Perpetuals DEX Volume Hit $7.9T in 2025 as Onchain Trading Scales
Perpetuals decentralized exchanges generated $7.9 trillion in volume in 2025, marking a rapid scaling of onchain derivatives trading.Summary
Perpetuals decentralized exchanges (DEXs) concluded 2025 with a cumulative trading volume of $12.09 trillion, with $7.9 trillion of that total generated within 2025 alone, signifying that 65% of all perp DEX volume occurred in that single year. This rapid scaling was heavily concentrated in the second half of 2025, which accounted for $5.74 trillion (73% of the yearly total), accelerating significantly in Q4 when monthly volumes consistently surpassed $1 trillion. The competitive landscape also shifted; while Hyperliquid dominated the first half, rival platforms like Aster and Lighter experienced explosive growth in the latter half of the year, suggesting a transition toward a more competitive, multi-venue ecosystem for leveraged crypto trading.
(Source：Cointelegraph)