According to @lookonchain, Aster DEX’s 24-hour perpetual futures volume exceeded 11.8 billion dollars and surpassed Hyperliquid, based on DeFiLlama’s perps dashboard data source: @lookonchain; DeFiLlama (defillama.com/perps). DeFiLlama’s perps leaderboard shows Aster ranked above Hyperliquid on 24h volume as of Sep 23, 2025, confirming the crossover in daily market share among tracked venues source: DeFiLlama (defillama.com/perps). This places Aster as the day’s highest-volume perp venue among platforms tracked by DeFiLlama, offering traders a clear reference point for venue market share monitoring source: DeFiLlama (defillama.com/perps).

According to Lookonchain, on-chain data for Sept 15–21, 2025 show total stablecoin market capitalization rose by $3.61B, with USDT and USDC balances on Ethereum increasing by $4.24B. Source: Lookonchain, Sep 22, 2025. DEX spot volume reached $118.24B, up 8.38% week over week, led by Uniswap at $23.111B (+2.10%), PancakeSwap at $20.837B (+35.77%), and Meteora at $9.092B (+28.44%). Source: Lookonchain, Sep 22, 2025. DEX perpetuals volume totaled $155.42B, a 32.31% WoW increase, with Hyperliquid at $60.065B (-8.34%), Lighter at $29.455B (+24.95%), and edgeX at $14.101B (+10.61%). Source: Lookonchain, Sep 22, 2025. Institutional and whale flows included BitMine buying 264,378 ETH ($1.11B) to hold 2,416,054 ETH ($10.12B), Strategy buying 850 BTC ($99.7M) at about $117,344 to hold 639,835 BTC ($72.12B), Metaplanet buying 5,419 BTC ($632.5M) at about $116,724 to hold 25,555 BTC ($2.88B), and Helius buying 760,190 SOL ($175M) at $231. Source: Lookonchain, Sep 22, 2025. Lookonchain noted large institutional investors continued ramping up purchases of ETH, BTC, and SOL. Source: Lookonchain, Sep 22, 2025.

According to @phantom, Hyperliquid closed the previous month with more than $5 billion in perpetual futures trading volume and achieved all-time-high open interest, indicating record outstanding positions on the venue, source: @phantom on X on Sep 5, 2025. Open interest measures the number of outstanding derivative contracts, and rising OI alongside high volume reflects increased market participation and leverage rather than a directional signal, source: CFTC Glossary and CME Group education. When OI is at records, traders should closely monitor funding rates, order book depth, and liquidation metrics because perpetual swap funding and liquidation mechanics can magnify price moves during volatility, source: BitMEX Perpetual Swap Guide and Binance Futures education.

According to Phantom, Phantom perps recorded $5 billion in trading volume over 5 weeks on Hyperliquid; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034. This equates to roughly $1 billion per week and about $143 million per day, offering a concrete run-rate benchmark for derivatives liquidity monitoring; source: Phantom on X, Aug 14, 2025 https://twitter.com/phantom/status/1956106371772113034.

According to @glassnode, Ethereum (ETH) perpetual futures volume dominance has overtaken Bitcoin (BTC) for the first time since the 2022 cycle low, setting a record volume skew in ETH's favor. This data-driven shift highlights a significant rotation of speculative trading activity into the altcoin sector, suggesting traders are reallocating capital from BTC to ETH and other altcoins. This volume transition may impact price volatility and liquidity across the crypto derivatives market, making ETH and altcoin pairs increasingly relevant for active traders (source: @glassnode).