Onchain Perpetual Futures Hit $12 Trillion Lifetime Volume
Decentralized perpetual futures exchanges delivered a breakout year in 2025, with cumulative trading volume reaching $12.09 trillion, nearly tripling from $4.1 trillion at the start of the year. The surge highlights how onchain derivatives have matured into core trading infrastructure within the crypto market.
Roughly $7.9 trillion in perpetuals volume was generated during 2025 alone, accounting for 65% of all lifetime perp DEX trading. Activity accelerated sharply in the second half of the year, with December alone recording $1 trillion in volume, extending momentum that began in October when monthly volumes first crossed the trillion-dollar mark.
The first half of 2025 contributed about $2.1 trillion, while the second half delivered approximately $5.74 trillion, representing 73% of annual activity. This shift marked a transition from steady baseline usage to rapid expansion as liquidity deepened and execution improved.
Onchain Derivatives Become Primary Trading Venues
Perpetual DEXs, which emerged around 2021, increasingly functioned as primary venues for leveraged crypto trading rather than alternatives to centralized platforms. By the fourth quarter, quarterly volumes exceeded the entire first half of the year, underscoring accelerating adoption.
While Hyperliquid dominated early 2025, maintaining monthly volumes between $175 billion and $248 billion, competitive pressure intensified mid-year. Lighter scaled from under $50 billion to over $100 billion per month, while Aster surged to roughly $259 billion in monthly volume in October and November.
By year-end, the data reflected a shift from a single-leader market to a more competitive, multi-platform perpetual DEX ecosystem, signaling the continued evolution of onchain derivatives.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.