Surge in Onchain Perpetual Futures Activity Highlights Growing Crypto Derivatives Market
Cryptocurrency derivatives trading experienced a significant uptick in 2025, primarily driven by increased activity in decentralized perpetual futures. According to research from Coinbase analyst David Duong, decentralized exchanges processed over $1 trillion in monthly perpetual futures volume by the year’s end, underscoring the expanding influence of onchain derivatives markets.
Duong explained that this growth was partly fueled by the absence of a traditional altcoin season, prompting traders to seek higher returns through leverage rather than spot trading. The unprecedented levels of leverage available in perpetual futures allowed traders to amplify their exposure with relatively small capital outlays, leading to a surge in trading activity.
Most of this activity is concentrated on decentralized platforms, with exchanges such as Aster and Hyperliquid accounting for substantial portions of the volume. Hyperliquid, which launched its onchain perpetual futures platform in late 2023, saw its trading volume reach an estimated $319 billion in July, following the addition of spot trading services. Such records exemplify the platform’s rapid growth and importance within the onchain derivatives landscape.
Perpetual futures, also known as “perps,” are crypto derivatives that enable traders to hold leveraged positions without an expiration date, providing continuous exposure to underlying asset prices. These instruments, initially prominent in spot markets, are now evolving into core components of the decentralized finance (DeFi) ecosystem. Duong believes that equity perpetual futures may represent the next frontier of growth, as tokenized stock derivatives offer 24/7 access and leverage for US equities outside regular trading hours.
Competition among onchain perpetual futures providers has intensified. For instance, Aster briefly led decentralized perpetual futures with nearly $36 billion in 24-hour trading volume shortly after its launch. In November, Lighter, an onchain platform founded by Vladimir Novakovski, raised $68 million in a funding round after launching its mainnet. According to data from DeFiLlama, the combined volume of onchain perpetual futures in the past month reached approximately $972 billion, with Lighter leading at around $203 billion, followed by Aster and Hyperliquid.
As onchain derivatives markets continue to evolve, they are increasingly viewed as fundamental, composable primitives within DeFi — transforming from isolated, high-leverage trading tools to integral elements shaping the future of decentralized finance.
This article was originally published as Onchain Perps Boosted Crypto Derivatives Growth in 2025 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Gets Its Own ‘Fear Gauge’ as Cboe Announces BITVX Index
Cboe Global Markets is bringing Wall Street’s favorite volatility playbook to bitcoin, announcing plans to launch a new index designed to track the market’s expected price swings using options tied to the popular Ishares Bitcoin Trust ETF.
BITVX: Cboe Applies VIX Methodology to Bitcoin ETF
Coinpedia1h ago
Strategy’s Michael Saylor Reveals $1.28B Bitcoin Purchase, Holdings Reach 738,731 BTC
Michael Saylor, executive chairman of Strategy, posted a brief but blunt update that stopped scrolling feeds: “Strategy has acquired 17,994 BTC for ~$1.28 billion at ~$70,946 per Bitcoin. As of 3/8/2026, we hodl 738,731 $BTC acquired for ~$56.04 billion at ~$75,862 per Bitcoin.” The numbers speak fo
BlockChainReporter2h ago
ETH 15-minute increase of 1.96%: On-chain large fund inflows and technical breakthroughs jointly amplify the rally
2026-03-09 19:15 to 19:30 (UTC), ETH achieved a short-term return of 1.96%, with the price range between 2010.14 and 2050.5 USDT, and an amplitude of 2.01%. Trading volume during this period significantly increased, market attention rapidly grew, and price fluctuations drew high investor interest.
The main driver of this movement was multiple large transfers of over 10,000 ETH on the blockchain, primarily flowing to a major exchange, indicating institutional or large investor accumulation, with positive capital inflows. At 19:15, ETH suddenly
GateNews3h ago
BTC 15-minute increase of 1.42%: On-chain capital inflow and technical breakout points resonate to trigger buying interest
From 19:15 to 19:30 on March 9, 2026 (UTC), the BTC price experienced a 15-minute return of +1.42%, with trading ranges between 68,377.3 and 69,365.3 USDT, and a volatility of 1.44%. This fluctuation far exceeds the regular intraday volatility levels, with market attention significantly heightened, and short-term buying surges intensifying the volatility.
The main driver of this movement was net inflow of on-chain funds, triggered by large transfers from major holder accounts, along with buy orders breaking through key technical resistance levels.
GateNews3h ago
Dogecoin Tests $0.090 Support After 3.4% Drop as Traders Watch Key Price Range
Dogecoin is currently trading at $0.09061 which is a drop of 3.4 percent, and the price is close to the important level of $0.09011 support.
The chart indicates a series of tests of the support zone of $0.089-$0.090, and the closest resistance is represented by $0.09353.
A hold of
CryptoNewsLand3h ago
Cardano Sees 1.7B ADA Traded as Price Tests Key Support
Key Insights
Cardano recorded more than 1.7 billion ADA in trading volume within 24 hours as market sentiment weakened and traders reacted cautiously.
On-chain data shows roughly 230 million ADA sold during the past week, which intensified selling pressure and pushed prices lower.
Cardano
CryptoFrontNews3h ago
