The trading volume of perpetual contract DEXs is projected to reach approximately $7.9 trillion in 2025, with Aster and Lighter surpassing Hyperliquid...
TL;DR
Perpetual contract DEX trading volume hit $7.9 trillion in 2025, with Aster and Lighter overtaking Hyperliquid in Q4. Activity surged in the second half, accounting for 73% of the year's total.
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According to Foresight News , data from DeFiLlama shows that the cumulative trading volume of perpetual contract decentralized exchanges (Perp DEX) reached approximately $12.09 trillion by the end of 2025, nearly doubling from $4.1 trillion at the beginning of the year. In 2025 alone, approximately $7.9 trillion in trading volume was generated, accounting for 65% of the historical total.
Trading activity is concentrated in the second half of 2025, with a trading volume of $5.74 trillion, accounting for 73% of the total for the year. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The competitive landscape of the Perp DEX market changed in Q4, with Aster and Lighter both surpassing Hyperliquid in monthly contract trading volume in November and December.