On-chain perpetual futures have witnessed a remarkable transformation over the past year. Once considered a minor aspect of the derivatives market, they have now emerged as significant figures that centralized exchanges cannot overlook. In 2025, decentralized exchanges managed to increase their share of perpetual futures trading volume from approximately 2.5% to 7.8%, according to insights from a16z based on CoinGecko’s annual data. Remarkably, the absolute volume of DEX perpetual trading reached an impressive $6.7 trillion, marking a staggering growth of 346% compared to 2024.
#What Impact Do These Numbers Have on Centralized Exchanges?
Even though centralized exchanges still hold significant sway, with CEX perpetual futures volume hitting $86.2 trillion in 2025—an increase of 47% from the previous year—the growth rates signal a shift in momentum. The 7.8% market share represents the proportion of decentralized perpetual volume relative to centralized exchanges. This metric is essential as perpetual futures, which are contracts enabling traders to hold leveraged positions indefinitely, have positioned themselves as the most-traded instrument in the cryptocurrency landscape.
#Who Leads the Decentralized Market?
Among decentralized platforms, Hyperliquid stands out as a dominant player. Throughout 2025, Hyperliquid attracted between 30% and 50% of the total DEX perpetual futures volume. This success can be attributed to its unique architectural decisions, such as operating on a custom Layer-1 blockchain specifically designed for high-frequency trading, which achieves sub-second latency comparable to centralized trading venues. Additionally, its HIP-3 feature allows users to create new trading pairs freely, further enhancing its appeal.
Moreover, Hyperliquid's diverse asset offerings have made a noteworthy impact. Perpetual contracts tied to real-world assets, including tokenized equities, indices, and commodities, at times comprised up to 44% of Hyperliquid's overall trading volume.
#Which Other Platforms Are Gaining Traction?
Other platforms also show promise in securing their positions in the decentralized landscape. Notable names include Aster, Lighter, dYdX, GMX, Ostium, and Avantis. dYdX was an early adopter with its dedicated blockchain, while GMX introduced the liquidity pool model for perpetual contracts on Arbitrum. Newer platforms like Ostium and Avantis have focused on providing RWA perpetual contracts aligned with traditional financial markets.
#Why Are Traders Shifting Towards On-Chain Solutions?
The rise of RWA perpetuals has significantly broadened the market's reach. For instance, traders in Southeast Asia now have access to leveraged exposure to the S&P 500, filling gaps that existed 18 months prior. As this dynamic environment evolves, DeFiLlama's dashboards enable detailed tracking of on-chain perpetual volumes, offering insights once reserved for spot DEX aggregators, empowering investors to navigate this new landscape with confidence.