On-chain perps are heating up. Aster (@Aster_DEX) just pulled off a milestone that puts it in direct competition with the largest decentralized exchanges.
Over the last 24 hours, Aster’s perpetual futures volume hit $11.8 billion, flipping Hyperliquid and cementing itself as one of the biggest players in the sector.
The 24-hour perp volume on Aster(@Aster_DEX) has exceeded $11.8B, surpassing #Hyperliquid.https://t.co/ZcFl2OaFxq pic.twitter.com/tGGIZjzEZq
— Lookonchain (@lookonchain) September 23, 2025
On-Chain Perps Take Center Stage
Competition among decentralized perpetual exchanges has never been this intense. Combined volumes across major perp platforms surpassed $569 billion over the past 30 days, with Aster’s surge highlighting how fast liquidity can rotate in DeFi.
What matters now isn’t just raw volume, but efficiency , the ability to generate sustainable fees relative to valuation.
Efficiency Check: Revenue-to-Market Cap Ratios
One way to measure protocol strength is to look at the ratio of revenue to market cap. A lower ratio suggests a protocol could be undervalued compared to the fees it generates.
Here are the top performers:
- Merkle Trade ($MKL): 20x
- GMX ($GMX): 100x
- ApeX Protocol ($APEX): 170x
- Gains Network ($GNS): 180x
- dYdX ($DYDX): 235x
By this measure, Merkle Trade stands out as the most revenue-efficient, while DYDX looks stretched in valuation compared to its fee capture.
Activity Check: Volume-to-Market Cap Ratios
The other angle is volume versus market cap , a higher ratio signals strong liquidity and user engagement relative to valuation.
$ASTER flips Hyperliquid in daily perps volume
Competition among perpetual DEXs for market dominance intensifies, with combined trading volumes across major platforms exceeding $569 billion over the past 30 days. pic.twitter.com/9PuGg2E3Pm
— CryptoRank.io (@CryptoRank_io) September 23, 2025
Top five by this metric:
- Merkle Trade: 500x
- ApeX Protocol: 433x
- Gains Network: 36.4x
- Drift Protocol: 35.7x
- GMX: 33.3x
Again, Merkle and ApeX dominate the field, showing that users are trading heavily compared to their token valuations.
BNB Chain vs Solana: The Fee Flip
The perp wars aren’t just about platforms; they’re also driving activity at the chain level. Over the last week, BNB Chain overtook Solana in daily fees, holding the lead for three straight days.
Here’s the breakdown:
- Sep 15–19: Solana led, peaking near $2.2M per day, while BNB Chain sat at $0.6M–0.8M.
- Sep 20–22: BNB Chain surged to $1.1M–1.4M daily, while Solana cooled at $0.85M–0.95M.
The flip wasn’t random. It coincided with the launch of Aster on BNB Chain, a move that had public backing from @cz_binance. The result: liquidity rotated toward BNB Chain, driving both users and fee revenue.
Fees are the clearest signal of demand. Users only pay for blockspace if they see value in the chain. Solana dominated earlier in September, but the narrative has now shifted in BNB Chain’s favor thanks to Aster’s traction.
For BNB, this shift is more than symbolic. It shows that the chain can still attract liquidity and capture meaningful activity despite Solana’s recent growth streak. For Aster, it’s proof that aligning with the right ecosystem can create a multiplier effect.
Aster’s surge underscores the broader migration of perp trading on-chain. The combination of deep liquidity, efficient pricing, and non-custodial access is pulling more traders away from centralized venues.
But efficiency will separate winners from losers. Protocols that generate real fees relative to their market cap, and chains that capture consistent usage, are the ones likely to dominate long term.
With an ATH price of $2.13 and perp volumes crossing $11.8B, Aster has officially entered the conversation alongside the biggest decentralized exchanges. Its rise also shifted momentum back to BNB Chain, flipping Solana in daily fees and proving that chain-level dynamics are deeply tied to protocol success.
For traders, the lesson is clear: watch the fee flows, track the volume-to-valuation ratios, and pay attention to where liquidity rotates. That’s where the next wave of opportunities will emerge.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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