Changpeng “CZ” Zhao announced the “perp DEX era,” after multiple projects rushed to build their own versions of the permissionless markets. Zhao has spoken in support of Aster DEX, but has also encouraged other players to enter the space.
Binance’s co-founder Changpeng Zhao announced the arrival of the “perp DEX” era in a recent message on X. Zhao has been known to support the perpetual futures trading model on Binance, which faced competition from Hyperliquid.
Zhao quoted an older message on X, where he suggested perpetual futures DEX may also obscure their bets to avoid aggressive counter-trading.
Whoa, now everyone wants to be Perp Dex.
More players will grow the market size faster. Rising tide lifts all boats.
Long term, the best builders win. DYOR.
Perp Dex era! https://t.co/BLKSGBe4Ii
— CZ 🔶 BNB (@cz_binance) September 24, 2025
While decentralized futures markets were tested in the past, it was the rise of Hyperliquid that brought the model to the spotlight. The mix of a venue for high-profile whales, a valuable native token, and deep liquidity led other teams to copy the Hyperliquid model. Perpetual DEX apps are also assured to produce predictable fees.
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.
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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