Onchain Perps Hit $12T, Hyperliquid and Rivals Redefine 2025

Source: CryptoNewsNet Original Title: Onchain Perps Hit $12T, Hyperliquid and Rivals Redefine 2025 Original Link:

Key Highlights

• On-chain perps volumes tripled in 2025, peaking at $1.8T in October.
• Hyperliquid lost monopoly, Lighter and Aster now match the volumes.
• Memecoins drove surge to $12T yearly total.

Market Growth Overview

In 2025, on-chain perpetual contracts experienced significant growth, with trading activity tripling year-over-year. This surge was driven by intense competition and a spike in memecoin-driven liquidity rotations, pushing volumes to a peak of $1.8 trillion in October.

The sector shifted from a near-monopolistic setup dominated by Hyperliquid into a highly competitive field. By the end of 2025, overall trading settled at $864 billion. Platforms such as Jupiter, dYdX, and GMX have been eclipsed by emerging platforms like Lighter, Aster, and Hyperliquid. These newly launched platforms gained comparable market shares, marking a significant shift in the decentralized derivatives landscape.

2025 Volume Surge

Perpetual decentralized exchange (DEX) volumes saw substantial growth in 2025, tripling to approximately $12 trillion, with 65% of all-time trading activity concentrated in this single year. The momentum accelerated in the second half, recording $5.74 trillion in volume compared to $2.1 trillion in the first half, mainly driven by memecoins and expanding DeFi participation.

October emerged as the peak month, reflecting heightened speculative fervor, while the pullback toward year-end signaled stabilizing and more mature market behavior.

Hyperliquid emerged as the early leader, consistently posting monthly volumes between $175 billion and $248 billion and commanding as much as 70% market share at its peak. However, competitive dynamics shifted later in the year as Lighter and Aster rapidly gained traction, capturing 28% and 19% of recent trading volumes, respectively.

Solana-based perpetual contracts alone generated $451.2 billion in annual volume, indicating the growing importance of chain-specific ecosystems within decentralized derivatives markets.

Shifting Market Leaders

The perpetual DEX market shifted from Hyperliquid’s near-monopoly to a close three-way competition, with Lighter and Aster matching current volumes. Their growth pushed earlier leaders like Jupiter, dYdX, and GMX temporarily behind as liquidity rotated. Hyperliquid still held over 50% market share overall, with open interest steady at $1.2 billion and positive funding rates showing continued demand.

Rising competition drove improvements in execution speed, lower fees, and on-chain settlement. These advances attracted institutional interest through partnerships. While centralized exchanges remained dominant, on-chain perpetuals reached up to 6% of total global crypto trading volume at their peak.

Key Drivers and Peaks

Memecoin trading cycles pushed large amounts of liquidity into perpetual contracts, driving monthly volumes above $1 trillion multiple times. Increased volatility during altcoin seasons boosted demand for leverage, strengthening DEXs as core DeFi building blocks for future lending and yield products.

October set a record with $1.8 trillion in volume and daily spikes above $100 billion. Although activity cooled to $864 billion by year-end, volumes still far surpassed 2024 levels.

Future Outlook

Growing competition is expected to bring deeper liquidity and more user-friendly features in 2026. New leaders may expand into tokenized assets, while Hyperliquid’s scale continues to set durability standards. As volumes approach centralized exchange levels, regulatory attention could increase, though on-chain transparency remains a key advantage.

Traders increasingly moved to DEXs for non-custodial efficiency, driving open interest on major platforms to $15 billion by mid-year. This trend points to continued liquidity rotation as ecosystems like Solana compete for market leadership.