Welcome to US Crypto News Morning Briefing. An essential summary of the most important developments in future cryptography.
When the crypto market enters another record setting phase, grab a coffee. Volume is rising to new highs, sparking debate as to whether this signal strength or reveals vulnerabilities beneath the surfaces within systems that are increasingly fueled by leverage and speculation rather than stable demand.
The day’s crypto news: Total volume exceeds $100 billion
In late September, permanent futures trading volume surged to an all-time high of over $100 billion (ATH). This is a milestone in decentralized exchange (DEX) specialising in perpetual contracts.
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Surges highlight a new stage in cryptography. There, speculation is not just a feature, it is a product. Permanent DEX is a self-supporting venue that allows traders to leverage long or short crypto assets without expiration dates.
Unlike centralized exchange (CEXS), Perps is completely live in chains, with oracles and automated funding rates stopping contract prices and finding the market.
The model matured rapidly thanks to regulatory pressure on CEXES, improved execution techniques that mimic concentration speeds, and improved revenue meta, where projects bring direct value through fees and token buybacks.
“Crypto’s biggest PMF → ability to enrich people. PerpDexes does just that, allowing users to degenerate in our ultra-financial world,” writes Defi Researcher Ash.
Between 2023 and 2025, Perp Dex volume jumped from $647.6 billion to $1.5 trillion, representing a 138% increase from the previous year.
Market share has increased from 10% to less than 26% of permanent futures trading worldwide. The second quarter of 2025 alone saw a record $898 billion PARP volume.
Behind the boom is a platform that drives innovation at a fierce speed. Built entirely on-chain order book based on its own Layer-1 (L1), the high lipids (hype) leaked real value to the token holder through buybacks, leading the charge.
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Aster (Aster) relies on the integration of the BNB chain with Stablecoin, including dark pool orders and yields. Others include crypto and real-world assets (RWAs) and Avantis, native to the base chain, which blends Edgex, Pacifica, and Lighter.
The danger hidden behind the Perp Dexs boom
The $100 billion milestone is important, but there are plenty of troubles. Critics argue that Perp Volume is running war through the spot market.
This raises concerns that prices are supported by speculative leverage rather than true demand.
“It’s six times more volume from leverage than actual spot purchases. It’s the red flag. It’s a speculative long that supports the price, not actual demand. This kind of setup often leads to a flash rather than a breakout.”
Spot trading volume remains muted, with Perp activities sometimes over double the spot. According to Boxmining founder Michael Gu, this on-chain was able to make up for the meta, explaining why the alto season feels muted.
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This high leverage environment has severe results. With rising margin levels, even small drawdowns in Bitcoin and Ethereum can cause a cascade of liquidation.
“In hindsight, perhaps everyone on CT would mercilessly postpone and increase all leverage in the system by 100 times was not a great idea,” Defi researcher Mert Helius Chimed.
On the other hand, the contrast with the broader defi metrics is obvious. The total locked value (TVL) across the protocol has yet to regain the 2022 high, but the PERP DEX volume has increased many times.
The cutting indicates that capital is not building a long-term liquidity pool. Rather, it is stirring through leveraged bets. This milestone cement has been biased as the hottest product of ciphers in 2025.
Nevertheless, the imbalance between leverage and spot demand raises the question of whether current meetings of the crypto are built on authentic adoption or borrowed time.
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The chart of the day
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Here’s a summary of more US crypto news that continues today:
