BNB Chain Perp DEX Volume Hits Record $67B
BNB Chain Perp DEXs hit $67B volume, but 80%+ weekly surges raise wash trading concerns.
- Perp DEXs set daily volume record of $67B on Sept 24
- Aster, Lighter, and Hyperliquid each exceeded $10B
- Suspected wash trading as some 7-day volumes jump 80%+
On September 24, the perpetual decentralized exchange (Perp DEX) ecosystem on the BNB Chain reached a record-breaking $67 billion in trading volume, according to the latest dashboard data. This marks the second consecutive day of all-time highs, highlighting the sector’s explosive growth. Leading the charge were Aster, Lighter, and Hyperliquid — each surpassing $10 billion in daily trade volume.
Perpetual DEXs are becoming a dominant force in DeFi as they allow leveraged trading of crypto assets without expiry. But while the numbers are impressive, the rapid rise has raised a few eyebrows.
Suspicious Surges Hint at Wash Trading
Beyond the headline-grabbing totals, some underlying trends suggest not all is as it seems. Aside from Hyperliquid, several Perp DEXs — including Aster, Lighter, edgeX, and Paradex — each posted over $1 billion in daily volume. What’s more telling is that their 7-day average volumes surged more than 80% in a short span.
Such abrupt spikes often point toward the possibility of wash trading — a practice where users repeatedly trade with themselves to artificially inflate volume. While this tactic can help protocols appear more active and attractive to users and investors, it distorts market data and raises regulatory red flags.
What This Means for DeFi Traders
If these volume surges are indeed a result of wash trading, it could signal manipulation within some emerging DEXs. For traders, this means caution is warranted when assessing volume as a metric of trust or popularity. However, the consistent high volume of platforms like Hyperliquid, which seems to be driving genuine activity, shows there is still strong organic interest in decentralized perpetuals.
As DeFi grows, transparency and accountability will become critical in maintaining trust within the ecosystem.
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