In 2025, perpetual decentralized exchanges (perp DEXs) nearly tripled their trading volume, bolstered by platforms like Hyperliquid, Aster, and Lighter, which collectively processed over $972 billion monthly onchain derivatives across leading cryptocurrencies.
The surge in perp DEX volume underscores the maturation of onchain derivatives, attracting traders seeking leverage amid stagnant altcoin markets, with major implications for the broader cryptocurrency landscape.
The perpetual DEX sector has seen unprecedented growth, with monthly volumes surpassing $1 trillion by the close of 2025.
Driven by key platforms like Hyperliquid and Aster, the sector recorded significant spikes in volume, according to DeFiLlama. Key players such as Hyperliquid, Aster, and Lighter have emerged as leaders in the market. Hyperliquid, a platform attracting attention since its launch in 2023, achieved record monthly volumes of $319 billion in July 2025.
$68 Million Funding Boost for Lighter Reflects Market Faith
Lighter secured $68 million in funding, highlighting investor confidence in perpetual DEXs as they command 26% of the futures market. Platforms became pivotal as they enabled leveraged crypto exposure amidst fewer altcoin opportunities. Increased trading volumes suggest a growing acceptance of onchain platforms in the DeFi ecosystem. Coinbase research indicated platforms are emerging as central components within these markets, shifting from isolated trading to core financial tools.
Hyperliquid’s 2024 Success Repeats in 2025 Surge
The revival of perpetual DEXs in 2025 mirrors previous traction, particularly Hyperliquid’s success in 2024. Past trends saw year-on-year market growth, hinting at a return to dominance as reflected in historical trading patterns. David Duong, a Coinbase researcher, noted that perpetual futures are evolving beyond traditional high-leverage trades. As these markets mature, they’re expected to continue shaping DeFi’s landscape dramatically.
Nevertheless, we think perpetual futures are evolving beyond isolated, high-leverage trading vehicles and are becoming core, composable primitives within DeFi markets.
— David Duong, Researcher, Coinbase
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