and the chance to move fast without relying on centralized platforms. In 2025, daily volumes on some of these protocols are hitting numbers that rival the biggest CEXs \u2014 yet not all growth is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2025\/09\/Best-Perpetual-DEXs-To-Watch-in-2025-01.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/22683"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=22683"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/22683\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/22684"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=22683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=22683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=22683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}