Crypto Currency Tracker logo Crypto Currency Tracker logo
cryptonews 2025-12-30 10:16:28

Onchain Perpetuals Top $1T Monthly Volume as Crypto Traders Chase Leverage

Crypto derivatives trading accelerated sharply in 2025 as traders increasingly turned to onchain perpetual futures, pushing monthly volumes past the $1 trillion mark, according to analysis from Coinbase researcher David Duong. Key Takeaways: Onchain perpetual futures topped $1T monthly volume as traders chased leverage in 2025. Decentralized platforms led the shift, gaining share from centralized derivatives venues. Equity perpetuals could be the next growth frontier for onchain derivatives. By late 2025, decentralized exchanges were processing more than $1 trillion in monthly perpetual futures volume, a level that rivals activity on some centralized venues. In a post published Monday on X , Duong said the shift was partly driven by the absence of a traditional altcoin season. Crypto Traders Turn to Perpetual Futures as Leverage Replaces Spot Gains With fewer opportunities for outsized gains in spot markets, traders instead sought leverage through perpetual futures to boost returns. Perpetual futures, commonly known as perps, allow traders to gain leveraged exposure to price movements without an expiration date. Duong noted that the “unprecedented degree of leverage” available in these instruments has made them especially attractive, enabling traders to control large positions with relatively small amounts of capital. The growth has been led primarily by decentralized trading platforms rather than centralized exchanges. Onchain venues such as Aster and Hyperliquid accounted for a significant share of the activity, underscoring a broader shift toward self-custodial derivatives trading. https://t.co/CtiuQyARQY — David Duong (@DavidDuong) December 29, 2025 According to Duong, this trend reflects growing confidence in onchain infrastructure and improvements in execution, liquidity and user experience. Looking ahead, Duong suggested that equity perpetual futures could emerge as the next major growth area. Tokenized stock derivatives could combine crypto’s always-on trading environment and leverage with demand for exposure to major US equities outside traditional market hours. Such products would extend the reach of perpetual futures beyond crypto-native assets and deepen their integration into decentralized finance. “We think perpetual futures are evolving beyond isolated, high-leverage trading vehicles and are becoming core, composable primitives within DeFi markets,” Duong said. Competition Heats Up Among Onchain Perpetual Futures Platforms Competition among onchain perpetual futures platforms has intensified alongside the volume growth. Hyperliquid, which launched its perp platform in late 2023, gained broader traction in 2025 after adding spot trading. Data from DeFiLlama shows the exchange processed roughly $319 billion in trades in July, marking a record month. Other players have also made rapid gains. Following its token launch in September, Aster briefly topped decentralized perp rankings with nearly $36 billion in 24-hour trading volume, accounting for more than half of total perp DEX activity at the time. In November, Lighter raised $68 million after launching its public mainnet, adding fresh capital to an increasingly crowded field. Over the past 30 days alone, onchain perpetual futures generated about $972 billion in trading volume, with Lighter, Aster and Hyperliquid emerging as the leading venues. The post Onchain Perpetuals Top $1T Monthly Volume as Crypto Traders Chase Leverage appeared first on Cryptonews .

Lesen Sie den Haftungsausschluss : Alle hierin bereitgestellten Inhalte unserer Website, Hyperlinks, zugehörige Anwendungen, Foren, Blogs, Social-Media-Konten und andere Plattformen („Website“) dienen ausschließlich Ihrer allgemeinen Information und werden aus Quellen Dritter bezogen. Wir geben keinerlei Garantien in Bezug auf unseren Inhalt, einschließlich, aber nicht beschränkt auf Genauigkeit und Aktualität. Kein Teil der Inhalte, die wir zur Verfügung stellen, stellt Finanzberatung, Rechtsberatung oder eine andere Form der Beratung dar, die für Ihr spezifisches Vertrauen zu irgendeinem Zweck bestimmt ist. Die Verwendung oder das Vertrauen in unsere Inhalte erfolgt ausschließlich auf eigenes Risiko und Ermessen. Sie sollten Ihre eigenen Untersuchungen durchführen, unsere Inhalte prüfen, analysieren und überprüfen, bevor Sie sich darauf verlassen. Der Handel ist eine sehr riskante Aktivität, die zu erheblichen Verlusten führen kann. Konsultieren Sie daher Ihren Finanzberater, bevor Sie eine Entscheidung treffen. Kein Inhalt unserer Website ist als Aufforderung oder Angebot zu verstehen