Hyperliquid Dominates Crypto Markets as Perpetual Volume Hits $1.2 Trillion
TL;DR
Decentralized exchange perpetual futures surpassed $1.2 trillion in monthly volume by late 2025, with Hyperliquid maintaining a leading share.
Speculative leverage reached almost 10% before October liquidations reduced exposure by over half.
Traders increasingly used perpetuals to generate returns as altcoin spot markets remained relatively flat, highlighting the growing appeal of crypto derivatives for both institutional and retail participants.
Crypto derivatives trading surged in 2025 as decentralized exchanges recorded more than $1.2 trillion in monthly perpetual futures volume by year-end. Data from Coinbase Institutional show consistent growth across multiple platforms, with Hyperliquid consistently capturing the largest share of trading activity throughout the year.
— David Duong (@DavidDuong) December 29, 2025
Weekly Volume Growth Reflects Market Momentum
At the start of 2025, weekly trading volumes were below $150 billion but climbed steadily into the second half of the year. By September and October, weekly figures exceeded $300 billion, reflecting increasing participation and capital inflows. While newer platforms such as Lighter, Aster, and edgeX gained traction, Hyperliquid continued to lead in total volume, demonstrating its resilience and established user base.
Speculative Exposure Peaked Before October Decline
Coinbase tracked leveraged trading using a systematic leverage ratio, comparing crypto derivatives open interest to total market capitalization excluding stablecoins. The ratio peaked near 10% by August, indicating strong speculative activity. Following a wave of liquidations in October, exposure fell to around 4%, as traders reduced leverage amid heightened volatility. Coinbase noted that speculative activity “approached 10% at its peak before declining after liquidation events”, underlining the dynamic nature of leveraged trading in crypto markets.
Perpetual Futures Remain Popular Amid Altcoin Stagnation
Traders increasingly turned to perpetual futures as altcoin spot markets showed limited price movement. Perpetuals allowed participants to take larger positions with smaller capital commitments, making them an efficient tool for active traders. Decentralized platforms offering faster execution and improved user experience further boosted adoption, with Hyperliquid emerging as the primary venue for high-volume trading.
Equity Perpetuals Could Drive Next Phase of Growth
Interest in equity-based perpetual futures is rising, offering traders around-the-clock access to stock exposure via tokenized products. These instruments aim to combine the flexibility of crypto markets with traditional equity trading. According to Coinbase, equity perps “could become the preferred choice for a new generation of global retail traders seeking highly leveraged, low-friction access to traditional financial markets”, expanding crypto derivatives into a new segment.
As decentralized trading infrastructure continues to advance, Hyperliquid’s dominance suggests that perpetual futures will remain central to crypto derivatives growth, while emerging products like equity perps may broaden market participation and trading strategies.
Filed under: News - @ December 29, 2025 8:25 pm