2025 On-Chain Perpetual Market Changes as Volume Triples

2 mins mins

Key Points:

Volume tripled in the on-chain perpetual market in 2025.
Aster and Lighter emerge as key players.
Hyperliquid lost its near-monopoly position.

In 2025, the on-chain perpetual contract market saw trading volumes surge from $251 billion in January to an all-time high of $1.8 trillion in October.

This shift highlights increased competition and liquidity, impacting key players like Lighter and Aster. Market dynamics now favor new entrants over established names such as Hyperliquid.

2025 Marks Threefold Surge in Perpetual Market Volume

The on-chain perpetual contract market tripled in 2025, moving from $251 billion in January to $836 billion in December. Hyperliquid, once dominant, now faces close competition from Aster at $177.3 billion and Lighter at $198.4 billion. The shift was driven by memecoin liquidity, altering the competitive landscape of perpetual contracts.

Aster and Lighter’s rise marks a shift in market dynamics, challenging previous leaders and redistributing trading volumes. The intensified competition signifies a move toward broader participation and innovation in the market. Decreased dominance by Hyperliquid indicates a reshuffling among major players, likely impacting fee distribution and revenue models.

“Perpetuals are the core product of crypto markets; the challenge is bringing them fully on-chain without sacrificing performance.” — Antonio Juliano, Founder of dYdX Trading Inc

Industry reactions remain mixed. Antonio Juliano, Founder of dYdX, highlighted the ongoing shift to decentralized trading platforms. Hyperliquid’s management largely emphasizes their unique Chain advantages in response to rising competition.

Regulatory Challenges Loom as Market Becomes More Decentralized

Did you know? The perpetual market’s volume increase in 2025 is unprecedented compared to previous shifts, echoing past CEX perps transitions like BitMEX’s decline in favor of Binance’s and Bybit’s rise.

CoinMarketCap data indicates Bitcoin (BTC) currently trades at $90,370.54, with a market cap of $ trillion. Its 24-hour volume reached $ billion, showing a 7.78% decrease. Price dropped 0.42% in the last 24 hours and 3.53% in the past month.

bitcoin-daily-chart-5528 — Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 20:41 UTC on January 9, 2026. *Source: CoinMarketCap*

Expert insights from the Coincu research team suggest these market dynamics could enhance liquidity but pose regulatory challenges. Expectations of further decentralization in technology align with increased scrutiny from regulatory bodies, reflecting historical trends where innovation precedes regulatory adaptation.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.