Decentralized Exchanges Boom as Crypto Derivatives Market Surges

The crypto derivatives market has undergone a significant shift in recent years, according to a CoinGecko research report. In 2025, perpetual swap trading across top exchanges reached $92.9 trillion, a 64.6% year-over-year increase that occurred despite a broad market decline.

Decentralized perpetual platforms saw an even more dramatic surge, with volumes exploding to $6.7 trillion in annual volume - a 346% rise from the previous year. This shift towards decentralized exchanges (DEXs) is evident in the top 10 perpetual platforms, where two DEXs broke into the top 10: Hyperliquid at No. 7 with $2.9 trillion in annual volume and Lighter at No. 10 with $1.3 trillion.

Hypervolume more than doubled that of Coinbase International, which processed around $1.4 trillion in 2025. The platform's success can be attributed to its ability to handle sub-second trade finality and throughput exceeding 20,000 orders per second, thanks to its own Layer 1 blockchain called HyperCore.