Perpetual DEX volumes surged to a record $70 billion in one day, led by Aster — which accounted for over half the activity — driven primarily by aggressive incentive farming, high TVL growth and a spike in open interest that reached $1.25 billion within a week.
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Aster accounted for ~50% of perp DEX volume on the record day.
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Perp DEX volumes rose from $52B → $67B → $70B across three days.
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Open interest on Aster climbed to $1.25B; TVL exceeded $2B (source: DefiLlama; platform data).
Perpetual DEX volumes hit $70B, led by Aster on BNB Chain — read how incentive farming is reshaping DeFi derivatives and what traders should watch next.
Community members questioned whether the surge in trading volume reflects market conviction or aggressive incentive farming.
What caused perpetual DEX volumes to spike to $70 billion?
Perpetual DEX volumes surged after several platforms, led by Aster on BNB Chain, deployed generous incentive programs that rewarded trading, minting and token holding. The surge reflected three days of rising activity — $52B on Tuesday, $67B on Wednesday and $70B on Thursday — amplifying liquidity and open interest.
How did Aster drive the runaway volumes and what metrics rose?
Aster led the rebound in decentralized derivatives, recording nearly $36 billion in 24-hour volume on Wednesday — about half of the total perp DEX activity on Thursday. On Sept. 19, Aster logged over $400 million in daily volume and doubled its TVL; by Thursday TVL surpassed $2 billion.
Open interest on Aster rose sharply, reaching $1.25 billion in one week. These figures indicate concentrated activity: high volume plus rising open interest typically points to both speculative positions and incentive-driven turnover rather than organic, passive liquidity growth.
Why are community members concerned about incentive farming?
Users compared the current spike to prior fee-mining and incentive cycles, such as 2018 fee-mining and the 2021 DeFi summer. The concern: aggressive rewards can inflate on-chain metrics temporarily and leave retail traders exposed when incentives taper off. One community member warned: “Cash out even a small amount, unless you know what you’re doing. It is very easy to lose money at this stage of the market.”
How reliable are volume and open interest as indicators?
Volume and open interest are essential DeFi metrics but must be contextualized. Volume measures transaction activity while open interest tracks unsettled contracts. When both rise alongside large incentive programs, they may reflect reward chasing rather than long-term market conviction. Cross-referencing TVL, wallet-level data and on-chain reward allocations provides clearer signals.
Frequently Asked Questions
How much volume did perp DEXs record over the three-day surge?
Perpetual DEXs recorded $52 billion on Tuesday, $67 billion on Wednesday and $70 billion on Thursday, marking three consecutive days of record or near-record activity across decentralized perpetual markets.
What should retail traders watch for during incentive-driven rallies?
Retail traders should track reward schedules, wallet concentration, TVL stability and open interest trends. Sudden drops in rewards often precede rapid volume declines and elevated downside risk.
Key Takeaways
- Aster led the surge: Accounted for roughly half of $70B perp DEX volumes in the peak day.
- Incentives matter: Aggressive reward programs likely amplified turnover and short-term metrics.
- Risk signals: Rising open interest and TVL are positive, but concentrated wallet activity and reward dependence increase retail risk.
Conclusion
Perpetual DEX volumes hitting $70 billion highlight renewed activity in DeFi derivatives, with Aster at the center of the surge. While strong TVL and open interest suggest meaningful engagement, the dominant role of incentives means traders should proceed cautiously and verify on-chain signals before assuming sustained market conviction. Stay informed and monitor reward flows and wallet concentration for the next phase.
