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#ASTER Decentralization Perptual Futures exchange (Perp DEX) daily volume skyrocketed from billions of dollars at the beginning of 2024 to over 100 billion dollars in October 2025, a rise of more than 25 times. Hyperliquid's market share plummeted from 70% to 10%, while Aster skyrocketed to 70% out of nowhere, and Lighter's Mainnet launch captured 15%. The three major DEXs are battling with speed, multi-chain capabilities, and zero fees as their weapons. This article deeply compares the technical advantages and risks of Hyperliquid, Aster, and Lighter, analyzing who can laugh last in the DEX market.