CoinWorld News reports that, according to DeFiLlama data, the total 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, about $7.9 trillion in trading volume was generated, accounting for 65% of the historical total. Trading activity was mainly concentrated in the second half of 2025, with a trading volume of $5.74 trillion, representing 73% of the annual total. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The market competition landscape for Perp DEX changed in Q4, with Aster and Lighter's monthly contract trading volumes in November and December surpassing Hyperliquid.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
CoinWorld News reports that, according to DeFiLlama data, the total 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, about $7.9 trillion in trading volume was generated, accounting for 65% of the historical total. Trading activity was mainly concentrated in the second half of 2025, with a trading volume of $5.74 trillion, representing 73% of the annual total. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The market competition landscape for Perp DEX changed in Q4, with Aster and Lighter's monthly contract trading volumes in November and December surpassing Hyperliquid.