Perpetual Protocol

Aster

Hyperliquid

Lighter

According to data from DefiLlama, perpetual DEXs processed over $1 trillion in trading volume last month, extending a three-month streak of volumes above $1 trillion that began in October 2025. October recorded the highest trading volume across perpetual DEXs, with approximately $1.4 trillion.&nbsp;
The second half of 2025 recorded over $5 trillion in volume compared to roughly $2.1 trillion in the first half. October generated the highest volume, accounting for roughly $1.4 trillion based on on-chain data, followed by November and December, both of which recorded volumes above $1 trillion. 
The second half’s volumes accounted for approximately 73% of the annual activity across the perpetual market.&nbsp;
<h3 id="span-style-font-weight-400-on-chain-data-shows-perpetual-volume-activity-tripled-in-2025-span">On-chain data shows perpetual volume activity tripled in 2025</h3>
Perpetual Protocol (PERP) and <a href="https://www.cryptopolitan.com/dydx-considers-approving-bonk-as-an-integration-partner/" rel="noopener noreferrer nofollow">dYdX</a> were among the earliest DEXs for perpetual futures trading, starting around 2021. The market has since experienced an increase in trading volume, particularly since 2023, when the <a href="https://www.cryptopolitan.com/solana-and-hyperliquid-became-revenue-leaders-for-2025/" rel="noopener noreferrer nofollow">Hyperliquid</a> decentralized blockchain entered the market. Trading volume in 2025 increased by more than 3 times compared to 2024, according to DefiLlama <a href="https://defillama.com/perps" rel="noopener noreferrer nofollow" target="_blank">data</a>.&nbsp;
<blockquote class="twitter-tweet">
 Perp volumes more than tripled in 2025
 The sector shifted from a near-monopolistic setup dominated by Hyperliquid into a highly competitive field.
 Mainly driven by liquidity rotation from memecoins, perps volume hit an ATH of $1.8T in October, retracing to $864M at the EOY.… <a href="https://t.co/jl4t3x0xby" rel="noopener noreferrer nofollow">pic.twitter.com/jl4t3x0xby</a>
 — CryptoRank.io (@CryptoRank_io) <a href="https://twitter.com/CryptoRank_io/status/2009369889341931893?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">January 8, 2026</a>
</blockquote>

Based on on-chain data, approximately $8 trillion in cumulative perpetual trading volume was recorded in 2025, surpassing roughly $2.4 trillion recorded in 2024. 
Hyperliquid DEX dominated the perpetual futures market, posting monthly volumes that exceeded $100 billion consecutively throughout the year. DEX platforms, including Aster, Lighter, and EdgeX, emerged in the second half of 2025, challenging Hyperliquid’s dominance. The narrative across the market changed when rival markets emerged, evolving to no longer being dominated by a single platform but a multi-venue landscape.&nbsp;
Hyperliquid captured approximately 71% of the perpetual contracts market in 2025. The network’s share plummeted going into November, when <a href="https://www.cryptopolitan.com/lighter-perpetual-dex-launched-its-lit-token/" rel="noopener noreferrer nofollow">Lighter</a>, Aster, and EdgeX emerged with roughly 27.7%, 19.3%, and 14.6%, respectively. 
Hyperliquid’s 2026 volume has peaked at roughly $45 billion, compared to $33 billion for Lighter, $25 billion for EdgeX, and $43 billion for Aster. In terms of fees, Aster <a href="https://defillama.com/protocol/fees/hyperliquid" rel="noopener noreferrer nofollow" target="_blank">generated</a> $358 million in annual fees, compared with $749 million for Hyperliquid.&nbsp;
Lighter even surpassed Hyperliquid in volume in December, recording approximately $200 billion in volume against Hyperliquid’s roughly $169 billion volume during the same period. Lighter’s monthly volumes grew from as low as $1.1 billion in February to the peak of $292 billion recorded in November. 
So far, Lighter trails at the third position by trading volume behind Aster and Hyperliquid.&nbsp;
<h3 id="span-style-font-weight-400-hyperliquid-s-design-architecture-supports-the-network-s-dominance-span">Hyperliquid’s design architecture supports the network’s dominance</h3>
The trading patterns across the perpetual DEXs primarily allow traders to leverage their positions rather than serving as a supplementary alternative to centralized exchanges, giving them huge leverage to amplify their exposure far beyond their initial capital. The maturity across the sector shows improved liquidity and execution capabilities that meet the requirements of professional and institutional traders.&nbsp;
Hyperliquid’s network is an L1 blockchain that is designed for derivative trading using the HyperBFT consensus mechanism. The mechanism supports sub-second order confirmation and a TPS of 200,000, surpassing many CEXs.&nbsp;
Hyperliquid’s current open interest, representing the total value of open perpetual contracts, stands at $8.95 billion. DefiLlama <a href="https://defillama.com/perps" rel="noopener noreferrer nofollow" target="_blank">data</a> shows Aster’s OI at $2.62 billion and Lighter at $1.415 billion. Aster, which launched in September, experienced a growth of roughly 2,800% within the week of its release, trading from a low of $0.08 to $2.42. Its trading volume peaked at $70 billion. At some point, it dominated the entire DEX perpetual contracts market.&nbsp;
At the time of publication, Aster was down 1.3% on the daily chart, trading at $0.7. Hyperliquid token HYPE was down 2.7%,&nbsp;<a href="https://coinmarketcap.com/currencies/hyperliquid/" target="_blank" rel="noopener noreferrer nofollow">trading</a> at $ 25.50, with a market cap of $8.66 billion. The HYPE token has increased by 4.4% since the start of 2026, with a perp volume of approximately $43 billion over the past week across the network.&nbsp;
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DEX perpetual futures end record 2025 with 3 straight months of $1 trillion monthly volume

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