DEX Perp Volume Explodes to $6.7 Trillion in 2025

The crypto derivatives market has undergone a significant shift in 2025, with decentralized perpetual platforms experiencing explosive growth. According to data from CoinGecko, DEX Perp volume reached $6.7 trillion last year, a staggering 346% increase from the previous year.

This surge in volume was not driven by a market rally but instead occurred against a backdrop of broad market decline. Centralized perpetual platforms, on the other hand, saw a more modest 64.6% year-over-year increase, reaching $92.9 trillion in total volume.

Two decentralized exchanges, Hyperliquid and Lighter, broke into the top 10 perpetual platforms globally, with Hyperliquid ranking No. 7 at $2.9 trillion in annual volume. This is a remarkable achievement considering that Coinbase International processed roughly $1.4 trillion in 2025.

The shift towards decentralized platforms is also reflected in open interest data, which shows that CEX open interest fell by 20.8% in 2025, while DEX open interest rose by 229.6%. Spot volumes on centralized exchanges also plummeted, from $2.21 trillion in January to $950 billion by December.