Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
BNB DEXs Could Overtake Hyperliquid on Perp Volume as Retail Traders and Quants Fuel On-Chain Growth

BNB DEXs Could Overtake Hyperliquid on Perp Volume as Retail Traders and Quants Fuel On-Chain Growth

CoinotagCoinotag2025/09/27 19:33
By:Jocelyn Blake

  • Retail and quants are fueling DEX growth with incentives and low-latency fills.

  • Institutions continue to use CEXs for fiat, compliance and prime services.

  • Onchain order-book DEXs now match CEX latency and depth; Aster recently posted higher daily perp volume than Hyperliquid.

Decentralized exchanges (DEXs) close the CEX execution gap—learn why retail, quants and onchain order books are driving a new era of perps. Read now.

Retail and quants are fueling DEXs like Hyperliquid, while CEXs hold institutional ground. Aster’s rise adds new pressure to the onchain race.






What is driving DEX adoption among retail traders and quants?

Decentralized exchanges (DEXs) are attracting retail traders and semi-professional quants because they combine onchain transparency, incentive programs and low-latency fills. Platforms with onchain central limit order books deliver auditable order flow and sub-second finality while preserving self-custody and low per-trade friction.

How do DEXs match CEX execution quality?

Order-book based DEXs—examples include Hyperliquid, dYdX v4 and GMX—have narrowed the execution gap by optimizing chain finality and off-chain sequencing to reduce latency. These designs aim to deliver deep liquidity and fast fills while recording every order and fill onchain for auditability.

Competition on alternative chains has intensified. On BNB Chain, Aster’s incentive campaigns recently pushed daily perp volume to record highs, at times surpassing Hyperliquid.

BNB DEXs Could Overtake Hyperliquid on Perp Volume as Retail Traders and Quants Fuel On-Chain Growth image 0
Top 10 DEX perps. Source: DefiLlama

Why do institutions still prefer CEXs?

Institutions favor centralized exchanges for fiat rails, fiat on/off ramps, compliance tooling and prime brokerage services. These capabilities support large block trading, custody integrations, and regulated reporting—essentials for institutional desks that DEXs currently struggle to match at scale.

When do hybrid models make sense?

Hybrid models make sense when liquidity and compliance requirements coexist. Over the coming decade, expect architectures that combine onchain settlement and auditability with offchain fiat rails and custody—blending the strengths of DEXs and CEXs into interoperable workflows.

How do recent volumes compare between Aster and Hyperliquid?

Recent onchain metrics show Aster hitting roughly $47 billion in daily perp volume versus about $17 billion for Hyperliquid over a comparable 24-hour window, according to aggregated data from industry trackers. These spikes were driven by targeted incentive programs and onboarding flows.

Daily perp volume snapshot Protocol Recent Daily Perp Volume (approx.) Primary Chain
Aster $47 billion BNB Chain
Hyperliquid $17 billion Proprietary chain

What risks should traders consider on DEXs?

DEXs expose traders to onchain-specific risks: validator or sequencer centralization, oracle failures, exploitable upgrade keys, bridge vulnerabilities, and liquidation engine stress during volatility. Exchanges occasionally reimburse affected traders; for example, Aster reimbursed traders after a Plasma (XPL) perpetual market glitch caused price spikes and forced liquidations.

Frequently Asked Questions

Can DEXs replace CEXs for institutional trading?

Not yet. Institutions rely on fiat rails, compliance and custody which CEXs provide. DEXs are improving execution but need broader institutional tooling before fully replacing CEX workflows.

How do onchain order books improve transparency?

Onchain order books record orders, cancellations and fills publicly, enabling independent audits and forensic analysis. This increases market transparency and reduces information asymmetry for traders.

What should retail traders watch for on fast-growing DEXs?

Monitor incentive sustainability, smart contract upgrade controls, oracle reliability and any reported sequencer centralization. Short-term volume spikes can mask lower long-term organic liquidity.

Key Takeaways

  • Adoption drivers: Retail incentives and quant strategies are primary forces behind DEX volume growth.
  • Execution parity: Order-book DEXs now approach CEX latency and depth while offering auditable onchain records.
  • Coexistence: Expect hybrid models that combine onchain settlement with fiat rails and institutional tooling.

Conclusion

Decentralized exchanges are closing the technical and execution gap with centralized platforms, driven by retail incentives, quant demand and improved onchain order books. Institutions still depend on CEX infrastructure for fiat and compliance, so coexistence and hybrid architectures are the most likely path forward. Watch incentive sustainability and protocol risk as the market matures.



In Case You Missed It: Bitcoin Could See Q4 Rally If It Holds $107K and ETFs Absorb Outflows
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

AVNT Plunged by 1059.99% Within a Day During Intense Market Fluctuations

- AVNT plummeted 1059.99% in 24 hours on Sep 28, 2025, with 3155.62% 7-day losses amid extreme volatility. - Analysts attribute the crash to shifting market sentiment, algorithmic trading, and large participant positioning realignment. - Technical analysis and backtesting strategies are being evaluated to assess systematic risk mitigation and momentum shifts. - Despite short-term declines, AVNT rose 6816.05% over 1 month and 1 year, highlighting complex market dynamics.

Bitget-RWA2025/09/28 05:52
AVNT Plunged by 1059.99% Within a Day During Intense Market Fluctuations

WLFI Jumps 53.27% in a Day as Price Spikes Briefly

- WLFI surged 53.27% in 24 hours and 548.78% in a week, but fell 1109.21% over 1 month and 1 year. - Short-term bullish momentum contrasts with long-term bearish trends, attracting retail and institutional investors. - Technical indicators suggest potential upward pressure, though caution is advised due to broader bearish context. - Analysts link gains to on-chain activity or strategic shifts by major holders, despite no official announcements.

Bitget-RWA2025/09/28 05:42
WLFI Jumps 53.27% in a Day as Price Spikes Briefly

Fed Rate Cut Hopes Fade as Crypto ETFs See $660M Outflow

- Bitcoin and Ethereum ETFs recorded $660M net outflows as macroeconomic uncertainty and regulatory scrutiny drove investor caution. - Major issuers like Fidelity (FBTC/FETH) and Grayscale (GBTC/ETHE) led redemptions, with cumulative Ethereum ETF outflows hitting $500M. - Prices fell 1.7% for Bitcoin and 1.5% for Ethereum, while the Crypto Fear and Greed Index hit 32, signaling extreme bearish sentiment. - Analysts warn of deeper corrections if key support levels break, with institutional flows and U.S. in

Bitget-RWA2025/09/28 05:18
Fed Rate Cut Hopes Fade as Crypto ETFs See $660M Outflow

Investors Rush to MoonBull’s Structured Presale: 27.40% Surge Drives 24,540% ROI Pursuit

- MoonBull ($MOBU) offers 24,540% ROI via a 23-stage presale with 27.40% price hikes per stage, targeting $0.00616 listing price. - Structured incentives include 95% APY staking, 2% transaction reflections, and 1% token burns to drive value appreciation and liquidity. - A 15% referral bonus and audited smart contracts aim to build trust, contrasting with Shiba Inu's speculative model through fixed supply and locked liquidity. - The project's Ethereum-based infrastructure and 73.2B token supply prioritize c

Bitget-RWA2025/09/28 05:18
Investors Rush to MoonBull’s Structured Presale: 27.40% Surge Drives 24,540% ROI Pursuit