Perp DEXs nearly triple volume in 2025 as onchain derivatives mature

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

Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching roughly $12.09 trillion, up from about $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 alone. 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. 

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