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Amin Ayan

Onchain perpetuals hit $1T monthly volume in 2025, says David Duong of Coinbase

In a December 29, 2025 post on X, Coinbase researcher David Duong said onchain perpetual futures trading surpassed $1 trillion in monthly volume as leverage demand grew amid a muted altcoin season. Decentralized venues such as Aster and Hyperliquid gained share, and Duong highlighted equity perpetuals as a likely next growth segment for onchain derivatives.