Trading activity concentrated in the second half as Hyperliquid’s early lead faced increasing pressure from Aster and Lighter.
Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching $12.09 trillion, up from $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. 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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