Changpeng “CZ” Zhao announced the emergence of the “perp DEX era,” as various projects rush to create their own permissionless markets. Zhao has voiced support for Aster DEX while encouraging others to engage in this competitive space.
Binance’s co-founder Changpeng Zhao proclaimed the beginning of the “perp DEX” era in a recent message on X. He is recognized for endorsing the perpetual futures trading model on Binance, which has been challenged by Hyperliquid.
Zhao referenced an earlier message on X, where he noted that perpetual futures DEX might obscure their positions to evade aggressive counter-trading.
> Whoa, now everyone wants to be Perp Dex.
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> More players will grow the market size faster. Rising tide lifts all boats.
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> Long term, the best builders win. DYOR.
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> Perp Dex era! https://t.co/BLKSGBe4Ii
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> — CZ 🔶 BNB (@cz_binance) September 24, 2025
Though decentralized futures markets have been explored previously, the emergence of Hyperliquid has spotlighted the model. The combination of a venue catering to large traders, a valuable native token, and significant liquidity encouraged other teams to replicate the Hyperliquid format. Perpetual DEX apps promise predictable fees.
ASTER, BNB Enter Price Discovery
The daily focus from Zhao has pushed both ASTER and BNB into a price discovery phase. ASTER reached a new all-time high above $2.37, soaring another 22% within a day, while trading record volumes exceeding $2.9B.
ASTER surged to a new all-time high above $2.37 as interest in perp DEX platforms grows daily. | Source: Coingecko
Meanwhile, BNB continues to trade above $1,000, down from its peak of $1,077. The tokens received a boost from the recent announcement regarding the inclusion of perpetual DEX swaps via Trust Wallet.
> Perps are coming soon to Trust Wallet.
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> 100+ markets & up to 100x leverage. Powered by @Aster_DEX
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> Advanced trading, designed for everyone. pic.twitter.com/aZOtF67ouT
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> — Trust Wallet (@TrustWallet) September 24, 2025
HYPE, the native token of Hyperliquid, has faced a downturn, dropping to $45 due to fluctuations in demand for Hyperliquid coupled with the rising popularity of the ASTER asset.
In contrast, smaller or more established perpetual DEX projects have not responded as positively. Historical leaders like GMX have remained relatively steady. Perpetual DEXs from previous DeFi market cycles have also seen little movement and are currently in the red, with perpetual DEX tokens valued at $22B, as traders concentrate on the most popular assets.
Demand for Perp DEXs
The rise of perpetual futures DEXs correlates with the expansion of on-chain trading culture, as many traders face regional and KYC barriers limiting access to centralized markets. DEXs now account for over 18.5% of market volumes, providing liquidity for new assets that may take significant time to appear on centralized listings.
Perp DEXs have proven their worth as producers of fees while also featuring strong native tokens with anticipated long-term growth and revenue sharing.
The value model and clear tokenomics have met demand for initiatives such as Hyperliquid, which provides a transparent route to revenue-sharing without insider VC sales. Moreover, perpetual DEXs are non-custodial, alleviating fears of asset loss similar to the fallout from the FTX collapse.
Perpetual DEX tokens have replaced memes, reintroducing the utility narrative and generating real value.
The new perpetual DEXs are attracting significant traders while remaining consumer-oriented. Active markets alongside Hyperliquid and Aster include Pacifica, EdgeX, Avantis, and Lighter. Currently, Hyperliquid continues to be the go-to venue for high-profile traders, challenging emerging markets to lure in high-value participants.
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