The decentralized finance (DeFi) derivatives sector is undergoing a significant phase of rapid growth, as new perpetual exchange protocols utilize blockchain scalability and advanced institutional features to tap into a $1.2 trillion trading volume, according to a
FinanceFeeds report
. Platforms such as Astros, SunPerp, and the recently acquired ADEN are emerging as leaders in this expanding market, with competition heating up to attract both individual and institutional participants.
Astros, a decentralized exchange (DEX) set to launch on the
Sui
blockchain, emphasized the importance of liquidity infrastructure during its debut on October 27. By incorporating NAVI Protocol’s $1 billion lending pool, Astros seeks to build a self-sustaining environment where trading generates returns for lenders and offers traders access to deeper liquidity. “Perp DEXs have become the definitive benchmark for a blockchain’s capacity to support genuine financial systems,” stated founder Jerry Liu. Sui’s emphasis on derivatives reflects a broader industry movement, with the sector now representing 26% of all crypto-derivatives trading activity, as noted in a
TradingView report
.
Another major contender, SunPerp, built on TRON, has leveraged the network’s $80 billion in circulating
USDT
to provide trading without gas fees, according to an
HTX Research report
. The platform’s hybrid design—merging off-chain order processing with on-chain settlements—has driven over $1.8 billion in total trading volume since its launch in September. HTX Research highlighted SunPerp’s advanced risk management systems, such as Auto-Deleveraging mechanisms and transparent insurance reserves, as key features in a volatile market.
At the same time, Gate Ventures’ acquisition of ADEN, one of the top three decentralized perpetual exchanges, signals a wave of consolidation in the industry, as outlined in a
TradingView announcement
. ADEN’s transition to the proprietary Gate Layer Chain, a Layer 2 solution, is expected to deliver faster transactions and cross-chain compatibility, supporting more than 447 perpetual markets and leverage up to 125x. This development mirrors recent expansions by Hyperliquid and
Aster
, which have led 30-day trading volumes with $286 billion and $247 billion, respectively.
The remarkable surge in the market is fueled by blockchain platforms prioritizing derivatives infrastructure. Sui’s total value locked has reached $2.6 billion, while both
BNB
Chain and
Arbitrum
are encouraging
perp
DEX developers to attract users and increase trading revenue. Nevertheless, the sector still faces issues such as oracle weaknesses and liquidity challenges. The recent
dYdX
outage during a $19 billion liquidation event exposed some of DeFi’s infrastructure flaws, prompting exchanges to implement insurance funds and backup oracle systems, as reported by
Coinotag report
.
Despite these obstacles, the outlook for the sector remains optimistic. HTX Research anticipates that the next stage of competition will be shaped by multi-chain liquidity, institutional-grade tools, and robust tokenomics. For now, the contest to lead the perpetual DEX market continues, with platform performance and user adoption set to determine the future of DeFi’s financial landscape.