Perp DEX Volume Surges to $70B Amid Crypto Market Sell-Off

Daily trading volume on decentralized perpetual futures exchanges surged past $70 billion on February 5, even as crypto markets suffered a sharp sell-off.

Notably, the figure marked the second-highest daily perp DEX volume on record, trailing only the October 10 market crash last year, highlighting how traders increasingly turn to decentralized derivatives during periods of extreme volatility.

According to DefiLlama data, Hyperliquid dominated activity, posting nearly $24.7 billion in 24-hour volume and capturing 31.3% of total perp DEX trading.

The platform also recorded some of the strongest short-term growth, with volume up 90.9% day-over-day and 70% over the past week, reinforcing its position as the leading liquidity hub in decentralized perps.

Aster Perps ranked second, logging roughly $10 billion in daily volume. The protocol saw an even sharper spike in activity, with volumes jumping 101% in 24 hours and nearly 70% over seven days, as traders rotated aggressively into high-speed derivatives markets.

EdgeX and Lighter Perps followed closely, reporting $8.7 billion and $7.5 billion in daily volume, respectively. EdgeX posted a 66.3% daily increase and an eye-catching 94.1% weekly surge, while Lighter Perps recorded an 86.9% daily gain and 51.6% growth over the week.

Volatility Fuels Decentralized Derivatives Demand

The spike in trading came as Bitcoin briefly fell below $60,000 before rebounding toward $65,000, a move that wiped out more than $2 billion in leveraged positions within hours.

Moreover, the rapid liquidation wave underscored rising volatility and the growing appeal of perpetual futures, which allow traders to speculate on price movements without expiration dates.

Unlike traditional futures, perpetual contracts remain open indefinitely and rely on funding rates to track spot prices. Decentralized platforms such as Hyperliquid, Aster, and Lighter attract users with lower fees, onchain transparency, and non-custodial trading structures.

Innovation Continues to Drive Perp DEX Growth

Innovation remains a key driver of the sector’s expansion. Hyperliquid recently introduced its HIP-4 upgrade, now live on testnet, which enables outcome-based trading similar to prediction markets. The update aims to support fully collateralized event contracts, limited-risk options, and non-leveraged derivatives.

Notably, Aster recently also pushed forward with its Strategic Buyback Reserve, allocating 20–40% of daily fees toward repurchasing ASTER tokens, a move designed to reduce circulating supply.

Meanwhile, several perp DEXs now offer exposure to real-world assets such as Tesla and Nvidia shares via perpetual contracts, further pulling traders away from centralized exchanges and into decentralized markets.

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