Aster and Lighter are reaching the top – what has changed in perp DEX in 2025?

2026-01-12 08:48:15

Abstract generation in progress

The dynamics of the decentralized perpetual contract exchanges market underwent a spectacular transformation in 2025. According to DeFiLlama data, the scale of this phenomenon is perfectly illustrated by the growth in cumulative trading volume – from $4.1 trillion at the beginning of the year to $12.09 trillion at the end, representing nearly a two-and-a-half-fold increase.

The second half of the year heated up the market

Where was this energy concentrated? In the second half of 2025. Trading volumes then reached $5.74 trillion, accounting for 73% of the total annual volume. The revenues from trading in 2025 alone amounted to approximately $7.9 trillion – which is 65% of the entire historical value that has ever flowed through such platforms. October, November, and December were particularly hot – each surpassing the $1 trillion mark.

Change of the sheriff in the market

But that’s not all. In Q4, there was a shift in the competitive landscape. Aster and Lighter changed the hierarchy – their monthly volumes in November and December surpassed the results of Hyperliquid, the previous leaders. They are no longer just emerging players – they are players who are actually taking over most of the trading activity. For market observers, it is clear that the structure of perp DEX has undergone a fundamental transformation, and investors are genuinely shifting their activity to new platforms.

ASTER-3,9%

LIT-19,32%

HYPE-1,47%

PERP-5,64%

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