Onchain Perps Drove Crypto Derivatives Growth in 2025

According to Coinbase researcher David Duong, crypto derivatives activity surged in 2025, primarily driven by traders utilizing onchain perpetual futures due to the lack of a traditional altcoin season, leading them to seek higher returns via leverage. Decentralized platforms like Aster and Hyperliquid accounted for much of this volume, pushing monthly perpetual futures volume past $1 trillion by year-end. Perpetual futures, which offer leveraged exposure without expiration, are evolving from simple trading vehicles into core, composable DeFi primitives. Competition is intensifying, with platforms like Hyperliquid, Aster, and Lighter showing massive trading volumes, and Duong suggests equity perpetual futures could be the next growth area by combining 24/7 crypto access with exposure to major US equities.

(Source：Cointelegraph)