In 2025, the trading volume of perpetual contract DEXs is approximately $7.9 trillion, with Aster and Lighter surpassing Hyperliquid in trading volume for two consecutive months.

Foresight News reported, citing DeFiLlama data, that the cumulative trading volume of perpetual contract decentralized exchanges (Perp DEX) reached approximately $12.09 trillion by the end of 2025, nearly tripling from $4.1 trillion at the beginning of the year. In 2025 alone, the trading volume was about $7.9 trillion, 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. The monthly trading volume in October, November, and December each exceeded $1 trillion. The competitive landscape of the Perp DEX market changed in Q4, with both Aster and Lighter surpassing Hyperliquid in monthly contract trading volume from November to December.