Key Highlights:
- On-chain perps volumes tripled in 2025, peaking at $1.8T in October.
- Hyperliquid lost monopoly, Lighter and Aster now match the volumes.
- Memecoins drove surge to $12T yearly total.
In 2025, on-chain perpetual contracts have experienced a great amount of growth, the trading activity has tripled year-over-year according to CryptoRank. This surge has been possible because of intense competition and a spike in memecoin-driven liquidity rotations, pushing volumes to a peak of $1.8 trillion in October.
By the end of the year 2025, overall trading settled at $864 billion. Platforms such as Jupiter, dYdX, and GMX, which have been considered as frontrunners have been eclipsed by emerging platforms like Lighter, Aster, Hyperliquid. These newly launched platforms gained comparable market shares, which made a great shift in the decentralized derivatives landscape.
2025 Volume Surge
Perpetual decentralized exchange (DEX) volumes saw a great growth in 2025, as stated above it saw tripling gain to approximately $12 trillion, with 65% of all-time trading activity concentrated in this single year, according to DeFiLlama data.
The momentum picked up its pace in the second half where it recorded $5.74 trillion in volume compared to $2.1 trillion in its first half. This is huge and it was mainly driven by memecoins and expanding DeFi participation.
October emerged as the peak month, reflecting heightened speculative fervor, while the pullback toward year-end signaled stabilizing and more mature market behavior.
Hyperliquid emerged as the early leader, consistently posting monthly volume between $175 billion and $248 billion and commanding as much as 70% market share at its peak.
However, competitive dynamics shifted later in the year as Lighter and Aster rapidly gained traction, capturing 28% and 19% of recent trading volumes, respectively, per Artemis data.
Moreover, Solana-based perpetual contracts alone generated $451.2 billion in annual volume, indicating the growing importance of chain-specific ecosystems within decentralized derivatives markets.
Shifting Market Leaders
The perpetual DEX market shifted from Hyperliquid’s near-monopoly to a close three-way competition, with Lighter and Aster matching current volumes.
Their growth pushed earlier leaders like Jupiter dYdX, and GMX temporarily behind as liquidity rotated. Hyperliquid still held over 50% market share overall, with open interest steady at $1.2 billion and positive funding rates showing continued demand.
Rising competition drove improvements in execution speed, lower fees, and on-chain settlement. These advances attracted institutional interest through partnerships such as Hyperliquid’s deals with Anchorage Digital Circle.
While centralized exchanges remained dominant, on-chain perpetuals reached up to 6% of total global crypto trading volume at their peak.
Key Drivers and Peaks
Memecoin trading cycles pushed large amounts of liquidity into perpetual contracts, driving monthly volumes above $1 trillion multiple times.
Increased volatility during altcoin seasons boosted demand for leverage, strengthening DEXs as core DeFi building blocks for future lending and yield products.
October set a record with $1.8 trillion in volume and daily spikes above $100 billion. Although activity cooled to $864 billion by year-end, volumes still far surpassed 2024 levels.
Future Outlook
Growing competition is expected to bring deeper liquidity and more user-friendly features in 2026. New leaders may expand into tokenized assets, while Hyperliquid’s scale continues to set durability standards. As volumes approach centralized exchange levels, regulatory attention could increase, though on-chain transparency remains a key advantage.
Traders increasingly moved to DEXs for non-custodial efficiency, driving open interest on major platforms to $15 billion by mid-year. This trend points to continued liquidity rotation as ecosystems like Solana compete for market leadership.
Also Read: Coinbase Integrates Solana DEX, Opening Access to 100M Users
Source: https://www.cryptonewsz.com/hyperliquid-rivals-redefine-on-chain-perps/
