The New Wave of Perpetual DEXs
Decentralized exchanges are evolving fast. Beyond simple token swaps, a new class of perpetual DEXs is bringing on-chain derivatives and leverage to the mainstream. Two names leading today’s conversation are Aster and Avantis. This review explains what they do in plain English, why there is so much hype around them, and how this could be a real turning point for DeFi rather than just another trend.
Why this matters now
Early DEXs (think Uniswap) were groundbreaking for spot trading, but limited for advanced strategies. Perpetual contracts (“perps”) let you go long or short with leverage and no expiry date, and bringing them fully on-chain with a smooth user experience has been the natural next step. The sector’s “click moment” came with Hyperliquid, which showed that a perp DEX can feel as fast and fluid as a centralized exchange while remaining on-chain. Since then, interest has surged — and that’s the context in which Aster and Avantis are getting attention.
Aster — Trade while your collateral keeps earning
Aster is a multichain DEX that supports spot and perpetual trading. Its key idea is capital efficiency: your collateral (the funds you lock to open leveraged positions) doesn’t just sit there — it can be placed in yield-bearing tokens (like staked assets or interest-bearing stablecoins) while you trade. In short, you keep trading and your collateral can still work in the background.
Aster also focuses on usability with “Simple” and “Pro” modes and features like hidden orders. Very high leverage is available (up to 1000× on paper), showcasing the technical capability of the platform. The project is backed by YZi Labs and even received a public nod from CZ (the former CEO of Binance), which amplified visibility and positioned Aster as one of the most promising new players in the DeFi landscape.
Avantis — Built on Base, the L2 backed by Coinbase
Avantis takes a broader, multi-market approach. It’s built on Base — an Ethereum Layer-2 network backed by Coinbase — and goes beyond crypto pairs. Alongside perps on tokens, Avantis already lists forex, commodities, metals, and indices, bringing traditional markets closer to DeFi.
The platform introduces a zero-fee execution model in certain conditions and offers rebates that can balance order flow in innovative ways. Liquidity providers can choose risk profiles instead of a one-size-fits-all pool. What also stands out is the early attention from institutional investors — with backing from Pantera Capital, Galaxy Digital, and other major funds. This gives Avantis a level of credibility uncommon for new DeFi projects and underlines its role as a bridge between decentralized and traditional finance.
A short parenthesis on pioneers & the turning point
Years ago, projects like dYdX and Perpetual Protocol brought perps on-chain. The mainstream turning point for perpetual DEXs arrived with Hyperliquid, which delivered CEX-like performance entirely on-chain and drew broad market attention. That success paved the way for today’s momentum around Aster and Avantis.
Hype with substance — not just marketing
It’s fair to say Aster and Avantis are the hype of the moment. But the excitement isn’t baseless: they push on real vectors of progress — capital efficiency (collateral that can earn yield), multi-asset access (crypto plus FX/commodities), and incentive design that aims to attract both retail and more sophisticated capital. If these designs scale as expected, the impact on DeFi could be structural.
What changes for users from now on?
Practically speaking, DeFi is no longer just swapping tokens or chasing yield farms. With Aster and Avantis, users can access advanced on-chain trading, potentially diversify into traditional markets, and make better use of collateral. That means more opportunities and a broader DeFi experience. These platforms show how decentralized exchanges are becoming serious alternatives to centralized players.
Conclusion
After Hyperliquid showed what’s possible, Aster and Avantis feel like the next chapter: perp DEXs that look competitive, aim for broader market coverage, and try to make capital work harder. The momentum has real substance — and could represent a genuine turning point for DeFi.
Disclaimer: This review is for informational purposes only and does not constitute financial advice.