Perp DEX Volumes Nearly Triple in 2025 as Onchain Derivatives Scale

• Perp DEX trading volume reached a record high of 12.09T by 2025, having reached 65% of total lifetime volume within a year
• Activity remained more concentrated during the second half of the year, exceeding the aggregate of the first half for the fourth quarter.
• Hyperliquid’s dominance came under threat as Aster and Lighter received massive traction.

Perpetual DEXs ended 2025 with a substantial increase in trading volumes as total volumes rose to $12.09 trillion compared to a mere $4.1 trillion during the start of the year. This is a clear indication of a breakout year for derivatives trading through onchain.

According to DefiLlama, approximately $7.9 trillion, or close to 65% of total lifetime perp DEX volume, was registered in 2025. This proves that decentralized perpetual markets grew at a lightning-fast pace over the course of a single year.

Momentum intensified toward year-end. In December, perp DEXs processed $1 trillion in trading volume, continuing a trend that began in October when monthly volumes first crossed the trillion-dollar mark. As a result, onchain derivatives captured a growing share of leveraged trading activity traditionally dominated by centralized exchanges.

From niche products to core trading venues

The first Perpetual DEXs emerged sometime in 2021, and the pioneers in the field of perpetual futures in the decentralized space include dYdX and Perpetual Protocol. The initial adoption in this field was gradual, not explosive.

But this changed in 2023, when the appearance of the hyperliquid markets brought about a paradigm shift in the industry. Improved speed of execution, a deeper level of liquidity, and a design that caters to the needs of the trader contributed to the rapid growth experienced in 2025.

Second-half surge reshapes the market

Even though new volumes were set in the year 2025, market activities remained concentrated on the second half of this year. Statistics reveal that the volume of trade done in the first half of the year was $2.1 trillion, compared to $5.74 trillion recorded in the second half. This made up 73% of the annual trade.

In the first half, trading activity was stable and regular, with no peaks reflecting speculation, since it is based on mature usage. However, the third quarter saw an acceleration in volumes, and Q4 marked the turning point, where the monthly level broke $1 trillion every month.

It’s worth mentioning that the volume of Q4 alone was greater than the combined volume of the first half of the year, marking the beginning of a clear turn of events. The more developed markets and the improved execution process drove the perp DEXs towards being the primary markets for leveraged trading instead of secondary markets.

Hyperliquid faces rising competition

Hyperliquid dominated the perp DEX market throughout 2025, particularly during the first six months. The volumes traded on this platform every month during this period remained between 175 billion dollars and 248 billion dollars, which was significantly higher than those traded by its competitors.

On the other hand, rivals like Aster and Lighter were quite small in the beginning of the year. Both of them reported single-digit billions, though Lighter didn’t grow much till after the first quarter.

However, there has been an adjustment in the competition throughout the year. After June, Aster and Lighter outpaced Hyperliquid every time. Lighter increased its business monthly below $50 billion to above $100 billion by Q3, symbolizing the confidence of traders.

The most resilient challenge came through in Q4. Aster reported explosive growth in October and November, with volumes of $259 billion in each month. Towards the end of the year, the numbers indicated a shift from the mono-pad to the competitive multi-pad ecosystem.

With the close of the year 2025, it is evident that perp DEXs are now a staple of the future of the cryptocurrency derivatives market.

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