On-chain perpetual futures hit $1 trillion monthly in 2025; DEXs lead
On-chain perpetual futures trading in 2025 exceeded $1 trillion in monthly volume, according to Coinbase's David Duong. DeFiLlama reports roughly $972 billion over the past 30 days, with Hyperliquid, Lighter, and Aster among the leading DEX venues. Hyperliquid Labs also scheduled a 1.2 million HYPE distribution for January 6.