Decentralized Perpetual Platforms Surpass Trillions in Annual Volume

The crypto derivatives market has undergone a significant shift in recent times, according to a CoinGecko research report. The report found that decentralized perpetual platforms have surged by 346% to $6.7 trillion in annual volume in 2025, while centralized exchanges saw a 64.6% year-over-year increase to $92.9 trillion.

The top 10 centralized and decentralized crypto exchanges experienced a significant surge in perpetual swap trading, with decentralized platforms like Hyperliquid and Lighter breaking into the top 10. Hyperliquid more than doubled the volume of Coinbase International, processing roughly $1.4 trillion in 2025.

The platform's success can be attributed to its own Layer 1 blockchain, HyperCore, which provides sub-second trade finality and throughput exceeding 20,000 orders per second. The implementation of HIP-3 upgrade in late 2025 also enabled permissionless perpetual market deployment for any asset with a price feed.

The report suggests that the crypto market is following the trajectory of traditional finance, where derivatives volumes routinely exceed spot markets by factors of 10 to 50. The interest rate swaps market alone exceeds $400 trillion in notional value, compared with roughly $130 trillion in global bond markets.