Perpetual DEX Trading Volume Surges to $12.09 Trillion in 2025
- Cumulative trading volume for perpetuals decentralized exchanges (DEXs) reached $12.09 trillion, up from $4.1 trillion at the year’s start.
- Approximately $7.9 trillion of this total was generated in 2025, accounting for 65% of all perp DEX trading volume.
- In December alone, trading volume hit $1 trillion, a milestone first achieved in October.
- The second half of the year saw about $5.74 trillion in trading volume, representing a significant increase over the first half’s $2.1 trillion.
- Hyperliquid dominated early in the year but faced increased competition from platforms like Aster and Lighter by Q4.
The rapid growth of onchain derivatives reflects a shift towards decentralized trading venues as liquidity and execution improved significantly throughout the year.
By the end of the year, perpetuals DEXs had established themselves as primary venues for leveraged trading, with Q4 volumes surpassing those of the entire first half of the year.(Source)
