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On-Chain Perpetual Futures Volume Hits $51.3 Billion Record

On-Chain Perpetual Futures Volume Hits $51.3 Billion Record

Perpetual contract DEXs saw September trading volume surge to $1.05 trillion, with BNB Chain’s Aster leading at $420 billion while Hyperliquid’s activity dropped sharply.

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Fact Check
The statement is directly confirmed by multiple sources. Evidence from Binance and TheCryptoBasic explicitly states, 'On September 23, total on-chain perpetual futures volume hit a record $51.3 billion.' This is further corroborated by CoinStats, which reported a new record of over $50 billion on the same day, reinforcing the claim.
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Summary

Perpetual contract decentralized exchanges recorded $1.05 trillion in trading volume for September 2025, up 48% from August’s $707.6 billion. BNB Chain-based Aster led the market with $420 billion, surpassing Hyperliquid, which fell to $282.5 billion, down 29% month-over-month. Ethereum Layer 2-based Lighter ranked third with $164.4 billion despite still being in beta.

Terms & Concepts
  • Perpetual Contracts: A type of derivative contract with no expiration date, allowing traders to speculate on price movements of assets indefinitely.
  • Decentralized Exchange (DEX): A cryptocurrency exchange that operates without a central authority, allowing peer-to-peer trading directly on the blockchain.
  • BNB Chain: A blockchain network developed by Binance that supports smart contracts and decentralized applications, widely used for DeFi and trading.