Decentralized perpetual contracts exceed $1 trillion in monthly volume as traders shift toward leverage-driven strategies.
Crypto derivatives markets saw a significant acceleration in 2025, driven largely by the rapid growth of onchain perpetual futures. As spot market momentum remained uneven, traders increasingly turned to decentralized derivatives platforms, pushing perpetual contracts into a central role within the broader crypto trading ecosystem.
Onchain Perpetual Futures Volume Surpasses $1 Trillion
By the end of the year, decentralized platforms were processing over $1 trillion in monthly perpetual futures volume, marking a major milestone for onchain derivatives. This surge reflects a behavioral shift among traders, who sought amplified exposure through leverage amid the absence of a sustained altcoin rally.
Perpetual futures allow traders to gain leveraged exposure without expiry dates, enabling capital-efficient positioning and continuous market access. The availability of high leverage with relatively small upfront capital has made these instruments especially attractive during sideways or selective market conditions.
Decentralized Platforms Lead the Growth
The expansion has been led by a small group of onchain exchanges. Platforms such as Aster, Hyperliquid, and Lighter accounted for a substantial share of total activity. Over the past 30 days alone, decentralized perpetual futures generated approximately $972 billion in trading volume.
Among them, Lighter processed around $203 billion, followed by Aster with nearly $172 billion and Hyperliquid at roughly $161 billion. Hyperliquid’s momentum accelerated after expanding from derivatives into spot trading, reinforcing liquidity across its ecosystem.
tokenized equity perpetuals are emerging as a potential next frontier, combining 24/7 access, leverage, and global reach. If adoption continues, onchain perpetual futures may become a foundational layer of digital financial markets rather than a niche trading product.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.