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In 2025, the perpetual contract DEX trading volume is approximately $7.9 trillion, with Aster and Lighter's trading volumes surpassing Hyperliquid for two consecutive months.
Foresight News reports that, according to DeFiLlama data, the total trading volume of perpetual contract decentralized exchanges (Perp DEX) reached approximately $12.09 trillion by the end of 2025, nearly doubling from $4.1 trillion at the beginning of the year. In 2025 alone, about $7.9 trillion in trading volume was generated, 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. Monthly trading volumes in October, November, and December all exceeded $1 trillion. The market competition landscape for Perp DEX changed in Q4, with Aster and Lighter’s monthly contract trading volumes in November and December surpassing Hyperliquid.