Onchain perpetual futures surge in 2025 as DEX monthly volume tops $1 trillion

Crypto derivatives activity climbed in 2025 as traders shifted to onchain perpetual futures, according to Coinbase researcher David Duong. He said decentralized exchanges were processing over $1 trillion in monthly perp volume by late in the year, with leverage and the lack of an altcoin season drawing participants to perps rather than spot.