According to a recent report from HTX Research, perpetual decentralized exchanges have become one of the fastest-growing segments of DeFi.
With the institutional adoption and growing interest of retail traders, Perp DEXs have overtaken spot exchanges in both user activity and liquidity. Such DEXs provide high-leverage, on-chain trading alternatives and better liquidity options for both DeFi platforms and ordinary traders.
Perpetual trading ranks across the top 10 DeFi protocols, surpassing $35 billion in monthly turnover. With leading projects like Hyperliquid, Drift Protocol, and Aster DEX setting new records for decentralized derivatives performance, the Perp DEX segment becomes one of the most profitable narratives by 2025.
Top Performing Perpetual DEXs of 2025
Hyperliquid, with over 700,000 total users, achieves substantial trading volumes. It focused on ultra-fast order execution and community-driven incentives while it became a model for on-chain perpetuals. With over $10 billion in daily perpetual volume, it ranks at the top of Perp DEXs with a growing liquidity base supported by thousands of institutional-grade traders.
Drift Protocol, natively built on Solana, leverages Solana’s low latency and scalability to bring perpetual trading for traders and liquidity providers. Its TVL reached over $400 million by Q3 2025, while Dynamic AMM, cross-margin trading, and vault strategies attracted professional traders, institutional investors, and retailers.
Aster emerged as a Hyperliquid competitor and operates natively on four networks. After its successful launch, it became the fastest-growing perpetual DEX with weekly trading volume at $3.5 billion. Backed by an active community, it offers high-leverage trading features, with its maximum at 1,001x, while Hyperliquid tops out at 40x.
BasePerp: Next Phase for Base Trading Activity and DeFi Growth
The Base blockchain has become one of the most dynamic ecosystems in 2025. Ranking among the top five Layer-2 chains by DeFi adoption, it recently surpassed $5.2 billion in TVL. With its DeFi infrastructure, it brings attention both from developers and institutional investors.
However, Base lacks a native perpetual DEX that can accumulate trading activity and bring more interest from ordinary traders. This gap in the ecosystem presents the opportunity for innovation and liquidity expansion.
BasePerp can become the first native perpetual DEX and has already brought attention to the Base blockchain from trading experts and institutional investors. Designed to deliver high-performance trading features, it uses the Base’s high scalability and security.
Native Base integration can provide low fees and smart liquidity routing and bring efficient markets across trading pairs. BasePerp is expected to drive a new wave of liquidity inflowers and user activity, providing traders with a transparent way to access perpetual contracts directly on Base. It can potentially position Base as one of the top DeFi ecosystems and increase its TVL by 2026.
About
Perpetual DEXs became a new narrative in the whole blockchain ecosystem, providing a new trading options for traders and investors. With dynamic platforms like Hyperliquid and Aster already demonstrating the approach, BasePerp now has a distinct edge thanks to the robust Base infrastructure and the backing of a quickly expanding ecosystem.
This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.