Perpetual decentralized exchanges (Perp DEXs) experienced a significant surge in trading volume, nearly tripling in 2025, according to reports. This increase reflects the maturation of onchain derivatives markets. The trading activity was primarily concentrated in the second half of the year. Hyperliquid, which initially held a leading position, faced growing competition from Aster and Lighter. The development indicates a dynamic shift within the decentralized finance (DeFi) landscape as platforms vie for market share in the expanding derivatives sector.

Perpetual decentralized exchanges (Perp DEXs) experienced a significant surge in trading volume, nearly tripling in 2025, according to reports. This increase reflects the maturation of onchain derivatives markets. The trading activity was primarily concentrated in the second half of the year. Hyperliquid, which initially held a leading position, faced growing competition from Aster and Lighter. The development indicates a dynamic shift within the decentralized finance (DeFi) landscape as platforms vie for market share in the expanding derivatives sector.