Perp DEX Market 2025: $7.9 Trillion Annual Revenue and the Rise of New Competitors

2026-01-12 08:23:36

Abstract generation in progress

The decentralized perpetual contract ecosystem experienced explosive growth in 2025. According to analysis data from DeFiLlama, the cumulative trading activity on Perp DEX platforms totaled $12.09 trillion by the end of the year – a remarkable increase from $4.1 trillion at the beginning of the year.

Extraordinary Growth in the Second Half of the Year

Market dynamics were clearly unevenly distributed. While the first half of the year showed moderate activity, 73 percent of the total turnover was concentrated in the last six months of 2025. In particular, the second half generated a volume of $5.74 trillion.

Growth accelerated further in the fourth quarter. October, November, and December were characterized by record-breaking trading volumes – each month surpassed the $1 trillion mark. This concentration highlights the increasing maturity of the market and the growing confidence of traders in decentralized derivatives solutions.

Competitive Dynamics: Innovations Challenge Established Providers

The ranking of leading platforms experienced a significant shift. While Hyperliquid had long dominated the top spot, Aster and Lighter showed impressive performance. In November and December, both platforms managed to surpass Hyperliquid’s monthly contract trading volume – a sign of increasing competition and diversifying market shares.

This shift indicates that the Perp DEX market is maturing and users are increasingly choosing between different platforms based on fee structures, user-friendliness, and innovative features.

PERP0,25%

HYPE6,64%

ASTER5,71%

LIT2,94%

View Original

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.