Perp DEX lifetime volume tops $12T; Hyperliquid challenged
Perpetuals-focused decentralized exchanges ended 2025 with cumulative trading volume of $12.09 trillion, up from $4.1 trillion at the beginning of the year. According to DefiLlama, approximately $7.9 trillion of that lifetime total was generated during 2025, meaning 65% of all perp DEX activity occurred within a single year. December alone saw $1 trillion in trading, extending momentum that began in October when monthly volumes first reached $1 trillion. The figures underscore the rapid expansion of on-chain derivatives as perpetuals DEXs captured a larger share of leveraged crypto trading over the past 12 months.
Perp DEX volumes surged in the second half of 2025
DefiLlama data indicates that of the nearly $8 trillion in 2025 trading, about $2.1 trillion occurred in the first half, while roughly $5.74 trillion was recorded in the second half, representing 73% of the year’s total. Activity was relatively steady through the first six months, suggesting a consistent baseline rather than a breakout phase. Volumes accelerated in the third quarter and reached an inflection point in the fourth quarter, when monthly trading consistently topped $1 trillion. Fourth-quarter volume surpassed the entire first-half total. As liquidity and execution improved, perpetuals DEXs increasingly operated as primary venues for leveraged trading instead of serving as supplementary alternatives to centralized exchanges.
Hyperliquid’s lead narrowed as competing perp DEXs expanded
Hyperliquid led the perps DEX market for most of the year, particularly in the first half, when its monthly volumes ranged from $175 billion to $248 billion. During that period, rivals such as Aster and Lighter were comparatively smaller, with Aster posting single-digit billions and Lighter beginning to scale only after the first quarter.
The competitive dynamics shifted mid-year as other platforms grew faster than Hyperliquid. From June onward, both Aster and Lighter recorded significant increases in activity. Lighter advanced from below $50 billion in monthly volume to consistently above $100 billion by the third quarter, signaling deeper liquidity and rising trader participation. The most notable challenge emerged in the fourth quarter, when Aster’s monthly volumes jumped to $259 billion in both October and November. By year-end, available data pointed to a move from a single dominant platform toward a more competitive, multi-venue market structure.
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