Binance’s Changpeng ’CZ’ Zhao Declares the ’Perp DEX Era’ Has Arrived
Binance founder Changpeng 'CZ' Zhao just dropped a bombshell that's shaking crypto's foundations—declaring decentralized perpetual exchanges the next frontier.
The Infrastructure Shift
Perp DEX platforms are slicing through traditional finance's red tape like a hot knife through butter. No more begging for permission from centralized gatekeepers—these protocols automate what banks spend millions trying to control.
Liquidity Goes Rogue
Traders are flooding into permissionless perpetual markets that never close. The 24/7 nature of crypto meets sophisticated derivatives trading, creating a cocktail that's making Wall Street's vintage 9-to-5 model look downright antique.
Smart Contracts Take The Wheel
Code replaces brokers. Automated liquidations happen without human intervention. The entire system runs on mathematical certainty rather than banker's whims—though the 'math' part tends to get creative during market panics.
Regulatory Whack-A-Mole
Watch regulators scramble to apply 20th-century frameworks to technology that's already three steps ahead. They're bringing knife-to-gunfight energy while DeFi architects keep building bulletproof protocols.
The final frontier? A world where your trading counterparty is code rather than a bailout-dependent institution—assuming you trust the math more than the suits. And let's be honest, after 2008, who doesn't?
ASTER, BNB go into price discovery
The daily attention from Zhao has put both ASTER and BNB into price discovery mode. ASTER rallied to a new all-time peak above $2.37. The token gained another 22% for the past day, trading on record volumes above $2.9B.
ASTER rallied to a new all-time peak above $2.37, as attention to perp DEX platforms accelerates each day. | Source: Coingecko
At the same time, BNB still traded above $1,000, down from its peak at $1,077. The tokens got a boost from the recent announcement of adding perpetual DEX swaps directly through Trust Wallet.
Perps are coming soon to Trust Wallet.
100+ markets & up to 100x leverage. Powered by @Aster_DEX
Advanced trading, designed for everyone. pic.twitter.com/aZOtF67ouT
— Trust Wallet (@TrustWallet) September 24, 2025
HYPE, the native token of Hyperliquid, took another downturn, sliding to $45. The token unraveled on a mix of shifting demand for Hyperliquid and the rush to the hotter ASTER asset.
At the same time, smaller or older perpetual DEX projects are not responding to the hype. Former leaders like GMX remained relatively unchanged. Perpetual DEX from older DeFi market cycles were also unmoved and in the red. Currently, perpetual DEX tokens are valued at $22B, as traders only flocked to the hottest assets.
What caused the perp DEX demand?
Perpetual futures DEX followed the spread of on-chain trading culture, as regional limitations and KYC were preventing many traders from using centralized markets. DEXs already make more than 18.5% of volumes, and readily offer liquidity for new assets, which may take months or years for a centralized listing.
Perp DEXs also established their credibility as fee producers, in addition to having a strong native token with almost guaranteed long-term growth and revenue sharing.
The value model and transparent tokenomics also filled demand for projects like Hyperliquid, which offered a clear path to revenue-sharing and no insider VC sales. Perpetual DEXs are also non-custodial, calming the fears of a crash and lost assets, similar to the FTX bankruptcy.
Perpetual DEX tokens also replaced memes, bringing back the utility narrative and the creation of value.
The new perpetual DEX are attracting whales, but they are also consumer-oriented. In addition to Hyperliquid and Aster, other active markets include Pacifica, EdgeX, Avantis, and Lighter. For now, Hyperliquid remains the venue for high-profile whales, challenging the new markets to also attract high-value traders.
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