In the fast-paced world of decentralized finance (DeFi), perpetual futures—often called "perps"—are stealing the spotlight. These are derivative contracts that let traders bet on asset prices without an expiration date, mimicking traditional futures but on blockchain networks. Recently, industry veteran Qiao Wang, known on X as @QwQiao, dropped a bombshell tweet that's got everyone talking.

As seen in the chart from DeFiLlama, the monthly volume for decentralized perps has been skyrocketing, climbing from near-zero in mid-2021 to potentially over $800 billion by mid-2025. Wang predicts this could be a record month, but he warns against pitting specific platforms like Aster against Hyperliquid. Instead, he frames the real rivalry as onchain versus offchain trading.

Breaking Down Onchain vs Offchain in Perps

To keep it simple: Onchain trading happens entirely on the blockchain. Every trade, settlement, and record is transparent, immutable, and handled by smart contracts. Think of protocols like GMX, which has been making a strong comeback with its total value locked (TVL) nearing all-time highs, as highlighted in community replies. It's fully decentralized, reducing counterparty risk but sometimes facing scalability issues like higher fees during peak times.

Offchain, on the other hand, involves some elements processed outside the blockchain—often for speed and privacy—before settling onchain. Aster, a rising star backed by Binance, exemplifies this hybrid approach. According to reports from Crypto Briefing, Aster hit over $700 million in 24-hour volume on the Hyperliquid chain, using zero-knowledge (ZK) proofs to encrypt transaction details offchain while recording them publicly onchain. This setup offers hidden orders and better privacy, challenging pure onchain models.

Hyperliquid itself is an innovative Layer 1 blockchain designed for high-performance financial trading, aiming to bridge these worlds. But as Wang points out, comparing Aster and Hyperliquid misses the bigger picture. The debate is about philosophy: Pure decentralization (onchain) versus optimized efficiency with some offchain compromises.

Why This Matters for Meme Token Traders

At Meme Insider, we're all about how these trends impact meme tokens—the wild, community-driven assets that thrive on volatility. Perps are a playground for meme trading, allowing leveraged bets on tokens like DOGE or newer Solana-based memes without owning the underlying asset. A record month in decentralized perps could mean more liquidity and tighter spreads for meme derivatives, drawing in retail traders who prefer trustless environments over centralized exchanges.

Take edgeX, another perp DEX mentioned in recent analyses on The Block Beats, which set revenue records in September 2025. Or Lighter, popping up in community discussions—these platforms are expanding the ecosystem, making it easier to trade memes onchain.

Community reactions to Wang's tweet echo this excitement. One user touted GMX's onchain purity and TVL surge, while others predicted onchain dominance as trust in offchain systems wanes. As one reply put it, "onchain is the only option in the future."

The Road Ahead

With perp DEX volumes hitting $898 billion in Q2 2025 alone, as per BeInCrypto, the sector's growth is undeniable. Whether onchain wins out for its transparency or offchain hybrids prevail for usability, one thing's clear: Decentralized perps are evolving fast, and meme token enthusiasts should strap in.

For the full context, check out the original tweet and join the conversation. What's your take—onchain purist or offchain pragmatist?