Perp DEX Season Explodes: Avantis and Aster Rocket Upwards While Markets Tumble

Defying gravity while everything else crashes.

Perpetual decentralized exchanges are having their moment—and two tokens are leading the charge with jaw-dropping rallies that make traditional finance look sluggish.

When Everyone Zigs, Perp DEXs Zag

Avantis and Aster didn't just resist the market downturn—they punched through it. While major cryptocurrencies bled value, these perpetual trading platforms posted gains that would make Wall Street veterans blush.

The Numbers Don't Lie

Double-digit percentage surges dominated the charts as traders flocked to decentralized leverage trading. The rallies weren't just impressive—they were market-defying.

Smart Money Finds Smart Platforms

Sophisticated investors are bypassing centralized exchanges entirely, chasing higher yields and true asset control. The migration speaks volumes about where crypto's alpha generation is heading.

Meanwhile, traditional finance keeps trying to patent the wheel—bless their hearts.

Established platforms retreat

While newcomers gained momentum, tokens from established perpetual trading platforms declined over the same timeframe.

HYPE from Hyperliquid dropped 9.3% from $53 to $47.62 in the past seven days, while JUP from Jupiter fell 8% from $0.5067 to $0.4657 in the same period. Their TVLs also tanked 3.3% and 5.6%, respectively, between Sept. 14 and 22.

The divergent performance suggests that liquidity is rotating from incumbent protocols toward newer entrants as traders seek exposure to emerging platforms with growth potential.

The strong performance occurred despite the broader perpetual DEX market retracing from its Sept. 13 all-time high of $6.1 billion TVL to $5.1 billion as of Sept. 22.

The perpetual trading sector continues evolving rapidly as decentralized exchanges compete for market share through improved user experience, lower fees, and novel trading features.

However, it remains to be seen if Avantis and Aster will sustain their TVL numbers or if the capital will flow back to established platforms after the HYPE is gone.