In 2025, the volume of onchain perpetual futures surged, with decentralized exchanges surpassing $1 trillion in monthly trading activity. This increase highlights a significant shift in the cryptocurrency derivatives landscape, largely driven by changing trader behavior, according to Coinbase researcher David Duong.
Duong noted that the lack of a traditional altcoin season prompted traders to seek leverage opportunities in perpetual futures instead of relying solely on spot markets. He emphasized the substantial leverage available in these futures, allowing traders to enhance their market exposure with minimal capital.
Decentralized platforms like Aster and Hyperliquid have become key players in this evolving market. Hyperliquid, which launched its platform in late 2023, recorded an impressive $319 billion in trades during July 2024. In September, Aster achieved a notable peak with approximately $36 billion in 24-hour trading volume soon after its token launch.
Looking ahead, Duong suggested that the next growth area could be in equity perpetual futures, which may merge the benefits of crypto trading with demand for exposure to U.S. equities during off-hours.