DEX Perpetual Futures Volume Surges to $6.7 Trillion

Decentralized exchanges (DEXs) have made significant strides in capturing market share for perpetual futures, a type of derivatives contract. According to analysis from a16z drawing on CoinGecko's annual report, DEX perpetual trading hit $6.7 trillion for the year, a 346% jump from 2024.

This growth has been driven by platforms like Hyperliquid, which captured between 30% and 50% of all DEX perpetual futures volume at various points throughout 2025. Its custom Layer-1 blockchain delivers sub-second latency and permissionless market deployment features make it an attractive option for traders.

Other notable entrants in the space include Aster, Lighter, dYdX, GMX, Ostium, and Avantis, each offering unique features and asset offerings. The introduction of real-world asset perpetuals has expanded the addressable market, providing traders with more options to gain leveraged exposure to traditional financial instruments.