Decentralized Exchanges Dominate Perpetual Swap Trading Volumes in 2025

The crypto derivatives market has seen a significant shift towards decentralized perpetual platforms in 2025. According to data from CoinGecko, the top 10 centralized and decentralized exchanges saw $92.9 trillion in perpetual swap trading volume last year, a 64.6% increase year-over-year that occurred during a broad market decline.

Decentralized exchange (DEX) volumes surged by 346% to $6.7 trillion in annual volume, with two DEXs breaking into the top 10 perpetual platforms globally: Hyperliquid ranked No. 7 with $2.9 trillion in annual volume, and Lighter ranked No. 10 with $1.3 trillion.

The platform Hyperliquid more than doubled the volume of Coinbase International, which processed roughly $1.4 trillion in 2025. The rise of DEXs can be attributed to their ability to offer faster trade finality and throughput exceeding 20,000 orders per second, thanks to their own Layer 1 blockchain.