Perp Dexs Almost Triple Volume In 2025 As Onchain Derivatives Mature

Trading activity concentrated in the second half of the year as Hyperliquid’s early lead faced increasing pressure from Aster and Lighter.

Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching $12.09 trillion, up from $4.1 trillion at the start of the year.

DefiLlama data shows that about $7.9 trillion of this lifetime total volume was generated in 2025. This means that 65% of all perp DEX trading volume occurred in a single calendar year. This concentration highlights how rapidly onchain derivatives scaled in 2025.

In December alone, perpetuals trading volume reached $1 trillion, carrying momentum that started in October, when monthly volumes first reached $1 trillion.

The increase reflects a sharp acceleration in onchain derivatives usage in the last 12 months, as perpetuals DEXs absorbed a growing share of leveraged crypto trading activity.

Perpetuals DEXs began to emerge around 2021, with dYdX and Perpetual Protocol widely credited as among the earliest platforms to offer decentralized perpetual futures onchain.

The sector’s growth accelerated sharply in 2023, when the emergence of Hyperliquid marked a turning point.

The almost $8 trillion in volume generated throughout 2025 was largely concentrated in the second half of the year.

DefiLlama data reveals that the first half of 2025 accounted for about $2.1 trillion, while the second half delivered about $5.74 trillion in volume, representing 73% of the year's overall record.

Trading activity remained relatively stable through the first half of 2025, suggesting a consistent baseline of onchain derivatives usage, rather than a breakout phase.

Source: CoinTelegraph