Key Developments in Perpetual DEX Revenue
On November 21, significant volatility in the cryptocurrency market led to a notable rise in protocol revenues for major Perp DEX platforms, including Hyperliquid, Aster, and EdgeX. This surge highlights increased trader activity and market interest, impacting revenue streams across main DEX protocols, with potential implications for token economics and market stability.
Record Revenue Increases Amid Market Fluctuations
Rising levels of trading activity, tied to current market conditions, led to Hyperliquid recording a $4.24 million 24-hour revenue, representing an increase of 13.3%. Similarly, Aster saw daily revenue growth of 30%, enhancing its market position.
Leading perpetual DEXs Hyperliquid and Aster saw a marked increase in protocol revenues following heightened trading activity. Hyperliquid reported a significant rise in 24-hour protocol revenue to $4.24 million, while Aster registered a 30% increase to $3.17 million. Market volatility has played a pivotal role in driving trader engagement across these platforms.
Market Reactions and Expert Commentary
Noteworthy market reactions include comments from Arthur Hayes, former BitMEX CEO, who expressed concern over potential volatility due to token unlocks, specifically mentioning an $11.9 billion unlock in HYPE tokens over the next 24 months. Market observers remain watchful of the impact these unlock events may have on token value.
"Approximately $11.9 billion worth of HYPE will unlock in the next 24 months… whales moving coins early causing concerns." — Arthur Hayes, Former CEO, BitMEX
Current Market Dynamics and Historical Context
Recent increases in trading volume and revenue in perpetual DEXs often mirror broader market volatility trends, similar to Q1 2024. Such patterns frequently lead to temporary spikes in trading token values.
As of November 21, 2025, Hyperliquid's market dynamics have shifted. Its token (HYPE) holds a market cap of $11.15 billion, though the price has fallen by 14.84% over 24 hours. Trading volume surged by over 100%, indicating substantial investor activity.
Expert insights suggest that the ongoing token unlock periods could catalyze further market adjustments. The connected volatility not only influences token prices but also affects investor behaviors across the decentralized finance landscape. Regulatory clarity remains essential as the industry adapts to these changes.