With the institutional adoption and growing interest of retail traders, Perpetual Decentralized Exchanges (Perp DEXs) have overtaken spot exchanges in both user activity and liquidity. These DEXs provide high-leverage, on-chain trading alternatives and better liquidity options for both DeFi platforms and ordinary traders.
Perpetual trading now ranks among the top 10 DeFi protocols, surpassing $35 billion in monthly turnover. Leading projects like Hyperliquid, Drift Protocol, and Aster DEX are setting new records for decentralized derivatives performance. As a result, the Perp DEX segment is poised to become one of the most profitable narratives by 2025.
## Top Performing Perpetual DEXs of 2025
### Hyperliquid
With over 700,000 total users, Hyperliquid achieves substantial trading volumes. It focuses on ultra-fast order execution and community-driven incentives, becoming a model for on-chain perpetual contracts. Handling 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, Drift Protocol leverages Solana’s low latency and scalability to offer perpetual trading for both traders and liquidity providers. Its Total Value Locked (TVL) reached over $400 million by Q3 2025. Features such as Dynamic AMM, cross-margin trading, and vault strategies have attracted professional traders, institutional investors, and retail users alike.
### Aster
Aster has emerged as a strong competitor to Hyperliquid and operates natively on four different networks. Since its successful launch, it has become the fastest-growing perpetual DEX with a weekly trading volume of $3.5 billion. Backed by an active community, it offers high-leverage trading features, with maximum leverage reaching up to 1,001x—significantly higher than Hyperliquid’s 40x cap.
## 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. Its robust DeFi infrastructure has attracted attention from developers and institutional investors.
However, Base currently lacks a native perpetual DEX capable of accumulating significant trading activity and drawing more interest from ordinary traders. This gap presents a powerful opportunity for innovation and liquidity expansion.
BasePerp aims to become the first native perpetual DEX on the Base blockchain. It has already garnered attention from trading experts and institutional investors. Designed to deliver high-performance trading features, it leverages Base’s high scalability and security.
With native Base integration, BasePerp can provide low fees, smart liquidity routing, and efficient markets across multiple trading pairs. It is expected to drive a new wave of liquidity inflows and user activity, offering traders a transparent way to access perpetual contracts directly on Base.
This development has the potential to position Base as one of the leading DeFi ecosystems and significantly increase its TVL by 2026.
## About Perpetual DEXs
Perpetual DEXs have become a compelling new narrative within the blockchain ecosystem, providing innovative trading options for traders and investors. With dynamic platforms like Hyperliquid and Aster already demonstrating the potential of decentralized perpetual contracts, BasePerp now holds a distinct edge thanks to the robust Base infrastructure and the support of a rapidly expanding ecosystem.
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*This is a sponsored article. Opinions expressed are solely those of the sponsor. Readers should conduct their own due diligence before taking any action based on information presented in this article.*
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