Highlights:
- The volume of on-chain crime will triple in 2025, reaching a peak of $1.8 trillion in October.
- Hyperliquid has lost its exclusivity, and Lighter and Aster now match its volume.
- Memecoin has soared to a total annual value of $12 trillion.
According to CryptoRank, on-chain perpetual contracts will see tremendous growth in 2025, with trading activity tripling compared to the previous year. This surge was made possible by fierce competition and a surge in liquidity circulation driven by memecoins, which saw trading volume reach $1.8 trillion in October.
Perp volumes will more than triple in 2025.
The sector has gone from a near-monopoly dominated by Hyperliquid to a highly competitive field.
Driven primarily by Memecoin liquidity cycles, puff trading volume hit $1.8 trillion ATH in October and fell back to $864 million in EOY… pic.twitter.com/jl4t3x0xby
— CryptoRank.io (@CryptoRank_io) January 8, 2026
By the end of 2025, total transaction volume reached $864 billion. Platforms like Jupiter, dYdX, and GMX, which were considered frontrunners, have been overshadowed by emerging platforms like Lighter, Aster, and Hyperliquid. These newly launched platforms have gained similar market share, which has resulted in significant changes in the decentralized derivatives landscape.
Trading volume surges in 2025
Perpetual decentralized exchange (DEX) trading volume saw significant growth in 2025, according to DeFiLlama data. As mentioned above, it has tripled to approximately $12 trillion, with 65% of all-time trading activity concentrated this year, according to DeFiLlama data.
The momentum accelerated even further, recording $5.74 trillion in the second half compared to $2.1 trillion in the first half. This is massive and driven primarily by memecoins and expanding DeFi participation.
October appeared to be a peak month with heightened speculative enthusiasm, while the decline towards the end of the year meant market behavior had stabilized and matured.
Hyperliquid emerged as an early leader, consistently generating $175 billion to $248 billion in monthly transaction volume and holding a 70% market share at its peak.
However, the competitive dynamic changed towards the end of the year, with Lighter and Aster quickly gaining traction, accounting for 28% and 19% of recent volume, respectively, according to Artemis data.
Moreover, Solana-based perpetual contracts alone generate $451.2 billion in annual trading volume, indicating the growing importance of chain-specific ecosystems within the decentralized derivatives market.
Change in market leader
The persistent DEX market has gone from a near-monopoly by Hyperliquid to a tight three-way competition with Lighter and Aster now matching their scale.
Their growth temporarily left early leaders like Jupiter dYdX and GMX behind as liquidity cycles continued. Hyperliquid still maintains more than 50% of the overall market share, with open interest remaining steady at $1.2 billion and positive funding rates demonstrating continued demand.
Increasing competition has led to faster execution, lower fees, and improved on-chain payments. These developments have attracted institutional attention through partnerships such as Hyperliquid’s deal with Anchorage Digital Circle.
While centralized exchanges remain dominant, on-chain perpetuals have reached up to 6% of global cryptocurrency trading volume.
Key drivers and peaks
The Memecoin trading cycle has pushed massive amounts of liquidity into perpetual contracts, with monthly trading volume exceeding $1 trillion several times.
Increased volatility during altcoin season has increased demand for leverage, strengthening DEXes as a core DeFi component for future lending and yield products.
In October, trading volume reached $1.8 trillion, with daily spikes exceeding $100 billion. Although activity had fallen to $864 billion by the end of the year, trading volumes still far exceeded 2024 levels.
future prospects
As competition intensifies, deeper liquidity and more user-friendly features are expected to be available by 2026. New leaders can scale with tokenized assets, and Hyperliquid’s scale continues to set the standard for durability. As trading volumes approach the level of centralized exchanges, regulatory concerns may increase, but on-chain transparency remains a key advantage.
Traders are increasingly moving to DEXs for non-custodial efficiencies, with open interest on major platforms rising to $15 billion by mid-year. This trend signals an ongoing cycle of liquidity as ecosystems like Solana compete for market leadership.
Also Read: Coinbase Integrates Solana DEX, Provides Access to 100 Million Users